TERRIBLE Forex Trading Mistakes - Mistake No.8 - The Fear Of Growing

Hello traders, how are you? Vladimir here from Traders Academy Club, and in this video I would like to continue our fantastic series talking about mistakes traders do and offering my trading solutions to that. Ready? So let's begin. Right before I talk about the problem and the solution If you are new to this channel, welcome to our fantastic community. I would like to invite you to subscribe to the channel. Just follow the subscribe button below and remember to enable the notifications so you know when there is new content available for you. Also, I invite you to join our trading family, our Traders Academy Club. You can find the link below this video in the description or in the pinned comment inside the comment section. So what is the problem I want to talk about, and what is the mistake traders face and do, and how does that lead to other bad places in trading? The problem or the mistake I want to talk about today is the fear of growing. Okay, let's say you are in a trading business and you didn't give up and you did all the other mistakes and you're still here and you Are you still having your big goal of becoming a forex trader and trade for living, or do trading as for extra income? First of all, congratulations, because you are already on the 10% of, uh, the successful traders, and you are on the way to there. However, before reaching this place, usually there is one little I would say darker place that traders go through. I went through that, most of my successful students went through that, and it's important we talk about it. What is the problem? The problem of growing. Why it's a problem? Because most of us, after failing and failing and failing and suddenly found the stability We start to dream big. What do I mean by dream big? Our future home, our freedom, complete freedom. Some dream about the jet and huge car and millions and billions and whatsoever. Nothing wrong with dreaming that big, but what about the here and now? Usually when you are too focused on the day after you are not focused on the day-to-day and the challenges it brings to you. And that's what happens to traders. Uh, now here is the truth: the market would find a way for everyone, later or sooner, uh, to create a setback. Everyone would have a losing streak in a day, in a week, in a month, or a quarter, and everyone would go through a period. I did, everyone did, and still does, and still do, including myself. Once in a while I also have a streak of losing. So what? It happens to every sportsman, to every doctor, to every lawyer. There is always a bad day, a bad week, a bad month, or a bad period. And if you want to win the war, Don't focus on one specific battle, okay? Don't dream about winning the war. Go battle after battle. Not just, I won one battle, that's it, I won the war. It doesn't work this way. Oh, there is always a next battle. And in trading, every day, every week, every month, every year is a new challenge. Things change. The reality changes. Monetary policy changes. Interest rates change. Pandemic comes. Whatever. There are endless amount of reasons why the markets or the stability as we know it would change. So don't rest assured that everything would just go and be the same. No, in trading, wherever money is involved, there is always a new challenge and it will later or sooner you will face it. So don't think too much about the day after. Focus, of course, have that in your imagination, in your vision. But not in your goals. Your goals have to be much more, much more specific. So what is the fear of growing? The fear of growing is, let's say, let's take an example like you want to get funded, okay, by any of the funding programs. Um, and if you don't know what I'm talking about, please watch my previous video. I explained a lot about that. in a video where I talk about the fear of losing money. And as a solution, one of them is get funding. So let's assume you have a target like 10% and you reach your 7% or 8% profit and only a little bit more left. And suddenly you got a cold feet. That happens and it's normal. It happens to people before wedding. It happens to people before exams, before applying to new work and so whatsoever. It's very, very, very normal. So don't feel or think you are different or something is wrong with you, because nothing is wrong with you. It's completely normal. You are right about to achieve your success or your milestone, and once you are focused on that, something can be blocked in your brain. So that's a fear of growing, and Usually it happens when you are too focused on the next big thing and you are not focused on every mini milestone or any other successful stone you reached. So I do have my own idea for a solution for this problem. And let's talk about the solution. Don't think I You just look at me wearing this red and now I'm in the black on this picture. These pictures were taken before the recordings, of course. So what is the solution from my point of view? Instead of setting yourself a huge goal like get funded, go smaller if you face this problem, of course, because if you don't face this problem and you don't do this mistake like I just