Overcoming fear in forex trading, advice needed. | Forex Factory

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Overcoming fear in forex trading, advice needed.

  • #1
  • First Post: Apr 18, 2008 7:53pm Apr 18, 2008 7:53pm
hi there, been on the site for a while now and its been great help and a good fx community here, a little about myself, being into forex for about 18months now, blew one account with fxcm in one day due to error on trade i placed, which for some reason was double position and the other way i wanted the trade! was small amount tho lol, i want to seek advice on fear in fx trading, i have a system well backtested and im satisfied with the results i have a demo running with my live account with oanda(just small amount), when my set up is confirmed i'd be happy to place the trade on demo than my account which actually goes my way and i have be doing this for a month with good positive results but when to place it on my live account lol then trouble!, i haven't got problems with greed tho but fear......., anyone who has passed through this could share some advice pls, thanks
flo
  • #2
  • Apr 18, 2008 8:10pm Apr 18, 2008 8:10pm
The only way to get over the fear is to trade. Trade small that is - micro lots, then move to larger sizes.

But just think if you had a fear of heights. You would have to find the courage to go to the top of a tall building after first starting with lower height buildings first.

Demo trading will only serve its use for so long before you have to just do it.
  • #3
  • Apr 18, 2008 8:22pm Apr 18, 2008 8:22pm
Quoting flopex
hi there, been on the site for a while now and its been great help and a good fx community here, a little about myself, being into forex for about 18months now, blew one account with fxcm in one day due to error on trade i placed, which for some reason was double position and the other way i wanted the trade! was small amount tho lol, i want to seek advice on fear in fx trading, i have a system well backtested and im satisfied with the results i have a demo running with my live account with oanda(just small amount), when my set up is confirmed i'd be happy to place the trade on demo than my account which actually goes my way and i have be doing this for a month with good positive results but when to place it on my live account lol then trouble!, i haven't got problems with greed tho but fear......., anyone who has passed through this could share some advice pls, thanks
flo
I will give it a try.

Decide on an amount that if you spend it in a day, it would not borther you at all - just as if you buy a cofee etc.
Trade an amount with stop that if the trade goes against you, that is all you will lose - as if you paid for a coffee or something.
Get use to that and if you start making money, you will gain confidence. Then proceed to using one of those exel sheet that you can calculate your MM with 1% risk. Slowly as you start winning, and secure your initial capital, your fear should go away.
Hope that helps
  • #4
  • Apr 18, 2008 8:34pm Apr 18, 2008 8:34pm
You are trading forex: You should have fear.

Let me repeat that: You should have fear.

Because forex doesn't have any exploitable weakness, you should always be prepared to lose. Those so called "professional" traders might get lucky for a few months, then crash and burn.

Yep, trade for enjoyment as a hobby, and be prepared to lose it all as your system crashes. Nobody can dispute this with any evidence.
  • #5
  • Sep 7, 2014 6:28am Sep 7, 2014 6:28am
Quoting flopex
hi there, been on the site for a while now and its been great help and a good fx community here, a little about myself, being into forex for about 18months now, blew one account with fxcm in one day due to error on trade i placed, which for some reason was double position and the other way i wanted the trade! was small amount tho lol, i want to seek advice on fear in fx trading, i have a system well backtested and im satisfied with the results i have a demo running with my live account with oanda(just small amount), when my set up is confirmed i'd...

I understand the fear you are facing.to overcome this fear look at higher timeframes when looking for trading set-ups.and only ue the lower time frames when you are entering the trading set-ups.also have one trading style. donot mix them up. if you stick with swing trading let it be swing trading all through
  • #6
  • Nov 18, 2020 12:43pm Nov 18, 2020 12:43pm
If you want to remove your fear, you need to practice more and more. You can practice on a demo account to get confidence.
  • #7
  • Nov 20, 2020 11:12am Nov 20, 2020 11:12am
Quoting DexterDuncan
If you want to remove your fear, you need to practice more and more. You can practice on a demo account to get confidence.
I don’t think demo account will help to overcome fear. Fear and all kind of emotion comes in real trading. So, traders should invest small in micro or cent to practice overcoming fear.
  • #8
  • Nov 20, 2020 12:05pm Nov 20, 2020 12:05pm
Fear is the main problem to make money from this market. If you can remove the fear from you, you can become a successful trader in this market.
  • #9
  • Nov 21, 2020 8:57am Nov 21, 2020 8:57am
Lack of knowledge and working with a scammer broker are also some serious problems.
  • #10
  • Nov 21, 2020 1:07pm Nov 21, 2020 1:07pm
If you want to remove the fear of losses you have to gain confidence by practicing on a demo account .
  • #11
  • Nov 22, 2020 11:11am Nov 22, 2020 11:11am
Quoting CoraLombard
Fear is the main problem to make money from this market. If you can remove the fear from you, you can become a successful trader in this market.
You are right. Fear is in human nature. Try hard to control as much as possible at the time of trading.
  • #12
  • Nov 25, 2020 3:06am Nov 25, 2020 3:06am
Fear comes from a lack of preparation. We must make a mental preparation before placing a trade.
  • #13
  • Nov 25, 2020 5:50am Nov 25, 2020 5:50am
Fear comes from not knowing what we are doing. If a trader knows well about his risk reward ratio and winning percentage of his strategy, he will not feel fear.
  • #14
  • Nov 25, 2020 9:14am Nov 25, 2020 9:14am
That's true. The unknown is always the scariest thing.
  • #15
  • Nov 28, 2020 1:35pm Nov 28, 2020 1:35pm
A broker is the most important element in the trading. If you choose the wrong broker you can lose all your money. So be careful when you are going to choose a broker for you.
  • #16
  • Nov 30, 2020 5:15am Nov 30, 2020 5:15am
Fear is one of those issues which many traders face while trading. Keep practicing, with experience you'll definitely get through this problem. Do not let your fears affect your trades, rather overcome those and emerge successful.
  • #17
  • Last Post: Nov 30, 2020 6:29am Nov 30, 2020 6:29am
Fear is a part of forex trading. Usually after losing some trades traders become fearful. To overcome the fear we need good knowledge and skills of trading. When we know what we are doing, it becomes logical and fear disappear.
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