Hello Traders
My name is Moses from Eswatini
I’ve been trading on my demo for a whole year and I’ve been trading profitable for several weeks. I had decided to trade on my live account now but the problem I have now is that I fear losing my money and as a result I’ve left a lot of money on the table because my analysis is right most of the time.
How can I overcome my fear?
Keep trading on demo until you have a really solid track record. Current market conditions under the covid situation are not normal so if you’re doing well now it would be a mistake to think that means you will always be doing well. Of course it works the other way too.
When you start trading with real money, make sure you track each trade to know later why your entered and what was your plan. You must also ensure that your risk per trade is only a small percentage of your account capital.
- Experience
- If you can’t leave a position open over night (and sleep normally), then you are probably over-leveraged and/or under-funded
When you take a trade, you should be fairly confident that it is going to work out in your favor, or, you wouldn’t have taken the trade in the first place.
Ask yourself before entering the market-- did I do my research? Is this the absolute best price I am going to get today?
When you need to make a large purchase for an item in your home- do you go to the store and buy the first thing you see on the shelf? No- you research, read reviews, watch reviews on youtube, etc etc. All the preparation makes you more comfortable when it comes time to spend your hard earned cash.
Rule #1 when it comes to trading should always be preservation of capital. Don’t become another statistic.