Face the fear that envelops themselves, while professional traders also sometimes feel skeptical of the decisions they make. In the trade, we have to admit that we will make mistakes and no one is never wrong in trading.
Too many things we do not know in trading… and these things sometimes doubt us.
Fear comes when we do not know what we are doing. Everyone has felt this way, Remember the first time you tried to bring a car and the fear of self-control in case it hit the wall and so on. When you are used to it and know what we need to do everything is easy.
Sometimes fear makes us more rational and more confident that in trading there is definitely profit and loss. So, how do you balance between being overly cautious and making a consistent profit?
Certainly, there are no shortcuts in this and no magic formula, but there are perspectives that can be taken to adapt within oneself.
In this post, we will try to provide a guide that can help you increase your confidence in ‘forex trading’.
Understand Your Trading Personality
First and foremost, you need to understand what your thinking is. Humans have their own way of thinking, unique experiences, and opinions.
… And no one is the same as you.
If you want to be a ‘currency trader’ who can make a profit, you need to know what suits you.
It is important that you know the time for you to trade. If you work 9am to 5pm maybe you just need to trade at night. But for those with a family that fits the time, do not interfere with your actual duties and responsibilities and it is recommended that you become a ‘swing trader’ or ‘intraday’.
Please make sure you really understand your personality so that your journey is easier in this industry. There are people who may not be able to hold a position in the long run, so it is likely that he is suitable to be a ‘scalper’.
Use the Right Risk
Fear in trading also comes from severe risk management. Use any technique as long as the risk management is still like a gambler, it is difficult for you to survive in this industry.
Using the right capital and the right trading lot will reduce your fears.
Rarely can a person make $ 100 to $ 1000 unless he or she uses high risk? Although there are people who can do this, it is dangerous for your emotions if you suffer losses many times.
You can be a high-risk trader, but you have to really understand the methods and techniques in high risk.
Add Trading knowledge, Understand the Market
Fear comes from things we do not know. So, try to increase your knowledge of trading by deepening the techniques used.
Try to learn the real market driving factors such as economic data, geopolitical factors, and so on. We at Kakiforex are constantly updating our website with news of market sentiment and fundamentals.
Although at first, it is difficult to understand, try to take a month or two to consistently read, you will be able to combine technical analysis and fundamental / sentiment analysis that will help strengthen your trading performance.
and..if there are people outside the forex industry, you can explain why the ringgit is falling and the US dollar is strengthening and so on as well as understanding the global markets such as bonds, stocks, commodities and so on.
Important Things To Be Brave In Forex Trading
There is actually no specific way to truly be a brave trader and not be afraid to trade.
But if you understand how the forex market is moving and how you think by understanding yourself, you can succeed in this industry.
Understand your own needs and use your individual strengths, practice as much as possible, and understand the market we trade-in.
Courage is the most important investment instrument for oneself to face fear. Seriousness is the best currency to strengthen skills in trading.
And… after that, we get the confidence that will be a weapon to face the currency market which is the largest market in the world.
So what are you waiting for? Find the weapon!
