One vital secret to help you make money from trading

Julie Brownlee, Fsp Invest, 07 Jul. 2014

Tags: greed, trading, trading strategy, how to make money trading, how to control greed, emotions, make money from trading

Trading is risky. Equally so, it can be very rewarding with the potential for healthy gains in a matter of days. To improve your chances of becoming a successful trader and growing your wealth, there is one vital thing that you should apply to your trading. Read on to uncover what it is…

Emotions have a huge impact on your trading

Emotions play a large part in the stock market. And they can have a massive effect on the way you trade.

One of the biggest culprits is greed. It’s a very powerful force that you need to control when you trade. And the best traders tend to be the ones that aren’t greedy.

So what are the negative effects of greed on your trading? There are three main ones, Max Munroe in Forex Round-Up explains:
  1. Greed keeps you in a trade even when you’ve hit your profit target.
  2. Greed makes you set the bar too high for your trades.
  3. Greed makes you take on more risk and stops you sticking to your trading strategy.

You need to learn how to control this emotion.

How to control greed when you trade

Controlling greed when you trade is one of the secrets to making money from trading.

If you aim for small gains, these add up over time. And even if you start off with a small trading pot, these gains will compound.

Aim to make 5% a month. This will roll into big gains over the years as you continue to trade.

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If you start chasing massive gains, chances are you’ll only do well over the short-term. You might get a good year, but then losses will take their toll as you’re taking on too much risk to achieve these bigger gains.

If you take your time trading opting for smaller gains, you can build up a decent pot in five or ten years’ time. Rush the process and let greed get in the way, chances are you’re going to end up poorer.

So there you have it, one vital trading secret to help you make money from trading.

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