When fear mixes up with caution!

[finalpremium]

It's that feeling when hovering over Buy/Sell button..!
Well, fear can easily leave your confidence exhausted especially in a risky business like Forex. As a new trader I sometimes find it confusing; is it the normal caution before taking a decision or fear?! I try to act like a robot when applying the rules of a trading system, and it works till I see any significant drawdown on my screen
Anyway I know (or hope) that confidence builds up as experience grow, and till that happen, I'd like to know; when you click those buttons, do you feel caution or.. fear?

[Wavegarrick]

Hi Finalpremium,

Welcome to our forum

Sorry I just had to help myself to a Pm I recently received:

I want to start a live account with 200 $. Obviously that i can not basket trade with 200$. What do you think will work and be profitable? Is there an EA that i can put o single pair and have 150 $ per month? Is this sounds stupid? Please don't be too harsh i just begin to grasp trading forex.

Hope you will answer...

My answer:

You are asking to almost double your $200 investment in a month and run with that thereafter? Dream on chap. It cannot be done. You would have to be a very good trader to achieve that.

The best advice is to load Hgbndottynpivots on 2 or 3 charts and run with .01c lots on Steve's set file which is the safest and try and gain steadily before you expand.

If you dont follow my advice you are sure to lose your $200.

This is a simple bit of advice for any new trader.

Fear vs caution is something we all go through in our trading journey. As long as we have not mortgaged the house or used our bread and milk money and have a vested interest in learning something that we would have spent on luxuries anyway, we are good to go.

My advice is to trade small lots and gain steadily. This is caution. With that comes confidence and of course you can follow many good systems on our forum to give you an edge in the market. An advantage I never had when I started my trading journey years ago.The sell and buy button will come automatically if you know your system and you are confident. Demo it first

Not having a go at you Finalpremium , but I know these are issues and one of many that new traders grapple with. I know I was there.

Have a great stay at SHF.

Cheers
Leon

[SteveHopwood]

I am backing up what Leon just said.

I will be sending you my Welcome pm in a couple of hours. I send this to new members every day. It contains information about the various manual systems that give you the edge in your trading, and EA's that are looking promising. Your New Member posting restrictions will be lifted at the same time.

Start with one manual system and one EA on demo and treat trading as a fun hobby whilst you learn the pitfalls of the train-wreck that is retail Forex trading.

When you are ready to go live, here are the cardinal rules:

• tiny lot sizes.
• only 5 charts - the majors plus GJ. There is no need to trade everything that moves.
• only ever trade with funds you can afford to lose.

That last point is vital so I am going to repeat it as a shout: ONLY EVER TRADE WITH FUNDS YOU CAN AFFORD TO LOSE.

Don't borrow off the credit card to trade. Resist the urge to take out a personal loan to fund a trading account. Should you ever even hint at remortgaging the home in order to trade; the SHF heavies will hunt you down and beat you to a gooey pulp.

Not wanting to lose your trading account is different; nobody wants that. You need to be confident that the home will still be there and the family fed should you blow your account.

Read my Welcome message closely later; it will point you in the right direction.

[finalpremium]

I can't describe how the words of both of you sirs reinforced me :hi:

[SteveHopwood]

My Welcome message to you is sitting in your inbox, so this is my last visit here.

One more hint to you and to any other noobs reading this: Leon is one of our leading members. When he speaks, take note of what he says.

Have fun here. The rest of us are.

[nanningbob]

My name is Bob and I'm known as Nanningbob. After losing several thousand dollars in Forex I went to trading one penny for every 2-300 in my account. I finally got rid of my fear by trading pennies. In other words with 200 dollars you would have to lose 20,000 pips at a penny a pip. Now if you could succeed at losing 20k pips and your 200 dollars guess what, you don't belong in Forex. However if you could gain 10k pips and grow your account to 300 dollars in one year you'd be one of the best traders in the world because most professional traders who trade millions of dollars grow their accounts by 10-30% a year. So you want to become a professional trader? Learn the business and realize if you can't grow 200 dollars to 300 dollars trading pennies you can't trade 1000 to 1500 or 10,000 to 15,000 or 100,000 yo 150,000. And if you don't have the patience to grow an account by 20-50% a year this business is not for you. I did 1000 to 7000 in 3 1/2 years before I invested serious money. It's your tuition and you will pay tuition guaranteed. Good luck.

[nanningbob]

Oh if you are afraid of losing pennies get out now. The first time price goes against you 1000 pips and you are only down 10 dollars you lose your fear of Forex.

[Richard7]

Hello Sir's,
I am richard thank you for all the advice especially bob and steve. I have the tendency to close the trade if it goes against me and not having enough room for it to move because I am scared to lose my hard earned money. it is not the same when you are trading in demo account and you are more relaxed. I just started to demo the HGI and I have seen a lot of indicators but this one is different. I believe by using HGI it will build my confidence to trade live. thank you sir Bob and Steve for making it happen.

Richard7

[dydynamic]

Making tons of mistakes in trading forex live(not demo) is the only way you will become an experienced and professional trader, this is because you do not need to be taught on how to make mistakes in forex as it is the most obvious hazard in trading....LEARN VERY FAST FROM YOUR MISTAKES AND CREATE YOUR OWN PERSONAL EDGE....
IT IS EASY TO BE A BILLIONAIRE IN FOREX IF YOU CAN MASTER YOUR FEAR AND GREED...

[finalpremium]

Thanks Bob and everyone who contributed his experience.
I would like to share a portion of my personal stance with Forex. Unfortunately I'm almost forced to involve in Forex. This is wrong and my success probability is low. As I remember Steve once said trading under pressure will cloud your decisions and I totally agree with him! But unfortunately again due to some seriously complicated personal circumstances, learning and trading Forex is one of a very few viable choices to me now. And to tell you the truth; pressure is an excellent boost to fear!
But still the tremendous effort and a plethora of solutions here at SHF give hope in the darkest of days.