In every business I’ve tried to start, one thing has been a constant. The fear of doing something new. Before I got into trading I made an attempt at real estate investing, wholesaling to be specific. I started strong by purchasing a course and studying it several times, then I got my websites created, I sent out my post cards to property owners, I built my buyers list, I did everything step by step and I was sure I had found a new income stream. That is until property owners started calling. It wasn’t until I had reached that specific point in the process that I realized I was scared to pick up the phone and call these people back. Reading it here it sounds ridiculous but that’s the truth of it, I was scared. It took me 2 weeks to even start getting back to people. To get over that fear I went to the forsalebyowner website and started calling random property owners and just asking questions about their homes. In doing this I became comfortable with talking to sellers and I didn’t have to risk blowing up a deal due to my lack of experience. I needed to crawl before I could walk and within a week I had 2 properties under contract.
The same thing happened with trading. When I first started trading the news I would start to get nervous days before the release came out. If non farm payroll was coming out on Friday by Wednesday my mind would be so overcome with thoughts of whipsaws that it’s all I could think about. Many times I told myself that it wasn’t worth it, that I should just give up and find a less stressful way to make money. The simple truth is I was scared, scared of the unkown, scared I would take a loss. To get past this fear I decided that I needed to make trading boring. In doing so winners wouldn’t excite me and losers wouldn’t shake me. I had to force myself to realize that taking losses is a part of the business of trading. There is no 100% winning system, we will lose, but were prepared for it. Trading news allows us to take advantage of increased volatility with tight stops and large profit targets. In doing this we can take trades knowing that in the long run, even if we take a loss, we’ll be profitable. Knowing and accepting this gave me the confidence to continue trading.
Trading can be very stressful, and knowing your not the only person who feels that way can be the difference between giving up or pushing forward. Trust me when I tell you, your not alone. Today we have Grain Stocks, Ill be using a 15 for my stop and a 50 for my take profit. Win or Lose the day will go on as usual, the sun will set and the sun will rise, my day will move forward and that trade, once completed, will become nothing more than a memory. Have a great day folks.
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