Hey guys. This is the first time I’m posting, so firstly, hello I hope all is well with you all. I was short on Sterling and the Euro last week and got absolutely murdered. Now I’m too scared to pull the trigger on any trades. This is only my third month trading a real account and after a profitable first and a second where I pretty much broke even, it seems I’m headed for a loss this month. It is almost as if I would rather not trade than lose big again. How do I get over this fear? Apologies if the question is rather silly.
GBP is very unpredictable right now owing to Brexit discussions. every tweet from a politician in London or Brussels causes a ridiculous move in GBP: EUR and its little brother CHF are also affected, so your TA on 3 of the 8 big boys is already going to be unreliable.
Reduce the size of your positions. Stop thinking of wins and losses as dollars. Calculate the money you risk as a percentage of your account capital. If you’re only risking half a percent of your account capital, you can afford to lose many trades in a row while you are still improving your performance.
Thanks for the advice, sincerely appreciate it. Took way to big a position on GBP. Was confident in and eager to make cash in on a no deal Brexit. Oh well, lessons learned. Have a blessed day man.
GBP is too damn unpredictable to rely as a newbie, especially as Brexit’s new date looms on the horizon.
Regarding your fear, maybe try to jump to a less volatile pair for awhile is a good move?
just use small lot sizes, and dont risk what you cant afford to lose. Use say, 0.01 lots and build up your confidence that way
Risk management. Reduce what you risk on each trade or per day. That’ll get you back on the saddle. But also remember that losses are part of trading. You are gauranteed to lose trades.
@tommor’s advice is key here.
You said you were profitable for the first 2 months where you broke even basically… that’s not profitable mate. Sorry. Dont worry about the BS oh 95% of traders lose money, dont compare yourself to others. When you say you lost big, what % of the account is this? Most importantly, do you have a trading plan where you manage your risk and only lose a certain % per trade. Do you even have a trading plan full stop?
Don’t beat yourself up about it. This is part of the learning curve. Sometimes we need to experience such events for the repercussions to sink into our psyche. In time, as the painful memory fades, you will likely repeat this mistake. 
I’ve been where you are more times than I would have liked. Now I keep telling myself that growing my account is a marathon, not a sprint. It takes a single bad trade to set you back weeks if you increase your position size on a whim. Write your account management and risk management rules in stone until you have a pressing need to change parameters and then change things in small measures with considerable thought given to the matter.
Since you are a new trader I suggest that you trade with no more than 0.25% risk until you are consistently able to grow your account for at least 3 - 4 months consecutively. Then increase your risk per trade slowly until you build up to 2 or 3%. I still place trades at 0.5% or less if I’m not absolutely confident about the outcome.
in my trading career i always afraid to trade particularly during news. its very complicated for me and never be profitable at all.
news trading is not easy at al above when you have not enough fundamental knowledge and experience.
Yeah right, you can not avoid losses. Also don’t risk what you can’t afford to lose.
Always accept reality. We know Forex Trading is highly unpredictable and volatile market. In short ups and downs can happens any time in each trading day. But it’s doesn’t means to leave trading or fill your heads with myths. Just calm down and start again your trading career and upgrade your trading strategy. Use strong and flexible approach to get maximum profit. Good Luck!
High leverage + short trading duration = high risk for catastrophic losses operating with inadequate informational inputs.
It is normal to feel that way. That is how forex is and always will be. They are very unpredictable so you will never know where it will land. Just take some time off and then try again and maybe you could consider changing the trading style. You have a journal, right? If yes, then see what you can do to improve for the next trading time-frame.
This is normal with forex. Be careful with your money management. You can’t risk your funds in news when you’re not ready for it.
Experiencing fear is normal. Just focus on developing a sound trading plan and use money management strategy.
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Yes initially it’s very common; in addition practicing more is the proper solution.
True i was about to say this. This is what i used to do in my initial days which really boosted my confidence.
High voltage news trading is always dangerous; till now I close all of my trades before the FMOC, NFP.
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yea omg, the pairs were crazy yesterday during fomc…I’ll trade before, but not during again