When you start thinking about your failures as part of learning, instead of being afraid, you will take the necessary steps to improve your mistakes.
you cant fix it actually ,you only get numb once your losing streak start.so my advise is ,try hard to win more ,so it build confident, still fear though
Itās like flying an airoplane (although I admit iāve never done this!!) At the beginning terrified you will crash every second and press ejector-seat with wvery spot of turbulance. With experience and lots of practice you can eventually reach your destinaton and even land the plane with a bird strike into one of your main engines!
If you get into a position and it start s to show a profit while running, keep analysing the charts to see if price is now in a genuine trend. If it is, you could consider adding to your position, otherwise known as pyramiding.
Many traders who do this only add once they have reached +1r and moved their SL to break-even. From that point on the second trade only has the same risk as the first but for every pip in the right direction you are now seeing double the profit.
Its not a simple tactic, worth trialling on a demo account first.
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Imo, traders should not risk what they can not afford to lose. Other things to be taken care off are:
- Never open too many orders at once
- Make a trading plan and follow it
- Keep a trading journal
In time, it gets easier to accept losses and learn from the mistakes made. This helps in avoiding mistakes in the future. To plan well, you need to study. Check out the learning material on this website. Itāll help. Good luck!
When we talk about trading psychology and fear, we also mean the fear of losing profits. Having good risk management, and money management, with appropriate position size as per the strategy, is essential for saving profits. But focusing on saving profits too much can stress the above stated means, which can cause a hindrance in your ability to make profits.
All of this is related to trading psychology and you should look for ways to manage your emotions better. I would recommend reading āTrading in the zoneā by Mark Douglas. It is one of the best books to learn about trading psychology. It is a must read book for every trader in my opinion.
Fear is normal, and it is alright to have it. We can eliminate it by learning to control it and by gaining experience. The more we gain experience, the less fearful we will be.
We should focus on trading psychology, and when we follow it in the right way, you will find overall ease in trading. Trading with the right mindset and risk management requires focus and hard work. They can be developed by discipline and consistency, which are crucial. Trading with risk management is crucial, but when we are overly critical about our risk management, we lose because our attention is all over risk management and not on other aspects of our trading.
Well, for books I highly recommend reading āTrading in the zoneā by Mark Douglas. Also there is a book called āThe disciplined traderā by the same author. These are some of the best books to understand the concept of trading Psychology and trading discipline. But in the end books can only teach us the theories. You would have to see how you can apply them to actual trading. And thatās the tough part. But thatās the beauty of trading. So, keep pushing through and I am sure you will be able to attain discipline and consistency over time.
Donāt expect 100% success ratio here; so if you face a loss, donāt take it personally! Itās the general error of your trading system! Thatās simple!
time to listen to yourself ,knowing what you really want ,and why you having such āurgeā,instead of blaming everything to your greed ,or stop trying to be the person you want ,and accept who you really are,only then you will find the way out .
I guess, you are taking too much risk on per trade & thatās why you are scared! Try to reduce the risk %!
Keep a journalā¦ and see how many pips you loose per month for closing trades early.
This Will give you some stats and a basis to calculate the optimal R:R for your trading strategies
Dealing with the fear of losing profits comes down to trusting your strategy and having solid risk management in place. Set clear stop-losses, and stick to themāit helps take the emotion out of it. Also, remind yourself that no trade is ever guaranteed, and losses are part of the game. Focus on the bigger picture and long-term gains instead of stressing over each move. The more you stick to your plan, the more confident youāll feel in navigating those fears.
Itās about trading psychology and to amend your trading psychology you can read āThe Psychology of Trading: Tools and Techniques for Minding the Marketsā by Brett N. Steenbarger. Pipsology course also can help in this regard.