Trading is a very interesting career to go into.
Once you remove Greed and Fear, a lot of things will work out well for you.
I'll explain the Greed and Fear part.
Let's start with Greed. Josiah ( A fictional character) a graduate of University of Ibadan lives in Lagos Island and has been jobless for over a year, living from hand to mouth and sometimes he sleeps on a empty stomach. A few months ago, Josiah's friend who is a trader told him a bit about trading and how he can make a lot of money if he stays dedicated to learning and remains disciplined.
Fast forward to a few days after, Josiah starts learning how to trade hoping for the best telling himself if he can just become a profitable trader he'll be very disciplined and stick to his trading plan. Josiah's friend after seeing how good Josiah's technical analysis skill is decided to give him 40,000($100) to start trading so he can make money little by little till he develops his account and has a bigger capital to trade.
Now this is where Greed comes into play. Josiah excited to start trading allows himself to get distracted about how much he can make rather than focusing on the process of how to make the money. He starts fantasizing about the type of car/house he'll be using/living in in a very short time.
He ignores his trading plan that he created before he got his trading capital and starts trading carelessly with the hope of making big money at once while ignoring good risk management.
On a trade where Josiah could have made 4,000 naira($10) which is enough daily profit for him he increases his trading size carelessly hoping to double his capital at once. I'll leave you to guess how his story ended.
Now let's talk about fear, like Prince Wonda will always say "Scared money doesn't make money". To make money in trading you also have to risk something in return. There is no other way to go about it. So if you're scared to lose money at all then you've automatically handed the market a remote control over your mental health which will later cause what you fear most to be the result of your trade.
I'll stop there. Thanks for coming to my Ted Talk.
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