Dont be overconfident in Forex.

[sindarin]

Posing is bad idea, i will never ever do that with only that people will be trade less effectively. Overconfidence that i know here maybe that a trader who overestimate their ability to make profit, this is normal and also the part of learning, but must be adressed faster.

 

[anosocialnet]

"I too know, I too know" had made some traders to be stocked in their past knowledge. Without giving-in a space to learn New things.
Still, been updated about the latest Market News, development, certainty, technology etc leads and enhances good physiology.
Even a Pro can encounter a great loss, simipliy because of over confidence.

 

[sindarin]

There are difference between overconfidence and confidence. I don't know if a Pro is overconfidence, maybe a trader like Soros that make loss with more than thousand dollars are overconfidence or not in fact loss is inevitable i never see any trader that can be 100% in profit. Still, overconfidence is something that we shouldn't do.

 

[anosocialnet]

If we are empowered by overconfidence, it is better off if we can quit trading for some time and get a full ride off of that emotion which likely will bring regret later.
This overconfidence mostly happens to the aggressive traders, severally.

 

[starlite]

Confidence is important in forex trading , loosing confidence also loose grip on trading . A trader should remain careful not much over confident that he forget all risk management techniques thinking he will handle high risks.

 

[sindarin]

Confidence is important in forex trading , loosing confidence also loose grip on trading . A trader should remain careful not much over confident that he forget all risk management techniques thinking he will handle high risks.

Loosing confidence mean that you cannot trade well and even has more fear that let you trade inefficiently. Overconfident is a symptom where trader cannot control their confidence and underestimate the market condition this commonly happening to newcomers.

 

[zebra]

It is hard to argue here, but different benefits are smtimes offered in Forex - they can present even 2000$

 

[swinger]

Over confidence is not good in forex trading. It can bring you all sorts of problems. You can start over trading or start using big lots defying your money management rules.

 

[anosocialnet]

I think that one of the best Traders am investing with, use a big lots size and got investors up to 40% loss, whereas he was making profit like 1% initially. And instead of getting like 5% loss or below while using SL and other money management but got upto 40%, been the best trader - overconfident leads to higher loss.

 

[vic84]

Over confidence is not good in forex trading. It can bring you all sorts of problems. You can start over trading or start using big lots defying your money management rules.

Confidence is good but overconfidence can be disastrous while trading, you should know what you are capable of and place trades you are confident of.

 

[rapto_cakep]

Confidence is good but overconfidence can be disastrous while trading, you should know what you are capable of and place trades you are confident of.

You are right vic84, just keep with your planned trading strategy and focus. I never overconfidence while trade, i just focus using my trading strategy and then enter the market. every month i can withdraw $200 from liteforex broker.

 

[sininfinity]

Over confidence won't do any good to a trader. It will lead to unexpected results which a trader should have considered before entering a trade.

 

[anosocialnet]

It is so destructive indeed, overconfident will lure a trader to over trade, over using an average lots, lack of daily practising and continual learning etc.

 

[barood4money]

Overconfidence is the main reason for getting losses. Many good traders get loss for mistakes done for overconfidence. I always stay focused and try to make small profits instead of big one.

 

[AliMuh]

To belive that you can earn more than 10% per year trading Forex is overconfidenсe.

 

[sindarin]

To belive that you can earn more than 10% per year trading Forex is overconfidenсe.

LOL who know? If you can trade well in one year you can earn more than that to be honest i earn more than 10% of my total capital that i spend in my 3rd week of trading, it is only need a good risk management and our willingness to take the risk. Overconfidence for me is trading without any strategy and thinking that luck will come by.

 

[AliMuh]

LOL who know? If you can trade well in one year you can earn more than that to be honest i earn more than 10% of my total capital that i spend in my 3rd week of trading, it is only need a good risk management and our willingness to take the risk. Overconfidence for me is trading without any strategy and thinking that luck will come by.

Yeah, I think your are right. Too many things don't depend on you, but we can create our strategy. Right. I was joking

 

[Dmitriy Ushakov]

Anyway, being overconfident is a mistake. Being confiden is necessary, but when you are overconfident, it is like sunglasses, you do not see what you're doing and never notice your mistakes, because you think that you're always doing the right thing.

 

[sininfinity]

Anyway, being overconfident is a mistake. Being confiden is necessary, but when you are overconfident, it is like sunglasses, you do not see what you're doing and never notice your mistakes, because you think that you're always doing the right thing.

Very well said. Identifying ones own mistakes is very important and failing to do so won't improve a trader. And it will not be good for that trader in the long run.

 

[sindarin]

Yeah, I think your are right. Too many things don't depend on you, but we can create our strategy. Right. I was joking

You can create your own strategy but the question which arise next can your strategy helps you? Or will you lose more with the strategy that you are using right now? If you are keep using with your confidence even know that will lead to more losses or in fact that will lead to that way it is a overconfidence.