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How to prevent Fear in trading ?
you have decide to trade a particular system. you get an entry signal, and put on the trade. You put in your protective stop, and you know what will be your signal or target for exit. There is nothing more to you need to do or worry about. The market will do the rest for you. You are along for the ride, and you know when to get out. So there is nothing to be fearful about …
“There is hardly anything productive about worry or fear when you cant do anything about the circumstances” by Buzz Aldrin
Fear is an emotion. It is created by us and therefore we can uncreated it. Fear is created when we think that our trade will lose a lot of money or things that will prevent our trade from losing. The keyword is think which is thoughts in our mind. When you keep on thinking of the thoughts of losing money and fearful of it. STOP!! Take a deep breath to break your connection. Then ask yourself, “Is this probable?” Continue to challenge the thought by asking, “What are the probabilities right now?” Then choose to take control of your thoughts and think term of the current probabilities.
Fear will lead you to disaster if you do not know how to release it. Another way to release fear is to have a shower to calm down yourself. (more…)
I SUCCEED BECAUSE I FAIL
Most of us remember the Michael Jordan “Failure” commercial. It is 30 seconds of pure wisdom for life and for trading. As the market continues its twists and turns and while many churn and burn their trading accounts, now might just be a good time to revisit the basketball legend and the commercial that explains his remarkable success…and can explain ours too!
I missed more than 9000 shots in my career.
I’ve lost almost 300 games.
26 times I have been trusted to take the game winning shot and missed.
I have failed over and over again in my life…and THAT IS WHY I SUCCEED.
Five Things to Avoid In Trading
What Not To Do
1. Have an opinion. One sure way to find yourself trading against the market is to have a
market bias. Trading with an opinion about what the market will do next can limit your
ability to see what the market is actually telling you.
2. Have worse than having your own. Market gurus are notoriously inaccurate in their predictions. s market judgment prevents you from learning to read the market on
your own.opinion has changed.
3. Make your opinion public. Putting your bias into a chat room or forum thread makes it
off an opinion once you have announced it to others.
4. Let your ego get involved. Everyone wants to be right. In trading, you have to ask
yourself
5. Ride a loser. Still wanting to be right? Having a bias, making it public and getting your ego involved will cause you to hold losers far longer than you should.
What to Do
1. Anticipate. Avoid having a bias. Identify areas where the market might turn or continue
and think through what that would look like. Anticipate the alternative ways the market may
trade.
2. Keep your own counsel. Avoid gurus. Learn to read the market and make your own
decisions.
3. Avoid the forums while trading. Use the good ones as a source of education, but refrain
from making your trades public.
4. Check your ego. Be aware of when you want make the correct decision.
5. Cut losses short. Use hard stops. When the market turns against you, exit.
That is up until a point
Wise
* You cannot bring about prosperity by discouraging thrift.
* You cannot strengthen the weak by weakening the strong.
* You cannot help little men by tearing down big men.
* You cannot lift the wage earner by pulling down the wage payer.
* You cannot help the poor by destroying the rich.
* You cannot establish sound security on borrowed money.
* You cannot further the brotherhood of man by inciting class hatred.
* You cannot keep out of trouble by spending more than you earn.
* You cannot build character and courage by destroying men’s initiative and independence.
* And you cannot help men permanently by doing for them what they can and should do for themselves.
20 Skills for the Trader (Video )
The worst battle..
Fear mongers on financial news networks
Trading Fear
Ninety-five percent of the trading errors you are likely to make – causing the money to just evaporate before your very eyes – will stem from your attitudes about:
1. Being Wrong
2. Losing Money
3. Missing a Move
4. Leaving Money on the Table
You will never maximize nor optimize your ability to pull profits from the market on a consistent basis until you incorporate the correct attitude and response to each of the (4) four fears.