Dont be overconfident in Forex.

[arjun]

Predictions can be hard but i guess we can minimize the risks associated with our investments by reading news and their impacts over the market volatility.

 

[Lee Mark]

No way actually! Now I know the reality of Forex! That’s way, I use here same risk ratio, no particular risk ratio in a specific trade position! Besides, I verify my entry points by using 5 trading indicators with my fundamental trading experience, I never open a new trade without final conformation.

 

[emersonsteuber]

Yes being overconfident is very bad. At present I am not overconfident. Nevertheless, there was time when I used to get indiscreet at my earlier life trading. At whatever point I won 2 or 3 consecutive trades, I wound up perceptibly haughty. In this way I used to open more low probability trade and brought about misfortune. Regardless, at show I hate that. By and by I simply open trade if it meets my motivation premise. In case I don't get any set up, I don't open any trade. I trade forex at ECN Capital. I am awed with their tight spreads. I can likewise withdraw cash right away from my account. They likewise have astounding client bolster.

 

[Lee Mark]

Yes being overconfident is very bad. At present I am not overconfident. Nevertheless, there was time when I used to get indiscreet at my earlier life trading. At whatever point I won 2 or 3 consecutive trades, I wound up perceptibly haughty. In this way I used to open more low probability trade and brought about misfortune. Regardless, at show I hate that. By and by I simply open trade if it meets my motivation premise. In case I don't get any set up, I don't open any trade. I trade forex at ECN Capital. I am awed with their tight spreads. I can likewise withdraw cash right away from my account. They likewise have astounding client bolster.

On the whole, this is very common problem by the new traders; when they got 2-3 TPs then they were super excited; as a result start their live trading immediately; after a couple of months; they lost their full trading equity.

 

[alina.marabar]

OK, I agree with your opinion. but is related to the factor of luck? because there is a newbie trader in his first day he profited.

 

[Tom Latham]

OK, I agree with your opinion. but is related to the factor of luck? because there is a newbie trader in his first day he profited.

If anyone of making 2-3 trades without learning then of course it’s all about luck. New traders shouldn’t count these kinds of TPs.

 

[Hoang]

Sometimes you can't help these feelings when they come, you get all excited over a streak of consistent profits and forget that there is what we call fund and risk management.

 

[john.brave]

Why should not be too confident? in the case of what should not be too confident?

 

[Hoang]

Why should not be too confident? in the case of what should not be too confident?

Sometimes when you trade, and things are looking really good you can get too confident and make rash decisions without thinking twice relying on past experience.

 

[LalRemigiusz]

I also think that keeping track of your forex performance and emotions when you’re winning is just as important. You wouldn’t want to lose your mojo while you’re on a winning streak, would you?

 

[Hoang]

I also think that keeping track of your forex performance and emotions when you’re winning is just as important. You wouldn’t want to lose your mojo while you’re on a winning streak, would you?

It's obvious keeping track of your trades can really help you get it right in the future, this is so in the event that things are looking shaky.

 

[Lee Mark]

It's obvious keeping track of your trades can really help you get it right in the future, this is so in the event that things are looking shaky.

By the way, in my trading I always take a decent break. In addition, of course I’m focused on your own trading plan.

 

[Hoang]

By the way, in my trading I always take a decent break. In addition, of course I’m focused on your own trading plan.

Taking a break is valuable, especially when you sense trouble or mishap in the market coming in someway. We should not be too greedy not to take a breather.

 

[MarvelPole]

There is not a huge difference between bravery and suicide. You need to respect the market and take as much risk as you can afford. A person who stays realistic on the market is the one who gets success. Overconfidence is not applicable in the forex market!

 

[Tom Latham]

There is not a huge difference between bravery and suicide. You need to respect the market and take as much risk as you can afford. A person who stays realistic on the market is the one who gets success. Overconfidence is not applicable in the forex market!

True; in Forex it’s very easy to lose money! in addition, that’s why pro traders are till using the stop loss.

 

[Svetlana Loboda]

I always believe that you need to be humble in life. You don't have to be overconfident in any field of life. Over-confidence will always kill you. It is the same in forex trading. Losses are just round the corner. I hope that you will be confident but not cross the limits.

Well said; basically anything like “over” is not suitable here; such as; over-confident; over lot, over trades etc.

 

[TiongeEdi]

I think not just overconfident, but because traders have not mastered her ability.

 

[Tom Latham]

I think not just overconfident, but because traders have not mastered her ability.

Correct; basically there have so many common issues on loses money; making consistent money is really challenging here!

 

[Eduardo Lucchese]

Yes. Overconfidence can put you in great danger.

 

[fxgeek]

Greed will put you into overconfidence, do forex trading like a numb and limit your losses with proper calculation of stop loss.