Fears Only Enemy Is Action
© Copyright 2005 David Chandler
What a great statement!
I just heard someone use it in the context of personal and financial
success and it struck me as a brilliant summary of an issue we
raise in the SMG Tutorials.
Fear is a huge issue with a lot of traders. And interestingly,
not just fear of failure but also fear of success.
I think there are two keys to taming fear [you can never
eliminate it so don't even try!].
The first and most critical is the one noted above - action.
Action can tame fear in an instant. But it needs to be the right sort
of action.
If you have a fear of heights, going bungee jumping may not be
the best way to address it! But standing on a high bridge is a
good first step.
In the same way, if you have a fear of losing your trading account,
trying to face it down by putting it all on the line in one trade
is not the best sort of action.
But taking considered, appropriate action [like the strict use of
stop losses] is a way of taming fear. And getting past the
paralysis stage that fear can create.
The second key is focus. By this I mean keeping in the moment
and concentrating on the immediate action that is required to
move you forward.
If your focus is too broad you can become overwhelmed by the
possibilities. Or you might start to worry about things that are
beyond your control or simply don't matter - like whether
interest rates are going up or not.
But when you narrow your focus and remain "in the moment" in
regard your trading, fear will be sidelined. The simple reason for
this is that you can't concentrate on two things at once!
And again, this will help overcome the paralysis that can be
created by fear.
So if you suffer from fear in your trading - action and focus are
the key!
The above comments are offered for educational purposes only.
We are not providing you with financial advice. We are simply
sharing with you what has and hasn't worked for us personally. If
you wish to trade or invest in the stock market you should obtain
advice from a registered licensed advisor.
David Chandler
http://www.stockmarketgenie.com
For your FREE Stock Market Trading Mini Course:
"What The Wall Street Hot Shots Won't Tell You!" go to:
http://www.stockmarketgenie.com
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