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Overcoming the Fear of Losing


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Overcoming the Fear of Losing

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  #31 (permalink)
goodoboy
Houston
 
 
Posts: 294 since Dec 2016
Thanks: 239 given, 206 received


Shlekht View Post
Hey all,

I don't know how common this is but my problem so far seems to be fear of entering a trade. I'm relatively new to trading and trade NQ and ES using Market Profile. I've been researching and watching the charts using market profile/orderflow for the better part of a year now and it feels like I'm finally getting a good grasp on how the market moves and what clues I can decipher from MGI. However when I see a setup developing I really struggle with entering the trade. This fear of losing just paralyzes me and I find myself in a loop of "what if's" that prevent me from taking setups that I like and that fit my plan.

I know the main reason people have fear in trading is that they are trading with money they CANT afford to lose. I can afford to lose the money in my account. Trading isn't my main source of income, I started trading because markets genuinely interest me and I guess you could call it a hobby of mine that I hope to develop over time. I have money saved up and have low expenses in life right now so losing the money isn't my issue. Scaling down to micros seems logical but even then I still have anxiety entering a trade. So far I've thought of two solutions that might help this "trader anxiety".

1. Trade using a funded trader program. I really would rather not do this as it seems the rules for all these funded combines are meant to keep you paying a monthly subscription for as long as possible. However the benefits of having my max loss be a monthly subscription might be what I need to help get over my fear of losing in the market.

2. See a psychologist. This one was speculative and I'm not sure how viable it is but maybe a psychologist could help me get to the bottom of my fear of losing.

I was wondering if any more experienced traders have gone through the same struggles I am right now and what helped you hurdle the mental roadblock that I am dealing with right now. Any insight would be greatly appreciated!

Hello Shlekht,

I will try to offer some advice here, but keep in my mind my words may not mean anything at all because I am on my 4th year in the trading journey and have not had more than about 4 months consistent profits and that has only been in SIM. So please keep that in mind.

I think to control fear we must be simple and practical and do the following:

1. Trade in SIM until you are consistently profitable for 1 year minimum.

If you can manual (discretionary ) trade for 1 year and you see your account grow, this will be enough skill and confidence to get rid of fear. In addition, this will give you so screen time to develop your skills on trading. Furthermore, this will allow you to write down trading ideas to eventually program into an algo to trade 100% hands free if you choose in the future.

Also, the cost of doing this 1 year exercise will only cost you $0.00 or FREE.

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  #32 (permalink)
miche
Orlando, FL
 
 
Posts: 6 since Jun 2020
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OccamsRazorTrader View Post
Fear is a good thing .......... it's evolutionary as a protective mechanism. It keeps us away from dangerous cliffs with unstable ledges! It's irrational fear that needs to harnessed and managed. F-E-A-R ... False Expectations Appearing Real. The more I trade my system the less fear I have- the less doubt- the less uncertainty. Some traders talk of sample size- the only way to mimic your back tested results is to get to a large sample size and the way there is to take the trade, it's a must. If you have an edge the only way to exploit that edge is to take the trade, every trade. If you trade a system, discretionarily taking trades is a system killer. Good luck.

Hi,
Large sample size is between 20 and 25 as seen in the video of Mark Douglas?

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  #33 (permalink)
OccamsRazorTrader
Fort Myers Florida/USA
 
 
Posts: 59 since May 2020
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miche View Post
Hi,
Large sample size is between 20 and 25 as seen in the video of Mark Douglas?

I'm not sure you can put an absolute number on it- but I would think most back tests would be greater then that, depending on the look back period.

I trade a shorter term system with a hold time less then 10 days, I would have a sample size of more than that across markets in about a month .........

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  #34 (permalink)
RedMoney
Seattle, Washington USA
 
 
Posts: 6 since Apr 2022
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just trade with money your okay with losing

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