How do I remove my fear of trading? I started a live account yesterday and had some profit but loss was much bigger. Now I don’t have the confidence to trade. Everything goes fine in a demo bc there’s no pressure of real money but in live account there’s a lot more pressure
@9999P How many positions you had since you’ve opened the account?
Practice on a demo account. Log the set-up used for each trade and its result. Practice and learn.
@Mr_Piece I open only 1 position at a time and have traded 6-7 times
6-7 trades for a day and a half? That is too much! Especially at the beginning of your live trading.
I’d suggest start reading the books again only this time focus on how to trade using the daily chart
If you have done your studying, are tracking multiple data points of each live trade, and have had a few unsuccesful trades, just size down.
Dont risk 1% of capital per trade. Risk 0.25% or just something along the line of small.
You need to experience real money on the line, but you dont have to abuse your account to do it.
If you want to trade, then you cannot ever quit. You trade until you die.
Also, dont focus on losing $ or making $. Focus on the process.
Have a seperate column in your excel file that says “Followed Plan” and input yes or no after each trade. Consider it a Win if you followed your plan. You will see in the beginning, and potentially for a very long time into trading, it is hard to not find reasons to exit your trade early.
TO WIN IS TO FOLLOW THE PLAN
(nothing to do with money)
The best way to overcome the fear of losing money is to trade in demo accounts. You can practice there and if you made mistake you won’t be losing any of your real money. So, learn from the mistake you make. Eventually you’ll feel comfortable.
My longest losing streak was 12 trades in a row!
But i sized down until i got myself together and only experienced a 5% drawdown.
Dont let losses stop a lifetime endeavour.
Demo is completely different than trading in a live account. Not to mention past results do not guarantee what will happen in the future. You can’t be afraid to pull the trigger and take a risk, that’s part of trading. Try not to overtrade or set your stops too tight as most people do when they trade scared.
practice with small account set stops dont be a screen watcher if you dont want to be
In order to lose fear in the process of trading - you need to have experience in the work. Only in this way will fear gradually turn into confidence in its actions.
Start with small contracts like 0.01, 0.02 lots. Thus your profit/loss will be very small and so is the risk.
Focus on the trades; not on the money for as long as you are not comfortable with the real Market. Meanwhile keep learning. It might take you few days or weeks or months to catch how the market works for you depending on how much effort you are willing to give.
Because end of the day “Dedication is the key for Traders.”
Most traders still have jobs, so they trade forex on a part time basis. Some would go full time as they get better while others still hold on to their jobs. Bottom line, gain as much knowledge as you can, you’ll be more confident. Knowledge is power bro. Cheers
By being a lazy trader, don’t just trade everyday. I trade only when I know the odds are with me. And you should think that your deposit in your trade account as long gone and never be seen again. I’m void of emotion when I trade.
Damn. You’re cold as ice!!
I gotta be more like that!
As long as you’re trading a demo account you will never learn to lose your fear of trading.
If you have access to OANDA then I suggest that you open an account with them. They allow you to trade with any lot size. So you can literally trade with a lot size of 1 unit. Practice accumulating pips and when you are making more pips than losing them, increase your lot size slowly. Eventually you will lose your fear of trading.
Hey ! You have just started , no need to worry. Pls understand that making money via forex isn’t as easy as it seems. You need to learn and practice and that is going to take you ahead. So keep practicing until you get better at it and do not lose hope. You will do great surely.
Your fear of trading could be due to the following:
You haven’t study enough to know which direction the market would most likely go within a time frame, say 12 - 24 hours. To predict the market study the Fundamental Analysis for the day, that is economic releases, speeches, meetings etc
You maybe using leverage excessively. The smaller the leverage the healthier your trades
It is possible you are over trading. One or two trades max at a time should be fine.
You are probably chasing the market. Know should know when to enter a trade, when to exit and why not take a trade because you didn’t enter on time.
If no clear trading opportunity do not force yourself to trade. It’s possible no trading opportunity for days or week, relax and don’t force a trade.
I do second on all yo points especially the one of not overtrading, do not overtrade it can harm yo account