For some forex traders, the fear of success is just as real as the fear of failure, even though it sounds silly.
In fact, I’d say that it’s worse than the second one because it comes from the subconscious.
Everyone says they want to be successful, but some are afraid of the changes that may come with it.
If you really think about it, the idea isn’t as silly as it sounds.
With more success comes more pressure. Take a runner who just ran a mile in less than six minutes. Most likely, the athlete will try to do better on his next run by setting a high bar for himself.
This makes him feel like he needs to do better than the last time. This is enough to stop some people from even trying.
The athlete might be afraid that if he tries again, he will fail and start to think that the first time he did well was just a fluke, so he would rather just watch from the sidelines.
These things don’t happen that rarely. Most of us were taught as kids that we should always try our best, try not to lose, and always try to win.
This pressure to do well makes trading even harder because, even if you do your best, you can’t completely avoid losses and you can’t always win.
I guess you could say that the fear of being on the wrong side of a trade is at the root of the fear of success.
I hear a lot of stories about forex traders who don’t make a trade when they know they should because they think their analysis could be wrong. A few hours later, they beat themselves up because they didn’t make trades that could have made them money.
So, what can we do to get over our fear of success and not stop our own progress? Here are three easy things to do:
Pay attention to the process, not the money.
The problem with a lot of traders is that they care way too much about how much money they make.
When they lose a few times in a row, their confidence is shaken, which makes them trade less well.
Sometimes, they end up making “cowboy trades,” which are like “bet the farm” trades, or they don’t take forex setups that they would normally take.
The way to deal with this is to not think about possible profits (or losses) and to stick to your trading plans.
By doing this, you will not only feel less pressure to do well, but you will also find out where your forex trading plan and methods can be improved. This will increase your chances of long-term success.
Keep an open mind
Keep in mind that the way the market acts is always changing, so you will have to change how you trade as well.
Do not be afraid to feel like a newbie and accept that the forex market will make you wrong a lot. If you stick to a trending style in a fluctuating market just to prove that your system works, you will get burned badly.
Stop thinking you have to “always be right.” This will take the pressure off of you to always be successful, so you can focus on what’s going on in the markets and make changes based on what you see.
Make goals that are attainable
Not only do goals show what you want, but they also help bridge the gap between what you want and what you have.
If you have too high of hopes, like thinking you’ll win every trade, you might be setting yourself up for a lot of disappointment. This could make you feel worse and worse and make it hard for you to make decisions.
By writing down your goals, you can start to see how far you are from achieving them. The question is, are you willing to do whatever it takes to reach those forex goals? If not, you might want to change what you expect.
At the same time, don’t undervalue yourself! The best traders don’t worry about failing. Instead, they set goals that are hard but doable, knowing that this will keep them motivated to keep going.
In the end, everything will depend on how much you trust yourself.
Traders who make plans and stick to them are the ones who do well. They know why they are trading, and they use this to keep themselves going and help them deal with any problems they may face.
Forex traders who are successful don’t back down when things go well. Instead, they plan for and welcome success.
“If you don't find a way to make money while you sleep, you will work until you die.”
- Warren Buffett
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