Has fear ever hurt your trading or stopped you from pulling the trigger on a potential trade setup?
Fear is a super interesting emotion and mindset because, unlike a relatively straightforward emotion like greed, fear wears many different hats and can come in different forms.
We know that if we take too many cookies from the cookie jar, then we are being greedy, right?
The Merriam-Webster.com online dictionary describes fear as follows:
Simple Definition of fear
- : to be afraid of (something or someone)
- : to expect or worry about (something bad or unpleasant)
- : to be afraid and worried
So whilst fear is being afraid of something happening, there are many, many things that we can be afraid of. That is why it’s an interesting and complicated emotion, and why SO MANY people get hung up with their fears.
I bet a lot of you know family members or friends who have really major life goals that they’ve been talking about for years now, like opening a business, or that they are ‘going to do just as soon as they get the business plan back’. Or perhaps that other friend who is going to learn to fly when ‘the time is right’.
We all have our own different fears – every single one of us. Sometimes, however, it is not until we are actually told that we have them that we realise.
Think & Grow Rich – Forex Style
In Napoleon Hill’s classic book ‘Think and Grow Rich” that has sold over 100 million copies worldwide (yes you read the correctly!!) he discusses the six major fears that we ALL need to FIRST analyze and then defeat if we are to move onto becoming successful.
“The Sixth Sense will never function while these three negatives, or any of them remain in your mind”
I have attached parts of the first page of this chapter on Fear for you below:
Indecision is the seedling of FEAR! Remember this, as you read. Indecision crystallizes into DOUBT, the two blend and become FEAR!
The blending process is often slow. This is one reason why these three enemies are so dangerous. They germinate and grow without their presence being observed.
The remainder of this chapter describes an end which must be attained before the philosophy, as a whole, can be put into practical use.
It also analyzes a condition which has, but lately, reduced huge numbers of people to poverty, and it states a truth which must be understood by all who accumulate riches, whether measured in terms of money or a state of mind of far greater value.
Below you can see the list of the 6 major fears that Hill discusses, that as humans – and especially as traders – we are exposed to regularly.
These are the types of positions where we know we are going to be tested. For example should you take the trade or should we pass? When trade is heavily against you and you start getting that worry/fear feeling. If you get into a trade and it is going your way, but you start to have a doubt and then fear and worry.
Here are the 6 Fear Napoleon Hill Listed:
- Fear of POVERTY
- Fear of CRITICISM
- Fear of ILL HEALTH
- Fear of LOSS OF LOVE OF SOMEONE
- Fear of OLD AGE
- Fear of DEATH
If you have not read Think and Grow Rich by Napoleon Hill, then I can not recommend it highly enough. If you want to become a successful person full stop and create a wealthy mindset you need to read this book. That is why 100 million people have already it. You can check out at;
Clue? It is Not in the Strategy or System
The vast majority of traders, especially new ones, that come searching the internet are looking for strategy related content, signals and indicators. This is not just what I’m guessing, I have stats and surveys to back this up. I also have literally thousands of conversations over many years now with very fresh new traders. They are more excited about learning strategy or signals.
The reason for that is obvious; we all need a method or strategy to trade the market successfully with. The problem is, the grass can always look greener and the next method or signal service shinier. You can quickly find yourself bouncing and looking for the next system.
With so many methods, systems, copy websites, signal services, EA’s blackbox system, Robots and whatever else to pick from, you could literally start testing methods now and not be done by the end of next year. And even if you did, you probably would still be left with doubt
Have you ever noticed that there are always some traders making profits with the methods or systems? And yet, others use the exact same method and get completely different result.
Tony Robbins – The Key? Contribution!
Below is a really powerful video from Tony Robbins, a super powerful guy where he talks about the “KEY” for him that changed his whole mindset shift!
For a 5 minute video, this is TREMENDOUSLY POWERFUL. I really, really recommend you find the 5 minutes you need and watch this today!
In this quick video Tony discusses;
- Major fear
- The mindset shift it took to break the huge scarcity that was holding him back to become wealthy (this for me was incredible to hear)
- How powerful giving is (even more so when you have nothing to give)
Things Can Change in the Read of Just One Packet ?
Often it can take just one moment, one thought or one mindset tweak and suddenly EVERYTHING changes, and you see things differently to before.
Here’s an example, although it makes the point perfectly: I used to be obsessed with eating the cheese that comes pre-grated. I would put that stuff on apples if I could find a way to make it stay long enough to melt it!
Then one day (we don’t talk about this day in my house) I was reading a Facebook post and found out the method they use to keep the cheese gratings separated from each other. BAM! No more pre-grated cheese for me. There is nothing wrong or unhealthy about it. It is just a quick mindset shift, one moment to the next and everything I see on that topic is viewed differently.
That’s how quickly things can change, as I have found on many occasions, including some of the toughest things in my life.
With trading, what we are doing is nearly all about mindset. Once you learn about strategy, it comes down to “how well can you execute the strategy time and time again?”
Sometimes you just need to continue learning, continue practicing until you get your “Grated Cheese” moment and you start seeing things from a new point of view.
All the success,
➜ Let me know what your thoughts are about this super powerful video and also pass it on so other can watch it and get value it as well by just hitting the like or share buttons!
PS: If you want to see what I am talking about with the cheese, then you can at; http://www.foodrenegade.com/would-like-some-wood-pulp-your-shredded-cheese/