How to be motivated when starting up!

[mikepowers]

After reading through Forex forums, Forex101 and lots of tutorials and materials on technicality and fundamentals.
Here i am ready to sign up a demo account on my chosen broker.
But there still a voice inside my head that telling me that i am going to fail, my fear gets bigger and bigger every time i am ready to start up.

Can you share your difficulties when you're still starting up to Forex?
Am i alone with this kind of of feeling or there are someone out there feels the same way?

 

[CanOz]

After reading through Forex forums, Forex101 and lots of tutorials and materials on technicality and fundamentals.
Here i am ready to sign up a demo account on my chosen broker.
But there still a voice inside my head that telling me that i am going to fail, my fear gets bigger and bigger every time i am ready to start up.

Can you share your difficulties when you're still starting up to Forex?
Am i alone with this kind of of feeling or there are someone out there feels the same way?

Mike Powers....aren't you the guy that actually owns Forex Forums...?

No matter who you are you better get used to failure, for its not if you will fail but how you rise up from failure that will decide on your success in trading....

 

[Trembling Hand]

You will fail without the proper skill in trading, especially discretionary trading. I doubt you will be anything other than another who fails if you jump in without spending lots of time back testing or simming.

Why would you succeed just because you have read some simple gumph available to every Joe Blow on the net? Where is the edge in that?

 

[skc]

After reading through Forex forums, Forex101 and lots of tutorials and materials on technicality and fundamentals.
Here i am ready to sign up a demo account on my chosen broker.
But there still a voice inside my head that telling me that i am going to fail, my fear gets bigger and bigger every time i am ready to start up.

Can you share your difficulties when you're still starting up to Forex?
Am i alone with this kind of of feeling or there are someone out there feels the same way?

It's only a demo account? How badly can you fail?

 

[>Apocalypto<]

After reading through Forex forums, Forex101 and lots of tutorials and materials on technicality and fundamentals.
Here i am ready to sign up a demo account on my chosen broker.
But there still a voice inside my head that telling me that i am going to fail, my fear gets bigger and bigger every time i am ready to start up.

Can you share your difficulties when you're still starting up to Forex?
Am i alone with this kind of of feeling or there are someone out there feels the same way?

ods are you will fail on your first acc demo or live. it's all about what you do after that.

 

[beachlife]

Your fear is the fear of losing money, and it's a healthy fear to have if you can get it under control.

I started many years ago, before demo accounts were common so we called it paper trading back then, and it was the worst thing I did. I would paper trade, do well, go live and blow the account up.

The reason was that the pretend trading didnt prepare me for the emotions of losing real money. So when it was real I would ignore stop losses and hope and do all the stuff that is wrong. I shake my head every time I see a thread here where someone says they are going back to sim.

The turn around for me was to go back to a smaller account, and risking what I was comfortable with losing, so that when I had to take a loss I took it. Then as profits grew the risk tolerance grew as well.

So my 2c, accept that losses are a part of trading, a loss is not a failure, it's part of it. Start live but small, and grow your account. Do not sim trade. It doesnt help you deal with the fear of losing real money and its hard to take seriously when its not real.

For account size, work on 5% loss at the most, so if you are happy to risk $25 per trade, then you need a $500 account. Take regular profits and compound them. Dont wait for the big move. Two 10% wins compounded are better and easier to get than one 20% move.

Start with a daily time frame, and stay with it. Dont be temped by the 1min or 5 min charts, there is plenty to be made on a daily time frame, and just about every day, there is an opportunity to take a trade from a daily chart.

Have stops wide enough to avoid market noise and position size to your stop.

A very profitable trader once told me that you have made it when trading becomes boring, because the emotion is gone. If you need excitement get a hobby, dont look for it in the markets. He was right.

Good luck.

 

[Trembling Hand]

Your fear is the fear of losing money, and it's a healthy fear to have if you can get it under control.

I started many years ago, before demo accounts were common so we called it paper trading back then, and it was the worst thing I did. I would paper trade, do well, go live and blow the account up.

The reason was that the pretend trading didnt prepare me for the emotions of losing real money. So when it was real I would ignore stop losses and hope and do all the stuff that is wrong. I shake my head every time I see a thread here where someone says they are going back to sim.

Beachlife how long did it take you to put 4-6 months of consistent profit together?

 

[beachlife]

Beachlife how long did it take you to put 4-6 months of consistent profit together?

Years or months, depending on when you say I started trading properly.

I was stuck in the paper trade, blow up, optimise, paper trade, blow up again loop for years.

Every account was blown up after "proving" a system with back testing and paper trading, and many months were wasted paper trading.

Then I thought, if they say that 90% of traders fail, and we all read the same books, then it's probably time to do the opposite of what everyone is saying.

I simplified my system, back testing proved it and I went live with a small $ risk - no paper trading. The regular profits were instant and the account grew faster than I expected.

Then I had a small set back. I tried to apply it to a 1min and then 5min chart on the SP500. It was an exciting distraction from my regular end of day routine, but it cost me money, so I stopped.

If I had to isolate my biggest mistake, it was going live with too much money at risk after paper trading.

 

[tech/a]

Make profit.

 

[mcgrath111]

Maybe you're putting too much in $ and that's causing your fear. Otherwise you're completely risk adverse and it's not for you!