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Fear

  • #1
  • First Post: Sep 26, 2007 1:25pm Sep 26, 2007 1:25pm
So to you live traders how long did it take for you to neutralize your fears? I have been soaking up Mark Douglas in the last month and a half and i am dissapointed in my progress. For example i went long on USD/CAD on Monday with an entry of 1.0035 or so based on daily price action and i closed it this morning for about a 10 pip increase based solely on fear.

I am working on this and some days it does not seem to be an issue, other days (maybe stress at work carries over i am not sure) i see myself doing a stupid move like today and wonder if i am ever going to step into my future projection of myself.

How long until some of you were happy with your progress on fear?
  • #2
  • Sep 26, 2007 1:30pm Sep 26, 2007 1:30pm
But if you've got your MM right and the size of the trade is such that you won't lose sleep, then try putting the trade on, setting a Take Profit (and your Stop Loss) and then go out of the room.
Find something constructive, or destructive, to do and return at the end of whatever TF you trade and see what's happened.
You might feel easier trying this on the lowest lot size your broker offers, but the beauty is, if your method is sound it'll prove to you you don't need to be there for most of your trades.
  • #3
  • Sep 26, 2007 1:32pm Sep 26, 2007 1:32pm
Quoting PeterFM
But if you've got your MM right and the size of the trade is such that you won't lose sleep, then try putting the trade on, setting a Take Profit (and your Stop Loss) and then go out of the room.
Find something constructive, or destructive, to do and return at the end of whatever TF you trade and see what's happened.
You might feel easier trying this on the lowest lot size your broker offers, but the beauty is, if your method is sound it'll prove to you you don't need to be there for most of your trades.
Thx Peter. My MM is fine and i don't lose sleep. Fear of losing money is not the issue. Currently i am trading 10 cent pips.
  • #4
  • Sep 26, 2007 1:35pm Sep 26, 2007 1:35pm
The best thing to work on is take any fear and turn it into RESPECT.

If you always respect the markets, you will never fear the markets, but you will always protect yourself(capital).

When I used to be "fearful" I would lose sleep at night. I made myself close any position if I couldn't fall asleep at night. That taught me pretty quick.
  • #5
  • Sep 26, 2007 1:39pm Sep 26, 2007 1:39pm
Quoting saskgui
So to you live traders how long did it take for you to neutralize your fears? I have been soaking up Mark Douglas in the last month and a half and i am dissapointed in my progress. For example i went long on USD/CAD on Monday with an entry of 1.0035 or so based on daily price action and i closed it this morning for about a 10 pip increase based solely on fear.

I am working on this and some days it does not seem to be an issue, other days (maybe stress at work carries over i am not sure) i see myself doing a stupid move like today and wonder if i am ever going to step into my future projection of myself.

How long until some of you were happy with your progress on fear?
I would be scared to go long USD/CAD right now too!

The fact that you grabed 10 pips going against a strong weekly down trend is not so bad. Maybe your subconcious was telling you something.
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  • #6
  • Sep 26, 2007 1:52pm Sep 26, 2007 1:52pm
Quoting Micro-MiniMe
I would be scared to go long USD/CAD right now too!
The fact that you grabed 10 pips going against a strong weekly down trend is not so bad. Maybe your subconcious was telling you something.
There are times when you put a trade on and haven't really thought it through.

I wouldn't be trading it long either, at the moment. I'm waiting for a decent pullback to let me go short again. If it keeps going up (???) I just wait. But I suppose the TF you're trading may have given you a long signal, it's just that I can't trade against the dominant trend. Maybe that's a fear that I have to overcome.

My problem isn't fear of any trade, as such, it's that I've put a trade on and have done it just to be active.

I think, saskgui, if you master the art of patience first, the quality of your trades will be such that fear will lessen, over time.
  • #7
  • Sep 26, 2007 1:53pm Sep 26, 2007 1:53pm
I have thought alot about it and it comes down to this. I don't want to admit that it is possible that i am not cut out to be a forex trader as i feel that i "need" another source of income. That was my initial motivation to trade forex, is that i need to make more money. I fear (there it is again) that as long as i feel that i need to make money either consciously or subconsciously i will always be fearful in the markets.

Crap who would have though forex would force me to resolve past and present psychological issues i have.
  • #8
  • Sep 26, 2007 1:58pm Sep 26, 2007 1:58pm
Quoting saskgui
I have thought alot about it and it comes down to this. I don't want to admit that it is possible that i am not cut out to be a forex trader as i feel that i "need" another source of income. That was my initial motivation to trade forex, is that i need to make more money. I fear (there it is again) that as long as i feel that i need to make money either consciously or subconsciously i will always be fearful in the markets.

