When you first learn forex trading online, you may experience a variety of fears, doubts, and doubts. This is a natural thing, because, naturally, you will indeed be afraid of something that you don't really understand.
However, to be able to achieve profits and improve your skills, of course you have to find the best forex trading methods and overcome these fears. The following are 4 kinds of fears that you might feel when trading and easy steps to overcome them.
Fear of loss
Everyone must be afraid of loss. However, excessive fear can make you doubt and lose the opportunity. In trading, fear of loss can make you hesitate in opening a position. Usually, when doubts are finally gone, the opportunity for profit has passed.
To overcome this, you should start making trading strategies with strong analysis that you can follow. When the opportunity arises, immediately follow the strategy that you have made. Realize that fear will only make you farther away from the profit target you have set. That way, slowly, this fear will disappear.
Fear Left Behind
Often the wrong trading decisions are made when you are influenced by other traders. Although sometimes this is advantageous, opening a trading position just for fear of being left behind the opportunity that is being widely discussed can actually be detrimental.
Because, often, when a trend has been widely discussed, the trend is nearing its end. So, it is not impossible when you finally decide to participate in opening a position based on trends, you will actually suffer losses because the trend stops or even reverses direction.
One way to overcome this is to not be too dependent on others when analyzing trends. Because, often, the beginning of a trend is not much discussed.
Fear of Giving Up Profit
When trading starts to make a profit, many traders close their positions too quickly. This is based on the fear of sudden movement of direction and profits that have not yet been taken to disappear. However, when a position is at a disadvantage, the trader waits too long to close the position. This is clearly the opposite of the main principle in trading that is "close your losses as soon as possible, and let your profits continue to run".
To overcome this, you need to understand that generally, a trend tends to last for a longer time than you think, especially if you have followed the results of an accurate analysis. As long as the profit you get is still positive and the reversal trend is not really visible, it will be very good if you keep leaving open positions and accumulate even more profits.
Fear of Feeling Wrong
This fear is very easy to appear among novice traders who are learning online trading. The number of opinions of other traders who look more expert can make you feel less confident with the decisions you make.
In fact, this is actually not quite right. Therefore, each person's different risk profile will produce different conclusions and trading techniques. For that, try to always be confident with your trading and analysis skills and do not need to think too much about the talk and opinions of others that can make you confused.