I was recently contacted by one of our readers and she said--
“It’s scary to trade with real money as fear of failure takes over. I’ve been trading a demo Account for 6 months”.
While there are many reasons keeping you from trading live accounts, the major reason is phobia. Many forex investors out there are still scared to trade on a live account because they lack the vim to trade on a real account.
Look, you want to be a successful trader, right? If this is your case, then you must be able to identify those phobias keeping you from trading a live account.
That ado, have you been struggling on how to identify those fears keeping you from trading real account? Or have you been looking for tips to help you identify your phobias? Look no further.
Here are four proven phobias keeping newbie(s) from trading a live account.
#1 The phobia to demonstrate what you’ve learnted
Believe it or not, you are still in this timorous spot because you are scared to demonstrate what you’ve learned. It is the fear to put into practice what you’ve learned from your long time practice that is keeping you from trading live.
Of course, the demo trading platform was set up to enable you improve your trading skill without losing any money while learning. In fact, it’s a medium designed to educate you on what and how the forex market operates.
But on the contrary, you are scared to invest on the knowledge you’ve acquired through demo-practice. You are scared to put into action what you’ve learned
Common, this isn’t what you bargained for. Get rid of this ph.obia. Sometimes, this phobia goes as far as whispering the following into your conscious mind.
• I’m not sure if you’re ready to invest on live trading.
• Do you really understand forex? Why not practice more.
• I think you have to practice more. Can’t you see that the price actions are not stable?
• I don’t think your analysis is good enough to trade live, do practice more.
All these are clear deceiving voices. Gain your ground-- for they’re not true. They’re just logical fallacies, impeding you from investing on live trade.
However, if you really want to achieve success through forex trading, then you must kill this phobia to demonstrate what you’ve learned.
#2 The phobia of believing in yourself.
Yes, this is also one of the major irrational attitudes keeping you from trading live account. When you lack that belief, your consciousness to make a significant progress in forex trading is degraded.
I totally agree with Jeffery Gitomer-
‘’The love of what you do, combined with your belief in what you do, will not determine your success. It will determine how hard you will work and how dedicated you’ll be achieving it. Success just showed up from there.’’
If you don’t believe in yourself, you’ll have much mental work to do to succeed in demo trading. This phobia buries your confidence. It enables you to keep postponing when to start trading your real account.
Your believe counts a lot when it comes to live trading. In short, a touch of doubt will hinder you from making substantive progress. I’ll advise that you get rid of it completely.
#3 The phobia to succeed.
This can also act as a force pulling you back from trading real account. Remember you are here to make money. Then, why are you now scared to succeed?
You can’t practically make much progress in trading forex if you are not ready for it. So, it’s highly advisable that you get rid of this phobia that hinders you from trading a live account.
#4 The phobia to fail.
It’s no more news that the fear of failure is one of the most common factors holding many traders from trading live account. They are scared of losing their money.
It is interesting to know that you can practically learn from your failures. I’m not advising you to risk all your money, but informing you on how your fear to fail can delay you from making progress as a trader.
Here are common examples of fear of failure;
• Oh no! I don’t want them to laugh at my mistakes—(who are laughing at you?)
• No! I’ll fail if I trade real—(who told you that?)
• Oh! I don’t want to disappoint myself and my friends—(how will that possibly happen?)
• It’s not just the right time—(when will the right time come?)
Do you know that those great forex traders you’ve aspired to be like have fail sometimes in their early trading lives? Most of them have even failed more than you can ever imagine, yet, they kept on striving till they succeed.
Anup kochhar said—“the fear of failure kills creativity and intelligence. The only thing it produces is conformity”. This is a fact. When you fear to fail, you murder the ability to be more creative and strategic.
Generally, when you develop phobia towards things you want and wish for, it serve as a strong barrier keeping you from doing them.
As a forex investor, you’ve signed up for this business, because you want to make a living out of trading, isn’t it? Of course yes, you can’t be wasting your precious time learning and practicing forex if you don’t want to make money through it.
So therefore, get rid of these phobias and grab your own cut from trading real account. (Read more on how to speed up your demo practice).
To learn more, visit Rideforex.com.