FEAR ~ best forex trading books to read
How many times have you let the perfect trade pass you by? The trade that was screaming for you to take it, but fear kept you from pulling the trigger; then once you saw what a fat trade it turned out to be; you beat yourself up.
Most of us have heard that classic acronym for Fear:
F-False
E-Evidence
A-Appearing
R-Real
There are a million ways to be successful in this market, but most people defeat their own success with fear. Fear is that paralyzing emotion that happens when you feel certain that you should pull the trigger, but cant.
As a trader, Fear can be an almost constant companion.........
How do you tame this beast??? What can be done about this monster that creeps into your psyche and holds you hostage????????
If you find yourself victim to this dreadful enemy. Stop trading your real money and paper/demo trade for a while. Make note of every trade and write down what is working most of the time. When you miss it, write down what happened and what you can do to improve your odds. This will take the discipline that most people lack, but it can be a big help. Also feed yourself new messages about your ability to succeed in this market. Read about others who are doing it and how they are getting this done.
A solid education will also help tweak and perfect your skills. The Market is an arena that is always offering you an opportunity to sharpen your skills. Learn, Learn, Learn.
Practice pulling the trigger on trades that are showing you a clear advantage and practice letting them ride into glorious profit. "Remember the shorter your time frame, the shorter your profit run will be...........
You have got to talk to yourself about who you are, (ex: "I am a super forex trader, making more money in the market than I can spend.") Dont keep feeding that demon thats telling you this wont work for you. The one that keeps telling you when you take a hit, you cant do this, or GOD helps everyone else but you, or any of that other nonsense......
I would say that your mental ability to play this game is even more essential to your success than your education. You can not be afraid of good smart calculated risk if you are going to win at this game.
You are looking for trades that stack the odds in your favor. Trades that are showing you a clear advantage. Trades that are begging you to come and partake of the sweetness.
Every time you enter the market you take a risk, but you want to find the lowest risk entry trades. There will be times that despite your best efforts, you will still miss it. So what, cut the legs off of that monster, save your capital and thrive to trade another day. The market is very generous and will give you the opportunity to make your loss back and so much more. If you took a hit yesterday, so what; that no longer exists. Today is a new trading day filled with new trading opportunities.
When I take a hit, I just wait for another good entry and usually I will get all of the money back that I lost in the hit and then some. THE MARKET IS VERY GENEROUS AND WILL GIVE YOU MANY OPPORTUNITIES FOR PROFITS.
1. Exceptional Trading requires discipline, patience, education, good money management and the ability to pull the trigger on a good entry in spite of any present fear.
Demo trade, Demo trade, Demo trade, and fill your head with good positive things about your ability and who you are as a trader until you are consistently profitable and until you can pull the trigger on trades with confidence.
YOU CAN DO THIS (^_^)
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