described, simply skip this video. It's for those who really go through this mistake. I did, unfortunately, and it got me the setbacks, which I'll talk about in a second. So the solution is setting your mini milestones. So instead of like getting funded, go like, okay, I need 10%. My first target, 1%, then 2%, then 4%, then 6%, then 8%, then 10%, or any other mini milestones you feel comfortable with. But by making it much less bigger targets, you allow yourself better chances to go and accomplish them. For example, I want to lose, I don't know, 40 pounds. The first step, like, this is a huge goal, right? But the first step, get yourself a membership to gym or the equipment, or get out of the house and go walking, or prepare a diet plan. That's your first step. This next step, if you, let's say, just, uh, you will go to gym, attend 2 times a week. That's a milestone. Then 3 times a week. That's a milestone. So instead of thinking too far, too big, focus on here and now and much, much smaller goals. And this is something that most people don't do. They don't treat it as goals. And then you don't go one by one. You just think about a big thing. And if you think too much forward about the big thing, the big final destination or goal, there will be setbacks later, especially in trading. Later or sooner, the market would always create a setback in anyone. Now, setbacks are great because that's your opportunity to stop for a second and ask yourself, what the hell am I doing? Maybe there is nothing wrong you are doing. You just need to continue in a straight line, more focused, more concentrated, all the way to your next milestone. But maybe there is something you are doing wrong and you started to cheat, or you become overconfident and you start to pay less attention to your important rules or steps you have to do in your trading. So treat setbacks not as a negative thing that, oh my God, my strategy doesn't work anymore. Treat it properly as something that— stop for a second. What am I doing? Am I doing something wrong? If the answer is yes, here you go. That's your opportunity to go and to fix it straight away. So that's my solution to these problems. And I really suggest whatever your big target is, like my freedom, go and break it step by step. First of all, uh, here, here's an example, right? So first of all, I want to deposit $1,000 and I want after 2 months not to lose it. Then I want to make 2% in a month. Then I want to make 5% in a month. Then I want to make 20% in a quarter. Always go with smaller, um, milestones. So even if there is a setback, it doesn't feel like you, you go from huge target all the way to the beginning. Always go in a smaller milestone. So even if you set back, that's your opportunity. Okay, I still achieved this milestone, the one before. Let's stop for a second and see, maybe something changed my behavior, maybe I became too confident, right? So, uh, continuing that in your— in creating a correct thing for you. Like, uh, for example, also let's talk about, uh, losing streak, right? I don't accept more than X loss In a day. If you reached it, stop trading. Or in a week, reach, stop. And this would prevent you from going in a much, much worse streak. For example, my rule, if I start a week with 3 losses, I'm done for the week. I'm done for the week. Okay? And if I just have 3 losses, but also on the same time I still have winners going on, then they balance themselves, right? But if I reach my maximum allowed loss for the beginning of the week or a day or a month, doesn't matter, I stop. That allows me to stop for a second and ask, was it something wrong with my behavior as a trader or just the market not ready for whatever the reason it is? Okay, but it always helps me to control not to lose much more and set back much, much, much backwards than I really should. And then as long as you know how to stop, you know, like, it's like emotional thing, like when you are about to— somebody make you angry and before you say the thing that you know you will regret on, stop for a second, breathe. Once you reach this control also in trading, and you don't allow yourself to go seriously in setbacks. You stop, you breathe, you check what's going on, and you become stronger, and you are ready to move to your next step. So the solution, the best solution I ever found— and if you have a better solution, please share in the comments so maybe I can learn as well, maybe others can learn as well. So please share with us your solution. But my solution is, if you do face this problem then set yourself much smaller goals and milestones. Very important. Not just a huge goal somewhere in the future, but almost on a daily basis goal, or at least weekly milestones. It will help you go and continue reaching your goal, your ultimate goal, with much better, healthier progression process. So I hope it makes sense to you and it is helpful. And as always, thank you for your time watching this video. I invite you to watch the other videos in this playlist. They could be very helpful to you as well. So thanks for your time, stay safe, be well, and I'll see you soon with more videos. And more great content that hopefully would be helpful to you. Bye for now.