Greed, the biggest enemy in trading!
For how many times have you wanted to make ‘more’ money, even after a great trading period!? I know I am, for several times in my trading career, especially in the fx market. Well, this is kind of work where such situations are inevitable and greed here is not easy to control. But, it can be reduced! What important is, that you are aware of the situation and the moment when is enough. I’m not referring to the amount you earn at the time, but on your mental state after a great trading period, whether it be hours, day or week. Do you remember the moment when everything went fantastic and you were very happy about it? However, only a few hours or the day after, you are in a state of shock, because you lost everything you have earned before. I do, so many times. These are the moments when you need to be extremely careful, when everything is going phenomenally. Then you have to stop and say, this is great, now I’ll get some rest and wait for the right situation. It doesn’t matter for how long, day, two or more. Be sure, that seven days doesn’t mean anything here and sometimes to do nothing in the market will save you a lot of money, trust me. That’s why you need to know when is enough and when to say STOP! You need to say that when you making money and when you have it, not when you lose it. Keep that in mind while you’re trading, allways! 😉