We can’t afford to waste a minute , must not squander these precious daylight hours in frivolity and indulgence. Don’t loiter and linger , waiting until the very last minute. Dress yourselves in Christ and be up and about"
The habit of procrastination takes a twofold toll on its victims. First, important work goes unfinished :second (and more importantly ), valuable energy is wasted in the process of putting off things that remain undone. Procrastination results from an individual’s short-sighted attempt to postpone temporary discomfort. What results is a senseless cycle of delay, followed by worry, followed by panicky anxiety and often futile attempt to catch up. Procrastination is , at its core , a struggle against oneself. The only antidote is ACTION
Once you acquire the habit of doing what needs to be done when it needs to be done , you will be avoid untold trouble , worry and stress. So learn to defeat procrastination by paying less attention to your fears and more attention to your responsibilities. God has created a world that punishes procrastinators and rewards people who DO IT NOW Life doesn’t procrastinate -neither should you.
Well written stuff, I agree with the author 100%. That is why it is so important to learn how to control (at least a little) your behavior during trading. The more emotions a trader shows, the harder it becomes for him to trade successfully. Many people try to develop discipline for this purpose, even start keep their own trading journals, in which they analyze all their actions and work on mistakes. I know that this approach has helped many people. And fear is the worst thing that can happen to a trader.
I agree, although it is human psychology to be afraid of the unknown. I think that the only way not to be afraid of trading is just to study this industry and understand that you are already a professional. It’s the only way a trader stops being afraid. It’s like riding a bike. Initially, a person is very afraid to hold the balance and ride a bike, but over time, just stops paying attention to how exactly he rides. You just ride.
Restricting your emotions is one of the important things in trading. Emotions can pull you back from trading and keep you demotivated. It’s better to trade with a strong mindset and stay motivated.
Behind many fears is worry about doing something wrong, looking foolish, or not meeting expectations — in other words, fear of failure. By framing a situation you’re dreading differently before you attempt it, you may be able to avoid some stress and anxiety.
I agree fear is one of the main problems for a trader. Because of fear of loss, we often make stupid mistakes, which then drive us into tilt. Traders need to learn to control their emotions or learn to suppress them. For this purpose, I advise you sometimes to take mini breaks, during which you can meditate a little or just do what you like, it will help you temporarily calm down. Also, if you have a problem with fear, I advise you to use no more than 5% of your investment, then you will not be very upset in case of a bad deal.
The possibility of losing money is what invokes fear in us. Unfortunately, losses are part of trading and we cannot completely prevent them but we can still be careful without being too careful thus avoiding profitable opportunities. Fear is part of the process along with taking risks and thinking clearly while making a difficult decision.
It’s like telling a smoker in order to break his addiction all he needs to do is quit.
So the question is how do you stop your trading fears when money is our prime motivator in life (besides sex)?
How do we stop our fear of losing money when most of us go around thinking there is never enough of it?
And how do we control our emotions when we are fearful we actually lose all of our executive reasoning?
The fact is it’s very hard.
You need firstly to have complete and utter faith in the approach your using - that’s assuming it’s a winning approach to begin with.
You have to diminish the importance of money in your life to the point of where winning or losing it doesn’t even register (much).
You have to put yourself through many previous losing experiences and have come out the other side a better trader each time.
And finally you must be constantly improving yourself as a human being in other areas of life - because it’s been proven there is a direct link between self discipline and a sense of well being
If and when you have achieved all the above you might find you naturally have dropped fear from your trading.
Profit is a matter of discipline in trading. If discipline is not maintained then it is never possible to make a profit. Fear and greed are a big problem in trading. If you want to protect yourself from this problem, you must work according to the plan. It is never possible to make a good profit if you are afraid of trading. To overcome fear you must gain trading confidence. And you have to do regular meditation. Meditation removes negative mindsets.
While I do agree that meditation helps - it is not the meditation it is the present moment awareness it leads to.
Many here (and I am making a broad assumption) wouldnt entertain the idea of meditation because it seems so far removed for the markets and making money.
So while meditation is great, so is going for a morning run, getting away from the screen, watching a sunset or generally anything that stimulates left brain activity
Can we just throw this into a welcome message or sticky or something for everybody to read? Really great explanation about how hard this trading thing really is. Iean the psychology part is just one part, and it’s tough! Throw in all the others things you need to be good at and bam, you start to get a clearer picture just how hard it is to be a successful trader.