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On Overcoming the Fears of Newbie Traders

· Crypto trading 101 · This is not a financial advice
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Getting into a trade can be a scary experience. Trading, and crypto trading particularly, requires you to make fast but calculated decisions every time. You have to know your craft well to manage all the responsibility that falls on you.

After all, you are dealing with real money here. Often, they come at large sums, and it’s up to you whether to double or burn all those investments.

That’s why many new traders feel so much stress and fear when at work. However, these two feelings can become trader’s biggest enemies.

Trading is all about confidence, decision-making, and experience. You can’t achieve those when you’re too busy dealing with anxiety. Hence, you have to learn how to overcome your fear before actually putting on the work.

So, here are some tips on how to overcome your biggest fears when you are a newbie trader.

Understand fear

First and foremost, you should think of what makes you so fearful of the market.

What is it that makes you doubt yourself and second-guess your every decision? Is it simply the lack of experience? Are you too afraid to risk any money? Is it greed speaking, and you can’t let go?

Perhaps, you just fear missing the potential gain. You have to ponder the reasons that make you drag behind at work. As annoying as it is, you first need to recognize and identify your fears before you can work on resolving them.

Once you know what you are dealing with, you can fight it. Remember, fear is just an automatic way your mind responds when stressed or threatened. That means the fear will stay exactly until you learn to feel comfortable with the stresses that come with trading.

One way to move past these emotions is by quantifying them. Get ready to see the price action you fear to see and prepare your response. Be ready for the things you are afraid of. This way, you will know what comes next even when things don’t go your way.

Educate yourself

Of course, the more comfortable you are when trading, the more at ease you feel. Making potentially life-changing decisions every day is a tough job to handle. However, once you learn all about it, you will get accustomed to such a responsibility.

Hence, education and experience are the two best methods to overcome fear in trading. One can’t be without the other. You need to constantly learn new things about trade, markets, and even yourself. This way, you are not going to be caught completely unprepared when something unpredictable happens. You will have the acquired skill to decide despite the stress, and to back up your decisions.

Experience, though, is harder to get. It takes time. However, the more vigorously you work, the more experience you get.

So, it’s kind of the catch-22 here. You are too afraid to make decisions, yet you need to work to gain experience. The best you can do here is let the reason take over your emotions. You know you can do it. Weigh in all your decisions with the skills and knowledge you already have.

Learn more if you need to. Perhaps even go to the basics and ask academic writing services for help. For example, you can read these write paper for me reviews to see what type of help they can give you on your matter.

Set up rules

Rules, trading plans and even time schedules may help you put order into your work.

Using rules, you set certain limitations to what you can and can’t do. There should be no fear present while you work within those limitations.

Time schedules set you up for working in a focused way and if you keep them, will prevent analysis paralysis. Set some time every morning for your charting and analysis and don’t come back to it during the day.

Trading rules should include your rules for risk budgeting and risk management decisions. You need to have decided for yourself when enough is enough, meaning when you cut the losses. Also, you can calculate your risk-rewards situation to know what risks are worth taking. Here, you will operate on your own rules and not fear that stops you.

Additionally, you can set off extra triggers that can impact your decisions. Thus, you will know what events can provoke you to sell or buy stock by the rules you already have.

Of course, having specific limits on money losses will help you manage your fears. This way, you know when to stop or continue as you have already planned your limitations.

Recap

Contrary to popular belief, trading is nothing to be feared. You just need to grow confident in your abilities and skills so that you are not afraid to trade. Easier said than done, because sadly there’s no shortcut with 5 easy tips that will get you there overnight.

So, most of the confidence comes with experience. Yet, you can speed up the adjusting period by following the steps above. So, don’t be afraid to look directly at your fears. You have to address them to fight them, right?

While trading, you shouldn’t let anything interfere with what you do, and that includes emotions. Bad trades happen when you let yourself be controlled by emotions.

All in all, you’ll be better off with a set of rules and a trading plan They will define your limitations and goals in trading. That in turn will limit risks and take the fears with them.

Lastly, you should always make decisions based on your area of expertise. Hence, you need to build a strong foundation of awareness and experience in the area that you’re trading.

By way of TLDR; you will always play it safe by using the rational part of your mind instead of the emotions. At the same time, remember that markets are never one hundred percent predictable and your capital is always at risk.

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