I am sure everyone has suffered from this at some time when tackling a new task. I'm referring, of course, to 'analysis paralysis'. This is when you have done your research extensively, decided on a course of action, but feel you just want to check on something else one more time before getting your feet wet".
To some extent, it is a necessary part of your education, as the opposite attitude, that of overconfidence, is almost bound to send you to the poor house. But when you are sufficiently equipped in terms of education, research, and equipment to start spread betting, then at some point you must take the first step. The question is how do you become confident that you have done your homework sufficiently that you can take that step?
Most spread betting providers help you into the experience by providing you with a 'demo' account. This is a live account, where you can bet on the actual markets using pretend money. It not only allows you to get used to the idea of spread betting, but also gives you a chance to operate the trading platform and see how that suits you.
But most experts would agree that a demo account is very different from using a live account with your money at risk. While it may be the best that you can do, you will find that the psychology of spread betting or any sort of trading is such that you will be plumbing new depths of your mind in ways you had not anticipated.
There is no way that you can effectively prepare yourself for the feelings that you will have when real money is on the line. However there are several steps you can take that will allow you to focus and deal with these issues. One of the principle ones for the novice trader is to have a clear plan of action, and a trading system that you can believe in. If you can reduce your discretion and increase your defined responses, then trading becomes a matter of sticking with your plan, much easier to do than making original decisions in the heat of the moment.
So all these issues are subconsciously affecting your willingness to start trading in earnest, and making you invent excuses why it is not possible to "go live" until next week or next month. The trouble is, that your mind will find further excuses when that time rolls around.
One way to force yourself to take action is to declare to your family and friends when you are going to start spread trading, and make yourself accountable to them. You are also accountable to yourself, and can keep a check on this by keeping a trading diary, and noting in it your feelings and your actions. You must accept that no one knows it all, and instead of becoming a "professional student", eternally learning, you must take that step to becoming a "novice trader", knowing that only through practice will you achieve the level of proficiency that you want to.
To some extent, it is a necessary part of your education, as the opposite attitude, that of overconfidence, is almost bound to send you to the poor house. But when you are sufficiently equipped in terms of education, research, and equipment to start spread betting, then at some point you must take the first step. The question is how do you become confident that you have done your homework sufficiently that you can take that step?
Most spread betting providers help you into the experience by providing you with a 'demo' account. This is a live account, where you can bet on the actual markets using pretend money. It not only allows you to get used to the idea of spread betting, but also gives you a chance to operate the trading platform and see how that suits you.
But most experts would agree that a demo account is very different from using a live account with your money at risk. While it may be the best that you can do, you will find that the psychology of spread betting or any sort of trading is such that you will be plumbing new depths of your mind in ways you had not anticipated.
There is no way that you can effectively prepare yourself for the feelings that you will have when real money is on the line. However there are several steps you can take that will allow you to focus and deal with these issues. One of the principle ones for the novice trader is to have a clear plan of action, and a trading system that you can believe in. If you can reduce your discretion and increase your defined responses, then trading becomes a matter of sticking with your plan, much easier to do than making original decisions in the heat of the moment.
So all these issues are subconsciously affecting your willingness to start trading in earnest, and making you invent excuses why it is not possible to "go live" until next week or next month. The trouble is, that your mind will find further excuses when that time rolls around.
One way to force yourself to take action is to declare to your family and friends when you are going to start spread trading, and make yourself accountable to them. You are also accountable to yourself, and can keep a check on this by keeping a trading diary, and noting in it your feelings and your actions. You must accept that no one knows it all, and instead of becoming a "professional student", eternally learning, you must take that step to becoming a "novice trader", knowing that only through practice will you achieve the level of proficiency that you want to.
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