The biggest danger to successful forex trading.

Greed
Greed is probably one of the biggest dangers to successful forex trading.
The possibility of the big winning trade that will make them rich is always looming in the mind of the novice trader and experienced trader alike. Many people look at forex trading as a get rich quick scheme rather than the legitimate business that it is. They have unrealistic expectations. There will be times in your trading career that the lure of the big payoff will tempt you. You will have your strategy in place, your trade set up, then a greed attack will set in clouding your judgement. You may see a strong trend developing and will try to get 30, 40, 50 or more pips out of it. The problem is that many times it peters out and reverses on you resulting in a loss rather than a gain. All because you weren't satisfied with the small win and were trying for the "home run". If you want to be a successful forex trader you must learn to overcome greed and not seek the "home runs" but learn to follow a strategy that over time will regularly bring you small but consistent wins and growth of your account.

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