Reply To: How do I deal with psychological reversal?
Peter BunyanHi Adam
Without asking you a lot more questions. “Fear of success” is just as real as “fear of failure” if a little more difficult to understand. To be successful requires confidence in your own abilities and a realistic honest assessment of what they are and acknowledging your own weaknesses.
Trading is in essence, gambling. So you have to judge the risks unemotionally leaving your ego and desires “outside the door”. If when placing a trade you sense any desire for the excitement of the possibility making some “real” money then this is a “tell”. It says that there is some emotion in you that could push you into taking a bigger risk than you can afford or should make. You should not care whether you win or lose money because you are confident that in the longer term you win more than you lose.
Another thing to try. Imagine being successful and making 10% more this year than last. Feel good about it? Now imagine 50% more, still feel good? Now 1000% imagine what a difference that would make to you and your life. Is it beginning to feel scary? Now take a really spectacular amount say $500 million, does that feel unbelievable, just not you? Most people have a ceiling of 1/200% and above that, a “fear of change” kicks in despite the desire to earn lots more. Whatever that level or fear is for you, Click Track it! It will either stop you reaching them or make you self-sabotage your goals.
Also, what is that that you want to be successful for? Money is just a vehicle to help you achieve a goal. Are you wanting to feel good about yourself or is there someone else you want to impress? Your sense of self worth/esteem will play a big role here and is tied up with the confidence I mentioned earlier.
Hopefully I have given you some way of looking wiithin yourself and finding what it is that needs “Clicking”
Peter