Let's now talk a bit about my real experience.
Was I scared to lose money in Forex? Not really. But still something bothered me. And it was - fear. Ironically it was a fear of losing my first real trading account in Forex. Yes, exactly like that. I didn't mind losing my investment I was afraid of becoming a loser in my first practice and join the bench of losers , those 90-95% of all Forex beginners who blow up their first trading accounts...
How did I cope with it? I shortened my trading lot size and started trading cents. I felt ok, but earned nothing. One day I promised to increase my lots and earn more.
It took me over a month to get over my fear.
Eventually, I've started trading with standard lot size. I was never scared again to be among losers, I felt ok about losing... may be because of that 1 month of practice with small money and building my confidence in the system I trade helped me to overcome my worries.
Cheese ~C:>
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1 comment:
Interesting approach. Thank you, that should help many beginners in their first steps. Actually, some greedy brokers would never allow you to trade small lots. They simply would not offer such an option.
Therefore, I think, if you have opened a live Forex account and found yourself uncomfortable trading large lots and no substitution is available, don't rush in to lose your money.
Instead, find a second Forex broker who has small lots option and open an account with them. Start trading and as you overcome your fear, turn back to your original investment with the first broker and continue building your success in Forex with confidence!
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