We are all afraid of something to one degree or another. The question is just to what degree—how much does the fear interfere with trading and spoil trading results?
Traders’ fears do not interfere at all but, on the contrary, serve as a kind of shock absorber. But today is not about that.
Fear of Losing Money
The fear of losing money is very clear. Who in their right mind wants to lose money? However, if this fear constrains your actions, stops you from opening a deal, or causes you to begin to actively recoup to your returns after a loss-making transaction, then it’s a bad sign.
So, what you do? First, use trade manipulation because it can help you minimize all risks. Do not forget that risk management helps traders withstand subsidence and difficult market situations. Train your discipline.
Fear of Missing a Bargain
Another very common fear is the fear of missing a potentially profitable bet. This fear is expressed in two possible ways:
- Traders over-insure their trades.
- Traders open more transactions than necessary that are not always in compliance with all the rules of their vehicles.
Fear of Unprepared Trades
A large number of people try to learn the craft of trading through theory because they are afraid of real trading. However, trading needs to be learned through practice. Still, without a certain knowledge base, it is better not to approach real trades.
Fear of Making a Mistake
It is important to remember that trading without cons or drawdowns does not happen.
To get over this fear, remember those only those who never try are never wrong. If you are going to continue trading, then this mistake will be far from your last. There will be more.
Fear of Not Having Time to Earn Money
This one is more likely not the feeling of fear but excitement in its purest form. If you are afraid that you don’t have time to “break your own,” then you probably make a lot of deals (which gives you a certain pleasure), and it is difficult for you to stop.
What can you do in this case?
- Start training your discipline today.
- Do not forget about risk management.
- Start keeping a trading diary.
- Take a break from trading if you feel that you are getting carried away.
Fears are nothing more than mental noize in our heads. Keep this in mind, and may success attend all your trades!