I always feel like I want to trade and become rich famous person from others but every time I read an article about Forex trading, I always develop cold feet. The reason is because I have not found anyone with encouraging story about it. I heard about many who have lost their savings trying to trade in Forex. This has really made me develop bias and second opinion on Forex trading. I feel like it another scheme to defraud unsuspecting people.
Yes I am concerned about losing money trading Forex and this is probably one of the reasons that I have not achieved much in the years that I have been trying to trade. I have a busy job and I also find it difficult to focus on the markets and analyse the charts when the markets close. At present when the NY market closes I am at work and have started my work day.
I am still trying and I am determined to get my trading off the ground and achieve my personal goals. At the moment I trying to treat this as a part time business but I am not succeeding.
The fear of losing is real and it goes away by training and coaching, especially when a a trainee is mentored by a trader in a live trading environment. This is very uniquely important in shifting the mental faculty of an individual to the realities of trading success.
Many persons who have not benefitted from such an opportunity have instead developed a foolhardy mentality. They throw trade orders aimlesss in the market and lose money. Such loss has resulted into causing more fear, inner resentlment for ”gurus”, dicouragement of well intentioned traders from commiting themselves towards achieving the good success possible in the forex market. Fear is a limiting factor in any arena.
One can not concentrate in the presence of fear and without the right logical facts about the market fear cannot be eliminated. Its the correct facts about the forex market that imprint a positive mindset. Trading is first mindset and last mindset. A trader must therefore develop in all aspects e.g. trading skills and majorly in developing the right mental/emotional approach to the forex market. Eliminate the “guru mentality” and acquire the mentors attitudes THROUGH willing to put time, effort and money to progress through the learning process. Fear will be decisively elimunated from the trader’s mentality through such practices and success will come in like an uninvited but well come surprise guest.
The fear of losing is with us all the time. Being better-prepared helps to lessen the effects of this fear. One way of keeping the fear to a minimum is to follow the steps described in the articles and videos on the Luckscout website.
The right mindset will heal the vice completely just work on it
Fear is always there… everywhere in our lives.
Any business or investment has risks and rewards.
Learning the techniques properly and completing all the steps can turn you into a consistently profitable trader: Become a Profitable Forex Trader in 5 Easy Steps
Fear is ever present but you need to flip it on its head and use it to empower yourself. Understand what the fear is all about. In fearing taking a loss in Forex ask yourself why are your fearsome? Is it because you are unsure of your strategy, if it is then ask yourself why? is it the right strategy for you. I was always fearing taking a trade because I had a losing streak. I then realised scalping wasnt for me, I moved to swing trading, which gave me bigger stops but also bigger profits. It became easier to spot the trends and trade with them
If you can’t handle smoke, then you have no business in the kitchen- anonymous quote.
My point is, if you can’t deal with your fear then forex market is not for you, because with that fear being present you would hardly make substantial income with it.
I think this article on Luckscout will give you an idea on why you fear losing money in Forex and how you can overcome it. In essence, you fear losing money in forex because this is the money you cannot afford to lose. It means that the losing of this money would put a substantial pressure on your financial situation. What I really find enlightening here from Luckscout is that they teach me that Forex trading is an investment. It is neither a job nor a business, but an investment. To make a good investment you must be a good investor. It means that you must be already rich before trading forex. By rich I mean that you already have a strong and reliable source of income.
Thus, the reason you trade forex is not making money anymore, but to increase your wealth. In this way, even if you lose your investment in Forex, it will not put a substantial pressure on your financial situation. However, by following the teaching here on Luckscout, you will increase your chance of success in Forex trading.
Fortunately, the Luckscout team has established a system for all of us to create a reliable and strong source of income. So that after we have one, we can invest in forex trading safely and profitably.
I like your answer. You’re spot on!
Thank you very much Nolo.
Fear is always present when we do something for the first time, especially when it concerns money. Many people lose in trading because they think that it is game. They are wrong. We should learn first, understand how it works, which stragety to use, and more others things. Before putting your money in this Business, make sure you have practice several times with the demo account and you were able to make at least 1% profit in every trade you have place.
Most people open Real account with the money they can’t afford to lose and the fear of losing that money is higher.
Hi jeankomaro, thanks for the insight. God bless
Fear is very difficult to control, especially when you are still new in forex trading.It also becomes more dangerous when you do not have somebody I call a mentor.l used to trade by less than 20 points stop loss and every day my account would reduce.and constant fear would be to much and fear would take in charge of my body, mistakes would be many until my accot got finished.
If you find a strong trade set up with accurate confirmation, you don’t need fear a lot if you set a good stop loss and take profit.
Understand your strategy, live and breath it. Have faith that it will work and belief in it. Set your TP,SL and take it. Sometimes you will lose and sometimes you will win.
Fear of losing in trade came from our emotions. If you don’t control your emotions and feelings you will also be a loser.
Ive made many good decisions to enter a Trade but unfortunately the lack of self control Pushed me to get out of the position that were pretty good position.
I used to get out of the good Trade position if the market goes me .
Hi Nnaemeka Victor I trade a couple of strategies depending on the market I am in. I am a fan of supply and demand zones on the big timeframes and also trade Bollinger bands
Yes when money is involved and there is option to win or to loose, many people feel fear. It happens when we are not confident about what was our choice. Many people think that trading is game or gambling,They don’t follow any strategy to understand what the market is telling us. If you have knowledge in trading and do your analyses properly before taking any position, you will not feel fear. You will be confident and patient even if the market goes against you
for some pips at the beginning. Knowledge and applying good strategy is the keys to avoid Fear.
Anytime we are investing money on a business, emotion will definitely set in.
Fear factor would always be there. In order to limit the fear you have to arm yourself with the right knowledge, skillset and precepts.
I intend to go back to forex trading but money has been my barrier ever since.
Mr Victor, now as a luckscoutclub member you can make money consistently if you work hard and be among the Top earners of each month, this means money will no longer be a barrier for you. You you know how to trade, you can go back and start again, if not you learn how to trade in the website as well .