Fear is one of the worst emotions you can have as a Forex trader. It stops Forex traders from realizing their full potential. It can even kill your Forex trading career. Fear is something you should avoid at all costs, because if you don’t, it could prove to be extremely costly itself.
In Forex trading, if fear is an issue for you, you need to know how to tackle it. Fear will basically prevent you from making the best decisions you can. Ideally, you should trade currencies almost like a robot: you should be as objective as you possibly can and not let your decisions be influenced by your emotions whatsoever. This is obviously easier to say rather than do, but it is possible with practice.
First of all, if you want to tackle your fears in Forex trading, you need to be able to accept all responsibility for your fear. This will allow you to become more aware of your fearful ways, which will assist you in leaving it for good. So the first step is just becoming aware of your fears and understanding the negative influence they have on your Forex trading career and how you are ultimately responsible for it.
The second step in tackling fear is to literally ignore it. Once you have identified it during your Forex trading endeavors, you can now make the choice to ignore it. When you feel it, you should tell yourself that this fear is going to prevent you from reaching your goals. It is a mindset that you need to build and it might take some time, but eventually you will be as hard as steel when it comes to the Forex market. After you identify the existence of fear during your Forex trading career, you can then choose to remove it. Since fear is internal and intangible, the solution to removing it literally comes down to choice. Choose not to feel fear and you will no longer feel it.
Allowing yourself to become accustomed to risk is important. Forex traders feel fear because they don’t like risk. They understand that Forex trader is basically just a game of risk and reward, but they only like the reward part of the game. No one ever made money themselves without taking risks. You should actually learn to embrace risk, because it is essentially your ticket to reward. You won’t make big money without taking big risks, so enjoy taking them, because the only thing that will ever make you rich is risk. Of course you want to make smart decisions, not just risky decisions, but learn to embrace risk because risk is your ticket to success.
A willingness to progress is important too. Forex traders are humans and they like to feel safe. Everyone likes to feel safe. This relates to risk once again. Once you are profiting a certain amount consistently, it can be tough to try and up your stakes. However, this is important. Always try to push for more money and success. Opportunities in the Forex market are limitless and the amount of money you can make is literally limitless. Never get too comfortable, because it will stop you from progressing and conquering your dream goals.
In conclusion, accepting responsibility for your fears, identifying and choosing to remove your fears, embracing risks and being willing to progress are all ways in which you can tackle your Forex trading fears. Fear in Forex trading is something you really need to avoid as a Forex trader, if you want to be successful. Fortunately, when you know how, tackling fear is actually quite a straightforward process.