Greed

[vic78]

Hi folks...just out of interest...for how many of you is greed still the main reason for not being profitable on betfair and how many of you have already overcome greed....and those who have left greed behind them: how long did it take you to overcome it and how did you achieve that?

[Timstertoo]

Hi folks...just out of interest...for how many of you is greed still the main reason for not being profitable on betfair and how many of you have already overcome greed....and those who have left greed behind them: how long did it take you to overcome it and how did you achieve that?

Mr Greed is also Mr Fun.

Mr Profitable is also Mr Boring.

And I think that you have to ascertain for yourself if this is a hobby or a livelyhood and act accordingly

I wield Mr Profitable as soon as Mr Greed as dwindled my bankroll to a certain point. When it's up to a level I feel comfortable with again I happily go along with Mr Greed's ideas.

[jibiko]

Greed is a very expensive emotion.
Trading is an emotional battle.
The ability to see what is happening without emotion is very important.

Uncontrolled basic emotions are the true and deadly enemy of the trader.
Hope, fear, and greed are always present, sitting on the edge of the psyche,
waiting on the sidelines, waiting to jump into the action, plow into the game.

Greed, fear, impatience, and hope will all fight for mental dominance over the trader.
The trader's deadly enemies are: Ignorance, greed, fear and hope.

All the statue books in the world and all the rule books on all the Exchanges of the earth cannot eliminate these from the human animal.


Successful Trader..................................................Unsuccessful Trader

Trades with a plan.............................................. ....Trades impulsively
Trades in a rule-governed fashion................................Trades on hunches and urges
Trades when in a clear mental state..............................Trades emotionally
Trades when focused on the markets............................Trades when focused on the self
Becomes problem-focused after a loss...........................Becomes emotion-focused after a loss
Trades with tested strategies for risk management............Trades with little or no risk management
Trades selectively, based on risk/reward........................Trades inconsistently; overtrades and undertrades



Being a trader is a journey of self-discovery.
Trade long enough, and you will face all your psychological handicaps:
Anxiety, greed, fear, anger, and sloth.

A man must know himself thoroughly if he is going to make a good job out of trading
in the speculative markets.

The only way out is to confront your personal issues about greed, loss, and failure.

Professionals use their heads, while amateurs are driven by greed and fear.

(Copypasta notes from various trading books.
Most of them are in the TT_library).

[The Geek]

Hi folks...just out of interest...for how many of you is greed still the main reason for not being profitable on betfair and how many of you have already overcome greed....and those who have left greed behind them: how long did it take you to overcome it and how did you achieve that?

Greed was never an issue for me. Risk management, emotional reactions to getting thumped, addiction & shit software were my biggest issues in year one.

The single biggest factor in turning that around was restricting my deposits to Betfair to £20 a week. The second was The Toy & the rest as they say is history.

[mixed trader]

im guilty of everything,yesterday was a prime example busted my bank again re loaded today and bank back upto yesterdays level,wasnt so much greed just pissed off i lost it all.

[1/4 of a millionaire fund]

Greed is the only thing that will ultimately make you a successful trader and the only thing thing that will also make you a losing trader. It's a fine balance to get that greed working in your favour.

[inandout]

I've read all this before and whilst it all seems logical i disagree with most of what's written! I think fear is the biggest downfall rather than greed, this is because when poor traders lose money in the markets they know, subconciously at least, that they will struggle to get that money back because they have no edge on the markets, they have no pre defined trading strategy that is proven over the long term and so will resort to other means (straight backing/laying, letting trades go in play) in the hope that the market comes back to them. So whilst some points are correct i don't think greeds the biggest factor, only my opinion of course. Good luck.

[Caan Berry]

good point about the fear inandout.... its scientifically proven when the mind is scared it affects our ability to weigh up our options and your more likely to only see one way out... the way you want. Aplied to trading its that feeling when you hit a tick or two in the red and your mind tells you... itll go down in a moment... sometimes it will... but when it dosent itll ruin you. i generally get out of the trade at a couple of ticks loss if i can and sit back for a second and recompose myself, as if to take control of my mind and not allow myself to try and claw back losses.

[inandout]

Good luck in the future chuck and try to get back to where you were when you posted this statement