Forex Trading – My Top 10 Psychology Tips of Trading “In The No-fear Zone”

How to trade “In The No-fear Zone”

“Trading Philosophy Acquired Through Time And Effort” – A trading philosophy is something that cannot just be transferred from one person to another; it’s something that you have to acquire yourself through time and effort. – Richard Driehaus

10 Techniques to deal with FEAR:

  1. Face your fear. Acknowledge it, face it head-on and use it as an opportunity to learn and progress.
  2. Acceptance of responsibility. You must accept that you alone are responsible for your fear…this will put you in control of your fear.
  3. Reality Check: As a trader, if your greatest fear came true, what is the worst that could happen? Your honest answer can help you examine and deplete the energy of your fear.
  4. Identify the thought choice. Choose a different thought choice other than that you are afraid of losing money. Choose the thought choice, ” I know that not every trade will be profitable, and that’s ok”.
  5. Acceptance of risk. When the trader has complete acceptance of the risk and all possible results, then he can be optimistic, committed and realistic about the next trade and the outcome.
  6. Eliminate self-sabotage. Don’t link your self-worth to your trading performance. You are not how you trade! Don’t let losses erode your self-worth or self-confidence.
  7. Have a solid trading plan and adhere to it. This allows a trader to trade without fear, knowing he is prepared for any potential event.
  8. Have a love and passion for trading. You need a motivation far beyond money. If you only trade for the money, you would be best to find another career and avoid risking both your emotional and financial well-being.
  9. Pay close attention to your trading environment. Does it suit you? Is it comfortable? Is it noisy or quiet? Do you have privacy? Can you control interruptions? Can you play music to enhance the feeling of having fun? Do you have everything you need to trade successfully…a good Internet connection, a good PC, a big enough account, a good trading system you are comfortable with, etc.
  10. Forget about yourself and your fears. If you completely focus only on what needs to be done, you will neutralize your fears. They will never stop you.

Leave a Comment