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EP46: Greed
Greed is one the Seven Deadly Sins taught to us by our elders… but does this apply in trading too?
In this episode of 2Traders Podcast, Walter and Darren talk about greed, how this affects your trading, and when should you — or should not — let your self fall into it. Darren and Walter also share some good tips on how you can avoid it and the importance of keeping yourself in check whenever you trade.
You will also find out how yoga, meditation, and recording softwares can help you become a better trader.
Download (Duration: 23.04 /26.4 MB)
In this episode:
00:28 – greed: when to hold and when to fold?
02:30 – blown it away
05:05 – market is always fluctuating
06:32 – take a pause
08:39 – continue trading
11:13 – business as usual
12:39 – how to know when greed is creeping in?
14:03 – greed affects your decision making
15:31 – out of whack
17:13 – over confident
18:50 – pause button
19:27 – meditation
20:18 – journal thing
21:49 – trading buddy
Tweetables:
Greed is one of the main problems that people have. [Click To Tweet].
Stopping when you’ve made good profit is not bad. [Click To Tweet].
Overconfidence can lead to real errors. [Click To Tweet].
Download The Full Episode 46 Transcript Here
Darren: Stopping now if you’ve made good profit is not a bad decision to make…
Announcer: Two traders, Darren and Walter, pull back the curtain on profitable trading systems, consistent money management, and profitable psychological triggers. Welcome to the Two Traders Podcast.
Walter: Welcome to the Two Traders Podcast. I’m Walter and Darren is here. Hi, Darren.
Darren: Hi, Walter.
Walter: We’re going to talk about greed today, when to hold them and when to fold them. What I think about this, the one thing that comes to mind to me, Darren, is I’m always using…And I’ve done it a few times actually in a webinar to show people exactly how this works and it seems to be always at that point.
If you’re watching, let’s say, one-minute chart or tick chart or something like that where it’s moving quite fast, it’s at that point where I ask the audience “Okay. Now, everybody here, tell me when you’ve decided when you know the direction of the market here.”
A lot of times, for example, the EUR/USD keeps going up, up and up everyone says “Okay, now is the time to buy. It’s on a strong uptrend”. That’s usually the point where it turns around and collapses.
I think of this a lot when I’m thinking of greed. I like to look at the open position ratio. A lot of different brokers have this. I’ll put those links down there on the shownotes for you so you can see what the retail traders are doing. That’s a really good tool, too.
It tells you what everyone is doing because these sort of things looking at a certain point –if every one’s bought,
View all episodes
By Walter PetersGreed is one the Seven Deadly Sins taught to us by our elders… but does this apply in trading too?
In this episode of 2Traders Podcast, Walter and Darren talk about greed, how this affects your trading, and when should you — or should not — let your self fall into it. Darren and Walter also share some good tips on how you can avoid it and the importance of keeping yourself in check whenever you trade.
You will also find out how yoga, meditation, and recording softwares can help you become a better trader.
Download (Duration: 23.04 /26.4 MB)
In this episode:
00:28 – greed: when to hold and when to fold?
02:30 – blown it away
05:05 – market is always fluctuating
06:32 – take a pause
08:39 – continue trading
11:13 – business as usual
12:39 – how to know when greed is creeping in?
14:03 – greed affects your decision making
15:31 – out of whack
17:13 – over confident
18:50 – pause button
19:27 – meditation
20:18 – journal thing
21:49 – trading buddy
Tweetables:
Greed is one of the main problems that people have. [Click To Tweet].
Stopping when you’ve made good profit is not bad. [Click To Tweet].
Overconfidence can lead to real errors. [Click To Tweet].
Download The Full Episode 46 Transcript Here
Darren: Stopping now if you’ve made good profit is not a bad decision to make…
Announcer: Two traders, Darren and Walter, pull back the curtain on profitable trading systems, consistent money management, and profitable psychological triggers. Welcome to the Two Traders Podcast.
Walter: Welcome to the Two Traders Podcast. I’m Walter and Darren is here. Hi, Darren.
Darren: Hi, Walter.
Walter: We’re going to talk about greed today, when to hold them and when to fold them. What I think about this, the one thing that comes to mind to me, Darren, is I’m always using…And I’ve done it a few times actually in a webinar to show people exactly how this works and it seems to be always at that point.
If you’re watching, let’s say, one-minute chart or tick chart or something like that where it’s moving quite fast, it’s at that point where I ask the audience “Okay. Now, everybody here, tell me when you’ve decided when you know the direction of the market here.”
A lot of times, for example, the EUR/USD keeps going up, up and up everyone says “Okay, now is the time to buy. It’s on a strong uptrend”. That’s usually the point where it turns around and collapses.
I think of this a lot when I’m thinking of greed. I like to look at the open position ratio. A lot of different brokers have this. I’ll put those links down there on the shownotes for you so you can see what the retail traders are doing. That’s a really good tool, too.
It tells you what everyone is doing because these sort of things looking at a certain point –if every one’s bought,