When it comes to greed in trading, most traders will think it is an evil emotion. Due to greed, they have suffered and burned their accounts countless times. Greed is really dangerous because it makes your reason no longer sober. You will no longer be afraid of risks and go all in.
But is greed completely evil? Should traders completely eliminate greed to become successful? This article will show another view of greed in trading, and also review trading orders with Triple Rebound strategy in Olymp Trade.
Why are traders greedy when trading?
Greed in trading means the desire to make a lot of money. This is considered as a common thing for most traders participating in the financial market. It motivates them to seek more and more benefits for themselves.
When looking at trading, no one is foolish enough to open an account to deposit $1000 with the aim of turning it into a smaller number. Anyone who chooses to trade is also aiming to create more income and enrich themselves.
The greed of each trader will be different depending on his or her personality. However, very few people are completely free from greed. If so, then he or she is definitely not a trader.
A confused question arises. According to the general opinion that greed is something that should not be in a trader, does that mean that no one can succeed in this field? That answer is not at all. Greed also has its good sides.
Greed helps you realize the problems that need to be solved
When you suddenly become excessively greedy for an outcome, it may be because you are stuck with an unsolved problem. Take a minute to think about it, Every time you trade above your predetermined risk, you have just experienced a previous losing order.
You may ask why you are so greedy to find the root of the problem you are facing. Then quickly come up with an effective way to solve it instead of getting caught again.
Greed motivates you to move forward in the trading career
Is it the times when you feel a great energy or motivation pushing you to carry out the plan, that is when you are hungry for some great results? Desire is the positive side of greed. In other words, when you’re greedy, you’re creating the energy to push yourself forward.
Greed is not synonymous with selfishness. It is easy to confuse greed with selfishness. Selfishness is thinking only about personal benefits, while greed is thinking about benefits not only for yourself but also for the community.
Greed stems from the motivation to seek benefits. If you are greedy and achieve results, you have brought benefits to your family and society.
So does greed in trading help investors?
If this article were to end here, you might think that I am encouraging people to be greedy regardless of risk. That’s not what I mean. In my opinion, greed only helps when you realize the risks that you can face when trading.
Greed helps you realize the problem you are facing and solve it. And it adds motivation to help you stay on the path of trading. But it will also obscure and mitigate risks that should not be ignored.
So, to really become a professional trader, you cannot trade in a completely conservative or overly greedy style. You should balance, see problems from both sides, develop the good side and eliminate the bad side of greed.
Review the Triple Rebound trading strategy in Olymp Trade
– EUR/USD currency pair.
– Balanced capital management.
– In order to control greed, trade a maximum of 5 orders per day.
– 1-minute Japanese candlestick chart – The expiration time is 3 minutes.
Order 1: The price cut the 30 (oversold zone) of the RSI 7 and 14 indicators from below. It had enough conditions to enter a safe UP trade with the amount of $200 in 3 minutes.
Order 2: The price crossed the 70 (overbought zone) of the RSI 7 and 14 from above. It is a signal to open a Down trade according to the Triple Rebound strategy.
Order 3: The price fell and the RSI 7 + RSI 14 crossed the 70 lfrom above. Entered a Down order.
Order 4: It was a familiar DOWN signal when the RSI 7 and 14 cut the 70 line from above decisively.
Order 5: The price was increasing strongly while the RSI 7 + 14 was above the 70. At that time, there was a high chance that the price could hardly increase anymore. So I opened a DOWN order.
After achieving the target of 5 orders/day, I turned off the trading screen and took a rest.
Through the above article, I want to help you understand that greed in trading is not all that bad. It still has some positive sides to grow your trading business. It is important to use the good side and control the bad one.
If you know how to combine greed with the Triple Rebound strategy, then I believe that making a profit in the long term in Olymp Trade is not difficult anymore. But don’t rush into the market right away. It takes time for you to control your greed and master the chosen trading strategy. The Demo account will be the best place for you to practice it without taking any risks.
Join the Olymp Trade Club Signal Group: https://t.me/olymptradeclub19