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Questions and StoriesCategory: StoriesMy Fear of Losing in Forex Trading
Jackson asked 3 weeks ago

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.

Edward Duffy replied 3 weeks ago

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.

Rojan replied 3 weeks ago

I think in this type of business you should have enough knowledge about the tricks and formula in order to be able to make a fortune.
I found great and educational articles and videos in this site that you can educate yourself before starting this type of business or do the corrections on your trading strategy.

Edward Duffy replied 3 weeks ago

Thanks Rojan, yes I have read the information and the markets are not going in the right direction just at the moment.
I will keep trying and I will succeed one day.

GODETA replied 3 weeks ago

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.

David replied 2 weeks ago

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.

martin replied 1 week ago

The right mindset will heal the vice completely just work on it

3 Answers
LuckScout Staff answered 3 weeks ago

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

gwhite2203 answered 3 weeks ago

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

Eben Emmanuel answered 3 weeks ago

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.

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