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How To Deal With Fear? Identify & Quantify It
I have found that the best way to deal with fear (especially in the market) is to identify your fear (what do you fear most) and quantify your downside (how much you are comfortable losing, if wrong). Then exit if your pre-determined stop loss is triggered. This is much easier than it sounds. But through practice it is very possible.
PS: Here are 8 ways to deal with fear:
The Prevention magazine article “What are you afraid of?: 8 secrets that make fear disappear” offers these tips for dealing with everyday fears:
- It doesn’t matter why you’re scared. Knowing why you’ve developed a particular fear doesn’t do much to help you overcome it, and it delays your progress in areas that will actually help you become less afraid. Stop trying to figure it out. Just accept it, release it, and look for a solution.
- Learn about the thing you fear. Uncertainty is a huge component of fear: Developing an understanding of what you’re afraid of goes a long way toward erasing that fear.
- Train. If there’s something you’re afraid to try because it seems scary or difficult, start small and work in steps. Slowly building familiarity with a scary subject makes it more manageable.
- Find someone who is not afraid. If there’s something you’re afraid of, find someone who is not afraid of that thing and spend time with that person. Take her along when you try to conquer your fear — it’ll be much easier.
- Talk about it. Sharing your fear out loud can make it seem much less daunting.
- Play mind games with yourself. If you’re afraid of speaking in front of groups, it’s probably because you think the audience is going to judge you. Try imagining the audience members naked — being the only clothed person in the room puts you in the position of judgment.
- Stop looking at the grand scheme. Think only about each successive step. If you’re afraid of heights, don’t think about being on the fortieth floor of a building. Just think about getting your foot in the lobby. Then slowly go from there.
- Seek help. Fear is not a simple emotion. If you’re having trouble overcoming your fear on your own, find a professional to help you. There are lots of treatments for fear out there, and no good reason not to try them under the guidance of someone with training and experience.Source: http://science.howstuffworks.com/life/fear.htm/printable