Fear of losing

[GordonDK 6]

Hi all,

I'll make this simple: at the moment, I'm at a stage of my daytrading career where I feel that the fear of losing is holding me back, i.e. the fear of pulling the trigger on a trade where I can see that I have some edge. Anyone have suggestions to resources/tips on how to overcome this? Would like to hear your opinion on this issue, since I'm most likely not the only one dealing with this.

Thank you in advance!

 

Br.,

Jimmy (Gordon - my middle name - in the chat)

[Robert H 455]

Jimmy,

We've all been there. Try reducing share size to rebuild your confidence. Go down to whatever minuscule level it takes to be carefree (not careless). For me that was risking $25 a trade.

Trading small for a long enough period of time will develop the good habits and reduce hesitation.

Once you find yourself entering, managing, and exiting without fear, slowly increase share size. The trick is to make it so gradual that your psyche won't know the difference. This strategy allows you to risk more--and make more--as your consistency increases.

Cheers.