You know what fear does. It costs money.
1. Closing trades early or in loss when waiting would have provided more profit.
2. Setting artificially high stop losses.
3. Not trading at a higher risk/reward. “But I’m used to making $2 a day and I’m happy”
4. Not trusting yourself.
I was talking to a good friend of mine, Tom, who is a great trader, I love talking with him although our trading plans are polar opposites. But I realised from him that my fear was costing me money. I have perfectly good trades, well planned and timed that I make a profit on but that could have been more profit, it seems all the videos I watch about money management say aim for 100% profit, turn $1000 investment to $2000.
So many traders quit the trade with 10% or 20% when there is so much further to go.
Master your fear, or it will master you. Identify what you are fearful of. “I’m fearful of losing so I look stupid in front of my friends”, fine, trade in a way where your losses are very minimal with less risk. Or push the boundaries of your fear.
Sometimes however, fear is a good thing. It stops us overtrading or letting trades loose to much (you make losing trades?). So it’s a balance.