Crap who would have though forex would force me to resolve past and present psychological issues i have.
You could be doing this as your only source of income.
I know you've only been around the forum for a couple of months, so I won't assume you're a complete newbie, but if your trading experience is about the same sort of length as your joining date, I think it's a bit early to start giving up yet.
How long have you been trading, and is it only FX you've tried?
  • #9
  • Sep 26, 2007 1:59pm Sep 26, 2007 1:59pm
By the way thx for the feedback guys. The fact that i fear to go long on a currency that has been trending down for some time now (and my trade was on a daily chart) could be that my conscience was trying to warn me.

However I am trying to force myself to believe what i see in the charts (as i am purely a technical analysis wannabee trader) and not the rumor and fear i have. I believed i saw a pinbar faking down and that there would be a upward retracement, possibily trend reversal here.
  • #10
  • Sep 26, 2007 2:08pm Sep 26, 2007 2:08pm
Quoting PeterFM
You could be doing this as your only source of income.
I know you've only been around the forum for a couple of months, so I won't assume you're a complete newbie, but if your trading experience is about the same sort of length as your joining date, I think it's a bit early to start giving up yet.
How long have you been trading, and is it only FX you've tried?
Hey Peter

I have dabbled in stocks during the tech boom but i had no idea what i was doing. I basically read a book and off i went to make my fortune. It was an excellent learning experience.

I have been interested in forex off and on for a year or so but in only started really learning since April/May. I think i have good basic understanding however i am really concentrating on the psychological aspects as i firmly believe that is what defines a "real" trader. I used to believe that only the highly educated and intelligent person that was gifted in math could trade forex successfully.

Then i discovered "Trading in the Zone" and that excited me when i realized the secret is in my head (attitudes, behaviour & beliefs) and not necessarily how smart i am (all though that would help). That realization really motivated me however i now understand that even though success (by mental analysis) is in my grasp i may not be able to grab it!
  • #11
  • Sep 26, 2007 2:10pm Sep 26, 2007 2:10pm
Quoting saskgui
By the way thx for the feedback guys. The fact that i fear to go long on a currency that has been trending down for some time now (and my trade was on a daily chart) could be that my conscience was trying to warn me.

However I am trying to force myself to believe what i see in the charts (as i am purely a technical analysis wannabee trader) and not the rumor and fear i have. I believed i saw a pinbar faking down and that there would be a upward retracement, possibily trend reversal here.
I've been there tied that, so many times...

I'm an agressive trader by nature also, but I've learned the need to hold back and look for confirmation before jumping in on a major trend reversal. Predicting market movement is for mystics not masters. Masters react to the markets instead.

Your doing just fine, keep up the good work and try to have fun with this.
  • #12
  • Sep 26, 2007 2:25pm Sep 26, 2007 2:25pm
Appreciate it. I also realize that this system i employ used to be to only trade in the direction of the long term trend thus putting me into the flow. There i was trading against the flow, obvious a lack of patience (or just thinking that i knew the exact moment of trend reversal... crazy).
  • #13
  • Sep 26, 2007 2:31pm Sep 26, 2007 2:31pm
When you have enough trades under your belt following your method you won't fear anything because you know if you lose this trade your method will bring you another opportunity to trade at least that is the case for me.
  • #14
  • Sep 26, 2007 2:38pm Sep 26, 2007 2:38pm
Quoting saskgui
Appreciate it. I also realize that this system i employ used to be to only trade in the direction of the long term trend thus putting me into the flow. There i was trading against the flow, obvious a lack of patience (or just thinking that i knew the exact moment of trend reversal... crazy).
All the answers to your (imagined) mental problems are answered in this post.
  • #15
  • Sep 26, 2007 2:43pm Sep 26, 2007 2:43pm
Sounds like to me you're just going through what ever trader does...

Trust me, thousands of dollars and years later, you'll finally get it...
Mr. Trend
  • #16
  • Sep 26, 2007 3:18pm Sep 26, 2007 3:18pm
saskgui

Any competitive endeavor gets into the mental aspect of the game at some level. So you might want to take up a sport with a competent coach. Or read issues of Golf magazine it's all over the place in there. Controlling the mind is controlling the mind no matter what you are doing.

You can go over to www.woodiescciclub.com
Scroll down to the free 1 hour video by Dr. Janice Dorn and give that a listen. The video needs some editing but she brings up some interesting things to think about with trading psychology.
Hang in there.
  • #17
  • Last Post: Sep 26, 2007 5:42pm Sep 26, 2007 5:42pm
Quoting PeterFM
All the answers to your (imagined) mental problems are answered in this post.
Heh, thx!
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