Psychology Fear and Doubt Trading manual Part 16

Fear

Fear is a common emotion for a beginning trader who hasn’t developed a decent
trading plan yet. A lack of knowledge on things as price action etc. will make them
feel really uncomfortable with the market. People without any of this knowledge,
should definitely stay far away from live accounts. More often, fear occurs when a
losing streak shows up. The losses will make you feel insecure on your trading plan,
what brings fear to your trading. But never forget, even after 10 losses you can think
about the fact that 80% success could still bring 20 losses in a row!

fear of trading in forex

Never risk more then you are feeling comfortable with, as bigger losses could
definitely bring you fear. Risking to much easily cause fear because your losses will
grow to. A lot of great trading opportunities will go ahead of you when you have fear
in the market. So, if you are not feeling comfortable with the risk you are taking,
bring the lot size down! It will help you to get rid of the fear.

As nobody likes to lose money, even the wealthy people, fear is a natural emotion
which simply occurs. Always take in consideration that losing is a part of the winning,
as we teach you a strategy where you can easily achieve around 80% success rate
with! When you start a business, it’s simple that you won’t achieve profit in the first
month, maybe not even in the first year, as it usually takes a lot of capital to start.
Luckily you have the opportunity to become profitable by trading in a couple of
months.

Give your fear the time to fade away, success in trading can simply not be forced as
almost no one is able to control his/her emotions from day 1. Especially not when we
are talking about money! Stick to your trading plan, be disciplined and your fear will
fade away on its own. Balance and control are the keys to success! When you step
behind your computer, leave your emotions outside the room. Sitting behind the
charts for hours will be an absolute wreck down for your account. Once a trade is
completed, good or bad, a professional trader will move away from the charts to start
fresh on the next trading day!

“Everything you want is on the other side of fear”

Doubt

The worst thing in trading is to doubt yourself. Doubt will always lead to being a
social trader which’s trading depend on what others think. These are the people who
are in the social section of trading view a lot. Mostly searching for answers on their
questions who cannot be answered. Always remember; It’s important to stick to your
own trading plan. No one else can execute your strategy better than yourself.

the doubt when trading forex

Following others can bring you on the wrong track, as their style can be completely
different to your own trading style. You may be looking at 50 pips profit targets, while
others are looking for 5. Even the indicators can be used in multiple different ways.
Self—doubt and desperation will make you depending on what others think.

Doubt can bring you down to your knees, as you will feel like you aren’t going to
make it within the Forex market. And that’s the point where you will need some
dedication. But luckily you are not on your own, as we will tell you that you CAN.

You need to believe that you can make it, as that’s the only way how you are able to get
your mind around trading. If you ever feel down, think about the moment you bought
this course. We believe you hadn’t that mind-set back then! Cut it all off, you WILL
make it.

The best thing you can do is leave the charts for a bit when you start
developing doubt. How longer you sit behind the charts when you are down, how
stronger your doubt will become. Controlling your emotions will take time and
experience, the way to Forex success is a long one, where you will definitely learn
about an other side of yourself. But you must never forget that you WILL come there
in the end.

“Doubt kills more dreams than failure ever will”

 

 

Check the first parts of our trading manual ——> Trading Manual

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