So I went live Monday with 750$, but I took only one trade out of 3. Not because I missed them… I saw the signals but didn’t do anything. The last one was a EUR/USD short signal 1 hour ago, so I would’ve been up 45 pips by now. How can I get over this trading anxiety?
I would’ve suggested a smaller deposit (sub $100), but since you already deposited, just trade with $100 max. What this will do, over the course of a month or two, is give you confidence. It helps you get used to the fact that FX is a game of statistics. Eventually, you’ll be able to look at losses as nothing more than a business expense utilized to see your next positive return.
Getting over the psychology behind trading was probably one of the more difficult tasks I had to overcome to develop myself into being a profitable trader. For me, it was just experience. The more I traded, the more confident I became in my trading.
Experience is indeed the key. No matter how much you read about it, it only really starts to make sense during your own trades. The more you trade, the better & easier it gets.
What also is important is faith in your strategy. If you know that your plan works, then its easier to get over the hurdle of hesitation…
First of all thanks a lot everyone.
I guess I should’ve opened a micro first. Now with the mini I have to trade at least one 10K lot, and with my 27 pip stops it means 3.6% of my account value risked per trade. I wouldn’t have had any problem with that if I managed to stick to my own strategy and not skip on good trades… 3.6% isn’t great, I know, but it’s only a test account. Now it’s more about learning to master my emotions than making money.
“FX is a game of statistics” - so correct. I’d even call it a game of probability. Once I realized that I can’t know exactly what the market will do (it took me 4 months :)), I developed my trend-trading strategy. Now that probability is on my side I know that my strategy will make me money consistently. But knowing it is not enough, apparently…
What also is important is faith in your strategy. If you know that your plan works, then its easier to get over the hurdle of hesitation…
I proved it to myself in every possible way (probability calculations, backtesting, demo testing) but this sticking point is truly an emotional one.
So I guess experience is the only cure. Thanks again everyone 