TERRIBLE Forex Trading Mistakes - Mistake No 7 - The fear of losing money
Hi traders,
Vladimir Ribakov is here from Traders Academy Club -
https://www.tradersacademyclub.com/
In this video, I would like to discuss the next common trading mistake that most traders make, which is “The Fear Of Losing Money”.
The mistake
Actually, the fear of losing money is not wrong because if you think about it, it’s completely normal as nobody wants to lose money. The problem is what it leads you to do.
This specific mistake could lead to much bigger problems because if you lose the money you can't afford, it may open the doors to bigger problems on your side and in such cases, you simply shouldn't trade.
If you have your commitments then you shouldn’t risk half of your income to make some extra money. Risk ONLY money that you can afford to lose!
You should be smarter with your money and should find a way to save it or earn more like get funded, get proper education, practice, prove you can do it. But don’t risk your real money that you cannot afford to lose and NEVER trade with numbers that are bigger than you on a small account.
TERRIBLE Forex Trading Mistakes - Mistake No.5 - Trading with TOO big numbers
https://youtu.be/d4J4SBf7DOE
People who have the deep fear of losing their money would have their brain "blocked" and it will prevent them from acting properly and taking smart trading decisions. This is also related to getting proper education and doing the right steps in trading, following the strategy rules and proper money management plan!
The Solution
1. If you can’t afford money to lose then don’t even start trading so that you won’t have the fear of losing this money. Trade Demo account, until you get comfortable and get funds you can risk.
2. Your goals and dreams are legit for sure they are just to earn but you are in a rush. Prove yourself that you could be successful. Almost all the brokers' platforms offer a demo account, you can practice with virtual money just to prove yourself that you can do it. Then prepare a small budget that you can allow yourself to lose. Because most likely you may lose it at the very first stage because even if you prove yourself successful in the demo when it comes to real trading psychology would change a bit. So you need to understand this and you need to be prepared for it.
Simultaneously when you practice trading, save some money side by side which you can allow risking..
3. Once you do prove yourself in a demo account, you can then deal with little money and once you can prove yourself that you can survive with a small account then there is nothing you can do better with a bigger account. If you cannot do it with smaller money then you cannot do it with bigger money, it’s that simple.
Also, there are a lot of funding programs for traders right now. You can find the ones that we work with below -
Here are the funding solutions -
https://ftmo.com/?affiliates=91
https://the5ers.com/?ref=195
How To Trade Forex If You Have NO MONEY!
https://youtu.be/ryZ98X43ZJk
You may fail one or two times but don’t give up, keep improving, keep practicing and keep learning on a daily basis and find how to do the best out of it, and eventually, you will become a successful Forex Trader.
Those who don’t give up and those who follow the steps would eventually become successful Forex Traders.
There is nothing different between this and any other serious profession in the world.
The fear of losing money might lead you to revenge trading, borrowing money you cannot afford,etc… So prepare yourself for the steps psychologically and emotionally and understand all these steps. Because once you understand the process and you understand the problem you deal with, then the solution will look much easier.
Hopefully, this video would make a lot of sense to you and give you the right guidance on how to do the steps right.
So traders, this is the seventh mistake that I wanted to talk about and suggest my solutions for it.
If you do think you have a better solution to deal with this problem you can feel free to share it as a favour in the comments section so that it will benefit other traders.
For additional forex trading information such as forex trading strategies, trading systems along with invaluable educational articles we publish and share to our growing community we invite you to visit:
https://vladimirribakov.com/ - Vladimir RIbakov's Trading Blog
https://vladimirribakov.com/sponsorship-program/ - Top-Rated Trading Systems
► Follow My Work (On Social Media!)
YouTube - http://www.youtube.com/VladimirRibakov
Facebook - https://www.facebook.com/tradersacademyclub
Twitter - https://twitter.com/VladimirRibakov
Telegram - https://t.me/vladimirribakovtradingchannel
I would like to thank you for your time and I hope you found value in our video!
