"Constant exposure to the object of fear, immunizes against the fear."
It's normal to be scared of losing money.. something you've worked hard to save. You're not doing anything wrong if you started out worrying about the losses you'd take. That's normal. We aren't accustomed to putting our money on the line.. in effect our time because we exchanged our time for that money.
I used to think this way too.
What I've found to be so vitally important however, is for you to remove the thoughts of fluctuating dollar figures from your mind wherever you can when you're starting out and trying to develop skills as a trader.
Focus on your progress.
The more you focus on loss and the potential of loss... the more of that which you'll see in your trading. It's no different than anything else you're trying to succeed at in life really, that where focus goes, energy flows.
regularly about focusing and capitalizing to the full extent on your wins and to take quick lessons from your losses without giving them too much thought. They are expenses in this business. Nothing more.
"You might not be where you want to be, but you're not where you used to be." So keep going.
Imagine the price of a Forex pair approaches an established support zone. Since the support is old and many times tested, I assume that this support level is reliable. For this reason I could try to enter the market and set an entry point after the price touches this support level. The right way to do this is to wait for the price to interact with the level first.When this happens, I enter the market with a long position only if the price bounces in bullish direction from this level. If you go long on your support level, the most logical place to put your stop loss would be below the support area. You place your stop right beneath your support. Doing so will limit your loss in case the bounce is a fake and the support gets broken in bearish direction after all.
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Would you rather take a trade at the beginning of a trend or at the end of a trend? If you are say “at the end of the trend”,you can be either a fool (and happy to part with your money) or you are very smart!
There are only two types of trade you can take at the beginning of a trend or at the end of a trend. But here’s the thing…
know also that the beginning of a new trend is the start of another trend.
For example, if you take a long trade at the end on an uptrend, are you are fool or smart person? If you say, “fool”, you are right. Its so damn foolish to get into a long trade when the uprend is just about to end or is
losing steam and has no more momentum to keep going up!
But!On the other hand, if you take a short trade at the end of and uptrend, you are very smart! Because you’ve timed your trade entry right and you will start to make profit immediately as price starts to move down.
So before you get into a trade, you need to ask yourself this question:
Am I trying to get into a trade in a trend that is already had come a long way or the trend is just starting?
You know what the most frustrating thing is?
Its when you get into a trade and price goes nowhere or worse, the trend changes direction right where you enter! To avoid this, pay attention to what part of the trend you are entering the trade from? If its in the beginning, then awesome! If its in the middle, that’s still ok. If its where the trend is losing steam, avoid it.
Here’s what I’m talking about:
To learn more i highly recommend you get your copy of my ebook,it helped thousands of traders become profitable and it would help you too. to purchase your copy click on the link in bio or send me a private message.