Initial Fears

[onwukarisa]

hello all,

i am a newbie to forex and i am currently trading live. i have this fear factor in me. i want to overcome it. i know what to do but each time cos of fear of losing money, i either dont place a trade at all or enter in to the trade a bit late. can one please advise. i know everyone had this initial fear.

 

[Pharaoh]

If you are using MT4, right click in the orders area, select profit, then as points. Sometimes it's easier to look at profit/loss as pips instead of dollars.

 

[onwukarisa]

Hello Pharaoh,

I use CMSFX and it has all these features. listing profits in pips and dollars. they have a good interface.

 

[Onyebuchim C. Obike]

Fear is one of the worst enemies in all aspects of life.

I suggest you pray about it cos the Bible says fear is not of GOD.

Guess what? i too was afraid even while i had a million indicators, strategies and EAs with me and most times lost out trades i should have taken or entered at the wrong time. I wanted to win at all times but i later found out that profits should be larger than my loss at the end of a day or month which is not aslo feasible for all traders.

That is the essence of a demo account that can get blown away at anytime since its not real money. Learn to build your confidence trading with the demo account and you have an opportunity to retry a procedure or strategy and probably get it perfectly into your skill times and times again.

Lastly believe in yourself and your focus to succeed in the LONG TERM not short term. Start taking trades you fear most if you were not and watch yourself defeating the fears in it.

Take Care

 

[Cyclon]

Eliminate Fear by Reducing Risk

What you are experiencing is called the Paralysis of Analysis.

It is caused by Fear of Loss or Risk Aversion but the fear can be eliminated. You only need to put yourself in a position where the market cannot hurt you in a significant way on any single trade. This is done with a combination of stop losses and position sizing. This combined approach is the antithesis of the opposing psychological factor at work in market participants - Greed.

You will thereby be controlling both Fear AND Greed.

To help you learn the effects which position sizing will have on your account use these tools. They are from the forex project.

Position size calculator:
Forex Position Size Calculator

Risk Calculator:
Forex Risk Calculator


Stop losses must be placed in an intelligent location with regards to support and resistance or your own stops will have an advantage against you and you want them to protect you not work to eat away at your account.



But the bottom line is you MUST have a system.

Read about it, find it, build it yourself... but THEN...

USE IT.

That means follow the established rules without second guessing and without deviation. Then because your system has control and not your emotions you will survive to adjust, test or whatever it is indicating to you.


Cheers,
Cyclon

 

[jeromebr2]

All I can recommend is that you read and learn, and approach trading like a pro. There are plenty of online resources offering articles by expert advisors. There is one site called ForexFace.com. Essentially it's a forex trading education site. There are others too, and I suggest you have a look at them.

 

[onwukarisa]

Re:

Hello all,

Thanks for your advise. to overcome the initial fears,i have started to trade my demo account along with my live account.when my demo gives me a good clear entry signal,i go in with my live account. this way i felt comfortable. i have done demo for a long time, developed my own strategies which i wrote down on a paper. i believe i will make it.

determination and state of mind of a trader is the most important factor and indicator of all

 

[Cyclon]

The best way to approach it

developed my own strategies which i wrote down on a paper. i believe i will make it.

determination and state of mind of a trader is the most important factor and indicator of all

Sounds great, onwu. Good trades!

Cheers,
Cyclon

 

[charlynesta]

I am almost new to forex, I have my own fears but I´ve received an understanding customer support from my provider Tradeviewforex, anyway people keeps on telling me that forex is a scam, has anyone got his/her account at Tradeviewforex? Am I trading with a reliable company? I feel they are really good but I just want to be sure, plase let me know your views

 

[Cyclon]

Check reviews section

Check reviews section here at FPA.

The one you ask about is listed here:

Forex currency broker | TradeViewForex.com | Rosenthal Collins Group, LLC - Reviews and ratings by Forex Peace Army

I don't have any experience with them.

Cheers,
Cyclon