OVERCOMING FEAR OF LOSS IN THE FOREX MARKET

OVERCOMING FEAR OF LOSS IN THE FOREX MARKET.

The Oxford Dictionary defines fear as ‘an unpleasant emotion caused by the anticipation of danger which leads to feelings of dread, anxiety and apprehension’. 

Fear is about the expectation that something detrimental could happen and constitutes a crucial physiological and cognitive mechanism functioning to aid our survival by causing us to either anticipate and avoid potentially dangerous situations, or, if we so chose, to face and confront them with a heightened state of alertness and focus. From an evolutionary perspective, fear leads to the instinctive ‘fight or flight’ response.

Fear can be broken down into three categories:
1. Fear of Loss
2. Fear of missing good trades
3. Fear of being wrong

Can Forex Trading Be Taught

SO …. Can Forex Trading be taught?

Many aspiring Forex traders believe they do not need any outside help when learning how to trade the Forex market. I call “an aspiring trader” anybody that is not yet a “Professional Trader”. Part of the allure of trading is the independent lifestyle and freedom that it can provide for you if you are successful at it, but it takes time and knowledge to achieve this, and that knowledge needs to come from somewhere. 

One negative aspect of the independent attitude that trading elicits in people is the fact that many new or struggling traders believe they can effectively teach themselves how to profitably trade the Forex market (usually a huge mistake).
While it may be the case that some people have an easy time teaching them self to trade, it definitely is not the case for most, and even for people who do effectively teach themselves how to become profitable traders it is almost always after years of frustration and thousands of dollars of lost money in useless trading systems and (or) blown out trading accounts. 

There is a very simple way to greatly reduce the probability of having to experience such emotionally and financially painful events; follow a respected trading mentor who can share knowledge and years of experiences with you. There is no better way to learn how to trade than from somebody who is already successful in the trading business.

Trading Mindset- Unrealistic Expectations

Forex Trading Mindset-Unrealistic Expectations..... One common forex trading mindset that all traders who are losing money in the markets is that they have unrealistic expectations. If you have $500 to trade with, there is no way on Earth you are going to be able to live off your trading.

You have to take into consideration what you can REALISTICALLY expect to make each month or week, given the amount of money you have to trade with. This is assuming you will commit to effective Forex money management, because if you are properly managing your risk on every single trade, there is just no way you can make enough money to live on if you don’t already have a lot of money to trade with.

This doesn’t mean you can’t be a successful trader however. Being a successful trader means you are consistently making money in the markets. If you have a small trading account but are making consistent profits that are in-line with your small account, then you ARE a successful trader. The same habits that make a trader successful on a small account are the SAME habits of successful traders of large accounts.

Remember that. Forex trading success is not measured by whether or not you get-rich-quick, it is measured by your consistency, and the only way you can become consistent is if your expectations are in-line with the reality of your current financial situation and the reality of the markets.

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