Well what a week !! The hourly cross over is the key after all.
Hi, hope you’re getting through the baby pips school. I found the cowabunga system to make so much sense. But he only uses the 4 hour and the 15 min charts - I find that the hourly chart needs to be going in the same trend direction. With a 10ma, and a 20 ma cross over. If the trend is up on 4 hour, but hourly is crossed down with negative macd, then it isn’t going up !! when all 3 point in same direction - then trade. The 50 and 200 ma’s also should be under the 10 and 20 ma for long and over for short, in a fan pattern. The price will move in trend direction and then ‘rest’ towards the 20,50 and 200 ma’s in the various time charts. I hope this helps. If you look at the patterns on Thursday on £/$ and the massive move - then check out Friday when the hourly macs is red, all the above may make sense.
The reason why you have a fear of loss could be because you are wagering too much money on a single trade. In the end forex is a game of probabilities and you need to go in with the mindset that you are going to lose. Having said this, when you place a trade, only risk an amount you are comfortable with losing. You can set the amount you lose with a stop loss.
Zeeshan
Fear of loss is natural especially to any newbie if he gets a big loss in start of forex trading. But you can make yourself a good trader after some good practice.
Hi, I have been trading on a demo account since I posted my first ‘fear of loss’ post. I knew my system set up was good but as I have discussed, I would snatch small profit or take a loss for fear of losing more. Other trades I would not set sufficient stop or allow a bad trade to run. All the classic failings of a newbie! Since the demo account, I have forced myself to put more money per point on a trade, to prove to myself that ‘money’ is not important, it is the system that matters. i have disciplined myself to wait for the correct trade set up and set a target and walk away. !! All major milestones for me and taking a lot of mastery of myself to actually do all this. I am pleased to report that I have increased my £2500 demo account balance by £338.96 - 10 good trades and one bad one which was down to NFP. And I missed the massive move up on cable on Thursday as I was not able to trade that day! All of your comments have been such a great help and I thank you all. I also want anyone else with a similar problem to try these tactics to master themselves and their trading strategy.
I’m not out of the woods yet, but I am getting there…
awesome! Now keep doing that for at least 2 years … before entering the next level and making a full-time living. 
I love to hear stories of discipline in trading. Its a very hard thing to master.
Fear of loss is there when we lack confidence and we lack confidence when we lack knowledge.
That is very true - I feel that with a demo account I have not only educated myself to gain confidence, but I have educated myself on technical indicators and the effects that news has on price etc. I also decided to treat the demo as if it was not my money but someone else’s and therefore I could not take trades which did not follow my plan. I will demo trade for a further week and then go live once again with all this education under my belt.
You shouldn’t expect to get an emotional uplift or feeling of quiet peace every time you trade, but as you continue your commitment, your attitude, outlook, and conduct will be like those of a mature trader.
People that don’t have a rational fear of the markets get killed in the long run. I agree with a few of the other answers but one thing I can add is that you need to trade very small positions and you need to do it often until you get more confident and can increase your size. If you can’t pull the trigger on the smallest positions find something that has smaller price increments and build up . When things are going bad for you (it eventually goes bad for everyone at some point) trade down in size until you get your rhythm back. You have to get used to dealing with the emotion of trading and train yourself to pull the trigger both getting in and out of trades. There is still emotion involved even when you are picking your stop loss points. Hopefully you will always be a little nervous, people that aren’t blow up by being too aggressive and adding to positions when they should be getting out. It is a very very fine line of being aggressive enough to put things on and scared enough to get out quickly when the trade has gone wrong. Both take a lot of self control to get right. Markets change quickly and you will need to adjust your loss points and profit taking with breaking news if possible.
Ive been a proprietary trader for 10 years and I am still nervous about every trade I put on. My first boss told me that you will never make it in this business if you don’t learn to trade outside your comfort level because you won’t be putting on the trades that are good, will get frustrated, and will always get caught in the big moves that are very bad. The worst trades Ive ever done were the ones I was casual and not the least bit nervous about. You slowly put more on because “If it was a buy here it has to be one here right”. Those end up being the days you wish you did something else.
Fear of loss makes a trader coward , he avoids risk takin g. Some risk is essential to trade in market . People are infear when they loose instart they can get rid of fear if use low los in tradinf . Slow profit will make them confident to face market , They will gradually over come fear.
You are right, but if a trader gets a good start then he become confident and fearless, but one should not become too much over confident on getting immediate profit from start of his career.
If you have fear that you should quit trading at all, and mean you are not ready to lose your money. Better think about opening real business or find a pro who will earn on forex for you.
[QUOTE=“KaterinaEK;513079”]If you have fear that you should quit trading at all, and mean you are not ready to lose your money. Better think about opening real business or find a pro who will earn on forex for you.[/QUOTE]
I am sorry its irrelevant question but if u any idea that how much it cost to be a broker…? Is it possible for a common person to act as broker or there is some special conditions ?
Well, that is not entirely true. Trading Industry tells us that we must be in nirvana or something, maybe someday they will start promoting MJ. I am still afraid of loss, so what, it is not big deal.
You need like $ 50m of your own cash plus two liquidity providers. The best bet for an individual is to be an introducing broker and earn your commissions.
About a year ago. The whole package + webplatform would cost around 1 mln$. Alot but I think woth it
I am sorry but what???
[QUOTE=“GRIX FX;513188”]
You need like $ 50m of your own cash plus two liquidity providers. The best bet for an individual is to be an introducing broker and earn your commissions.[/QUOTE]
So in simple words one should stop thinking about it… Or people like me can set another goal to achieve it…lolz
Fear is good in trading since you can manage your risk