Greed can be Your Worst Enemy in Forex

 


In forex, greed can be a trader's worst enemy. Like fear, overcoming greed isn't easy either. It is believed that this is a human trait. Not only you but many others can easily get trapped in it. Dato Dr. Brendon Yong Weng Siang explains that most of the forex traders would want to earn as much as possible. Even the laziest forex traders may hope for the same. This can easily result in greed which can eventually be your downfall. That is what an enemy would try to do to you.

What can Greed Do to You as an Enemy?

It has been seen that greed can actually stimulate your life when it occurs in a small amount. In forex, even a little amount of greed can lead to unhealthy situations. As per several sayings, greedy ones often get slaughtered. Keeping in mind the same, forex brokers often suggest traders not to give in to feelings like an extreme hunger for money. It can be surprising to know that when you trade only to satisfy this feeling, you end up losing all your money.

Usually, when a trader enters foreign exchange only to earn and not to learn, he/she may encounter failures at some point. When a trade fails, that trader may make another trade bigger than the former one. Since that trader is not trading to learn, lack of knowledge may result in another failure.

Forex experts like Dato Dr. Brendon Yong Weng Siang explain that when greed has conquered the best of you, dealing with failures won't be easy. You may rush to use leverage for trading currencies. In case you are not able to make wise use of leverage, your greed to earn much will put you in a really bad situation. In case you're unable to stop greed at the right time, you'll have to experience several negative situations.

Conclusion

Greed can take the best part of forex traders when it isn't stopped. As your worst enemy, it can push you to use leverage and may even cause you immense losses. For this reason, dealing with this feeling will be essential.

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