TIP: What Can I Do If I Fear Success?
|First of all, try to figure out if this is your problem. Ask yourself if if you feel the need to win at all costs; if you are afraid of looking like a loser (maybe in front of your friends or relatives); or if you have been taught to be a winner. The sentiments developed from these situations will give you a clue if you need to work on this aspect.
If your answer is yes, then try to swift away from looking at the Return Rate and Win Ratio, and focus more on figures like Profit Factor, Payoff Ratio, Expectancy (see Learning Center Chapter C02) and with measures of the Equity Curve . The statistics will bring your focus to the technical side of trading and help abandon the fixation on the money.
A trade resulting in a loss is not necessarily caused by a bad fill from your broker of by listening to the media, so take responsibility of your actions and accept the fact that markets move in unpredictable ways sometimes. If you have a hard time accepting changes in the market, examine your method and its flexibility to cover those contingencies- this goes from system's rules to risk control and position sizing. Read More
Do you want to learn more?
REPORT: Can You Fear Success? - Dr. Woody Johnson
REPORT: Unlocking your trading potential (how to manage fear) - Rob Colville
REPORT:Training Your Brain to Manage Fear - Rande Howell
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