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Overcoming the Fear of Loss (Pulling the Trigger)
http://www.financial-spread-betting.com/strategies/strategies-tips.html PLEASE LIKE AND SHARE THIS VIDEO SO WE CAN DO MORE! Let's assume you have analysed a market and you find a trading opportunity that matches you strategy setup. You are ready to start trading. You hesitate. Will the trade go your way? Will you get it right? FEAR hits you. The other opposite problem is being too aggressive - too willing to trade and keep opening new positions. You can overcome fear by trading with trade sizes that you are comfortable with.
Coping with Trading Psychology - Scared of Pulling the Trigger?
You’ve heard of the phrase “pulling the trigger”, which means making that fateful step of clicking on the order button and setting the trade in motion. This is something you need to learn to do right if you’re going to trade consistently.
Why do so many people get it wrong when they start trading? There are two ways that you can get it wrong, the first is by hesitating, when you’re frozen by fear and so you don’t take the trade in accordance with your strategy; and the second is when you are gun-ho and trading too aggressively, not necessarily waiting for everything to come into line.
Looking first at fear, why would this be a problem? After all, if you don’t take the trade your account doesn’t move, and there’ll be another opportunity later. But if you don’t stick with your plan, you won’t build up your experience and more importantly you won’t prove your plan to yourself. In effect, you will be cherry picking your trades in an arbitrary manner and who knows if you will win or lose in the fullness of time?
If you have a decent trading plan, it relies on you taking trades consistently in order to guarantee you will win on average over time. Once you start skipping out on trades randomly, you really don’t know if you’re going to win or lose.
So if you freeze when all your factors come into line and you know you should place your trade, how do you get around this? It really comes back to a previous lecture where we talked about accepting the risk. When you freeze, you are hesitating to accept the risk of the trade. Quite possibly it means that the amount you could lose is too much for you to be comfortable with.
It helps if you can detach yourself from emotion in the money when you’re trading. And one way to do this is to reduce the amount that you face losing for any particular trade. Say you might have lost £1000 taking a trade, but you froze and couldn’t do it. Perhaps you might have placed it if you only risked losing £200. The actual amount is up to you and how you view and value money. You can work on this by going back to a smaller stake for your trades, and building back up over time. It can help to step up the amount incrementally.
The other way to approach it is to work harder on detachment from the money itself. You’ve set it to one side, away from your money you use for rent and food, and now it is play money. Think of it like Monopoly money, interesting but not carrying your emotions and fear of loss. This is a very difficult thing to do for some people, but if you can achieve it, it will make you a far better trader, more able to contain your emotions and trade rationally.
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https://www.youtube.com/watch?v=fEfCZf-CRuYRisk Management: Accepting RISK in Trading 👊
https://www.youtube.com/watch?v=Ow5AqK5wN84Overcoming the Fear of Loss (Pulling the Trigger)
https://www.youtube.com/watch?v=C_AtY-2RrVkDay Trading: Learn How to Pull the Trigger on a Trade
https://www.youtube.com/watch?v=UC2KserZ838Be More Focused During the Trading Day by Using Alerts
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https://www.youtube.com/watch?v=WwA7LirBh3YStruggling to pull the trigger? Try this quick trick
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