Want to make better online trades? Own your fear.

Fear sucks. We know. We’re traders and we’ve felt our share of it. Am I going to lose a ton of money on this trade? Am I exiting when I should be? Will my order actually be fulfilled? Or how about this one: When I close my eyes at night to catch my seven hours of zees, did I miss out on the one trade I should have been on top of?

Familiar? Of course, it is. You’re a trader.

While there’s no easy way out of your fear, we have some good news for you.

It’s completely normal to be afraid. That’s because it’s basically human and sane to worry when your money’s at stake, especially if you’re new at this game.

So the first step in owning your fear is just taking a deep breath and saying: “I’m worried and that’s ok.” Own that fear and move on.

The next two steps are the cool part. But you really shouldn’t practice them unless you’ve been trading for at least 10 years and have the equivalent of a black belt in algotrading.

Just kidding.

Practice them. Enjoy them. Make them your secret, fear-killing algotrading code words.

1. Set it and forget it

We’re so serious about this one that we talked about it last week too.  The market is unpredictable. The market does what it wants. You’ll never own the market, so stop playing mental games with it.

When you set a strategy, let it run. Especially if you’re using insanely smart algotrading software like Tekton, which is designed to take the fear out of trading by helping you make much better trades than your tiny human brain ever could. (Sorry, brah, but it’s true.)

So, don’t make Twitter apologies out of your trades, and don’t try to walk them back. Let the market play out and let your algos do the rest.

When you do, you’ll feel a huge chunk of your fear melt away just like that.

2. Make a trading plan and stick to it

Do you like waking up on the first of the month not knowing how much cash you have in your checking account because you forgot to plan your budget?

Right. Neither do we. Because taking risks like that is freaking scary.

The same goes for trading. If you want to minimize the fear factor, you need to figure out a way to control your risk.

The best way to do that?

Make a trading plan and stick to it.

We’ve said it before. The market isn’t your friend, even if the trend is. So knowing what your goals are and how you plan to react not just when the market goes your way, but when it takes those twists you never see coming, is key.

Do it and another huge chunk of your fear is gone.

Need a little help?

In the past, owning your trades was easier said than done. It was basically you versus the market with the market winning most of the time.

Nowadays, online algotrading software is levelling out the playing field, making it much easier for everyone to make smarter, more disciplined and focused trades.

We’ve even created some software ourselves (ahem), which of course is the cat’s pyjamas. And it’s totally free.

Have a second?

Check it out here

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