To your success,
Vladimir Ribakov,
Internationally Certified Financial Technician
Vladimir Ribakov is here from Traders Academy Club -
https://www.tradersacademyclub.com/
In this video, I would like to discuss the next common trading mistake that most traders make, which is “The Fear Of Losing Money”.
The mistake
Actually, the fear of losing money is not wrong because if you think about it, it’s completely normal as nobody wants to lose money. The problem is what it leads you to do.
This specific mistake could lead to much bigger problems because if you lose the money you can't afford, it may open the doors to bigger problems on your side and in such cases, you simply shouldn't trade.
If you have your commitments then you shouldn’t risk half of your income to make some extra money. Risk ONLY money that you can afford to lose!
You should be smarter with your money and should find a way to save it or earn more like get funded, get proper education, practice, prove you can do it. But don’t risk your real money that you cannot afford to lose and NEVER trade with numbers that are bigger than you on a small account.
TERRIBLE Forex Trading Mistakes - Mistake No.5 - Trading with TOO big numbers
https://youtu.be/d4J4SBf7DOE
People who have the deep fear of losing their money would have their brain "blocked" and it will prevent them from acting properly and taking smart trading decisions. This is also related to getting proper education and doing the right steps in trading, following the strategy rules and proper money management plan!
The Solution
1. If you can’t afford money to lose then don’t even start trading so that you won’t have the fear of losing this money. Trade Demo account, until you get comfortable and get funds you can risk.
2. Your goals and dreams are legit for sure they are just to earn but you are in a rush. Prove yourself that you could be successful. Almost all the brokers' platforms offer a demo account, you can practice with virtual money just to prove yourself that you can do it. Then prepare a small budget that you can allow yourself to lose. Because most likely you may lose it at the very first stage because even if you prove yourself successful in the demo when it comes to real trading psychology would change a bit. So you need to understand this and you need to be prepared for it.
Simultaneously when you practice trading, save some money side by side which you can allow risking..
3. Once you do prove yourself in a demo account, you can then deal with little money and once you can prove yourself that you can survive with a small account then there is nothing you can do better with a bigger account. If you cannot do it with smaller money then you cannot do it with bigger money, it’s that simple.
Also, there are a lot of funding programs for traders right now. You can find the ones that we work with below -
Here are the funding solutions -
https://ftmo.com/?affiliates=91
https://the5ers.com/?ref=195
How To Trade Forex If You Have NO MONEY!
https://youtu.be/ryZ98X43ZJk
You may fail one or two times but don’t give up, keep improving, keep practicing and keep learning on a daily basis and find how to do the best out of it, and eventually, you will become a successful Forex Trader.
Those who don’t give up and those who follow the steps would eventually become successful Forex Traders.
There is nothing different between this and any other serious profession in the world.
The fear of losing money might lead you to revenge trading, borrowing money you cannot afford,etc… So prepare yourself for the steps psychologically and emotionally and understand all these steps. Because once you understand the process and you understand the problem you deal with, then the solution will look much easier.
Hopefully, this video would make a lot of sense to you and give you the right guidance on how to do the steps right.
So traders, this is the seventh mistake that I wanted to talk about and suggest my solutions for it.
If you do think you have a better solution to deal with this problem you can feel free to share it as a favour in the comments section so that it will benefit other traders.
For additional forex trading information such as forex trading strategies, trading systems along with invaluable educational articles we publish and share to our growing community we invite you to visit:
https://vladimirribakov.com/ - Vladimir RIbakov's Trading Blog
https://vladimirribakov.com/sponsorship-program/ - Top-Rated Trading Systems
► Follow My Work (On Social Media!)
YouTube - http://www.youtube.com/VladimirRibakov
Facebook - https://www.facebook.com/tradersacademyclub
Twitter - https://twitter.com/VladimirRibakov
Telegram - https://t.me/vladimirribakovtradingchannel
I would like to thank you for your time and I hope you found value in our video!
To your success,
Vladimir Ribakov,
Internationally Certified Financial Technician
