Keep focused on your bank, trade small 1% maximum of your account, work out your stop loss and the price you enter at, that way you can work out your profit, also look at trends, if your not confident then invest in your business, because that what it is, for instance a simple book and an easy read, Currency Trading for Dummies, about £14 in the UK, get it on Amazon, I’m sure there other good books out there that people can recommend.
Well, I even tend to gamble.
If you did 6 tradesin a day and a half - it means you are betting short time frames ?
That’s quite hard and I suggest you get this
It’s quite hard to read, harder to understand unless you have some knowledge already - but I use one or two of the setups and do tend to follow his suggested P;L methods.
No expert by any means and sometimes I sit 2-3 days without a bet - But also win more than I lose.
Short term bets are not my favourite method but I can do it now and I don’t know if I will “take to it” eventually but - Before I just couldn’t get anywhere “daytrading”
Are you succesfully trasing the small timeframes? How big your stop-losses are?
I’m in a serious battle to overcome the fear of trading till today and am still working in progress to mentally overcome it.
It has really affect my trading psychology to the extend i feel maybe am gambling while what i planned eventually went the right way but the fear will hold me down not to execute the trade due to the fear of losing. Then regret will comes in.
It has really lower my confident in trading even though i have the right plan but still the fear of losing jeopardize my mental anaysis. I need help to confidently over come the fear of trading.
Your fear is completely natural - that’s the first thing to realise. Its rooted in your survival instincts. Acccept it. Dont try to get rid of it - you’ll only make it worse
But …to get rid of fear you have to step up regardless. Courage is not an absence of fear - it is being fearful but doing it anyway.
What is the worse that can happen? You lose a bit of money - your not losing your life.
And as others have said trade small at first, stepping up in the smallest of increments.
Once you have a few trades behind you (especially losers) you’ll realise being kicked in the teeth constantly is not that bad at all.
There is nothing wrong with losing why fear it? Learning how to lose gracefully is just the price we pay to become great traders.
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Finish the book “trading in the zone” by Mark Douglas, you will find your answer there. All the best.
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That’s a good book, was a part of my reading collection too.
If you have a plan then trade and stick to it however, if your in your early days of trading then, I believe your trading plan will alter, for instance I’ve been trading 10 months, I’m on my second plan.
Why because my first plan was too over complicated, as I’ve become more successful it has become shorter and more suited to my style of trading and if I’m honest I believe that their maybe a 3rd and final plan.
Why because my style of trading is changing and I’ve become a little more aggressive in, tighter stops, bigger trades to make bigger, faster profits, not a strategy for the faint hearted.
Probably take comfort that most traders have been in your position at sometime.
But believe it’s all in the planning and execution, get the first right and follow your plan the success will follow.
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Dear I was also facing the same pressure, your question is very needs to be explained well for this it needs to visit your live account as there are lot of factors involve but I’ll tell you the basic. Use small lot size and keep trading rules in your toolkit. You must know when to enter and exit the trade and don’t forget the money management. Stickily follow your rules and you’ll be fine.
It’s okay no need to panic. Firstly, just take a very short break and come up with a sound trading plan. Also you can open a micro account for a start.
Accept the loss and move on to improve your trading skills.
Don’t think again of your previous loss just think on how to avoid the current loss.
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Trade as much as you can and keep a detailed record of your trades which you can easily consult at any time. The more you trade, the more you learn from your mistakes, the less you will fear trading.
Time feels running at a completely different speed when you are trading with fear, what I do is to remind myself that I am trading well within the rules set by me. Backtesting the strategy also helps in this matter.
Hello , you probably had more experience than me.When you saying trade as much as you can ,you mean on demo or minimum account ???
It must be difficult for you, people are all giving positive comments ,though only yourself know how you feel.Why change who you are the fact your fearful Will probably work in your favour over time.maybe just have one trade open at a time ,more can be overwhelming set your stop s and targets
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Since we don’t know much about your strategy, my guess would be that your trades are getting stopped out. If this is the case, decrease your position size, this will widen your SL and give your trades more room to breath.
For example, if you’re opening a position size of 5000 units with your SL set to risk 1% of your account balance, you’re not giving your trades much room to ride those ups and downs. Therefore, getting stopped out often. But if you cut you position size down to 1000 units and keep your risk (SL) at 1% you’re giving your trades 5X more room to breath before hitting tour SL without increasing your risk. This method will also allow you to sleep at night.
As you develop your strategy you should be able to analyze a chart and have an idea as to where you think price will go, then you’ll be able to set your SL at a place where you feel your trade has become void. This all comes with practice and lots of patience.
It is so important as a beginner to protect your capital while you learn. So go small until you have a proven and trusted strategy in place. This doesn’t happen overnight, it could take month or even years but you will not regret it.
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You should be optimistic about trading. There is no way that you can jump on to a perfect trading situation, you need to climb up the ladder i.e learning forex trading, practicing, be alert on fundamental and technical analysis. Once you are convinced that you possess all this knowledge, you might not be scared from it.
First on a demo account, when you become confident in your abilities, move onto a small live account.
The best way to overcome the fear of the unknown is to understand what trading is all about. You can expand your knowledge by reading good trading books and taking up trading courses.
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