Dont be overconfident in Forex.

[barood4money]

Not only at forex but at every trade, business or work never get overconfident. Because overconfidence always leads to the failure only. But it is also true that while trading because of our emotions, we get overexcited which results loss. We have to control our emotions always while trading.

 

[Cutiekc]

Yes, and some even allow it overrule their actions. Confidence is a good thing in all aspects of life but when it becomes bad is when the person allows it to gradually turn to Ego. Gaining profits in series is a good way to get motivated but we should always understand that even when it comes that way, it can as well, go that way.

Thats something normal and only if we are guilty of it that we will be able to learn from it. Actually some newbies who have no idea of what over confident often leads to will not see it coming. When you make profits over and over again with a certain trading system, it gets to your head that it will remain the same.

 

[barood4money]

It is true. When we become habituated to profits, we becomes careless and we play with the same strategy for over a time until we get a small loss or a distraction. That time again we become serious and change our strategy.

 

[budado]

I'm not over confident in forex trading. But I do want to make sure that I can really earn good amount of money in forex. For me having confident is much better than feeling insecure in forex trading. Who knows in two to three years time we all going to be a successful traders. I'm really excited.

 

[Decub]

It is true. When we become habituated to profits, we becomes careless and we play with the same strategy for over a time until we get a small loss or a distraction. That time again we become serious and change our strategy.

Success naturally has a way of making us more confident than we would have been but that is mainly if we allow it control us. We only realize how much we have hurt ourselves if we fail/lose thereafter.

 

[barood4money]

Success naturally has a way of making us more confident than we would have been but that is mainly if we allow it control us. We only realize how much we have hurt ourselves if we fail/lose thereafter.

Path to over confidence comes goes from confidence. Most of the confident frequent winner or profit makers becomes over confident at one point of time rather than a steady and slow winner. But as I told, one distraction can take a good trader on a right way.

 

[kate beckinsale]

it is right to say that if we become overconfident in life then we can never become a successful trader in our life and if we are not serious and sincere with our workings so get real success we should be confident

 

[barood4money]

It is true that the way of confidence takes you to towards the success, but the way of overconfidence always takes you towards failure. So every trader should never be overconfident while trading. Because it will cause loss of your money.

 

[Daisy]

I think some of us get too confident if we make good profit daily. Its easy to get that over confident and then lose miserably in a bad trend. We should not let our guards down since we never know when the market will go against us. They tend to go against us all the time and it fluctuates so much that you will not know if you will get your profit so just keep on top of the trends and manage your risk well.

 

[Decub]

I think some of us get too confident if we make good profit daily. Its easy to get that over confident and then lose miserably in a bad trend. We should not let our guards down since we never know when the market will go against us. They tend to go against us all the time and it fluctuates so much that you will not know if you will get your profit so just keep on top of the trends and manage your risk well.

If you watch leads to over confidence and subsequently failure among good traders, it is mainly consistent profits. It gradually makes them feel complacent and forgetting that there is are principles of trading and strategies which lead to success.

 

[ryuken]

It is true that you are not supposed to be over confident with the forex trading. You have to learn to avoid mistakes which you ignore once you make consistent money because those who are learning to understand how that works it would be much better once you learn to keep the consistency there as well.

 

[gkintl]

Not only in forex but also in any other profession, a person with overconfidence will not succeed. Overconfidence clouds the thought process of an individual. Thus, intelligent decisions can never be taken. This ultimately creates a spill over of bad trades that affect the over all profit / loss scenario. It is always advisable to remain humble and show a willingness to learn. This would ultimately enable a trader to come out of bad habits, if any, and enable him to take smart and wise decisions consistently.

 

[Decub]

Being too confident in anything takes away the normal perception we have about that particular thing. It works upon us and we tend to neglect the usual process that leads to achieving success with it. A trader who is over confident might most likely just neglect putting in place any skill management strategies.

 

[sindarin]

It is true that you are not supposed to be over confident with the forex trading. You have to learn to avoid mistakes which you ignore once you make consistent money because those who are learning to understand how that works it would be much better once you learn to keep the consistency there as well.

Every single trader must be agree with you include me, Overconfident indicate that trader does not know what forex really is, Forex today is not like forex 5 or 10 years ago, before it was easier to predict market movement but right now it is harder because of many participant and the money that circulated inside, so Don't Be Overconfident.

 

[hasan87]

Yes, I agree with you. Confidence is very good and every trader should have confidence. But overconfidence is really harmful for Forex business. A trader can get success by confidence and then he becomes overconfidence. But ultimately overconfidence lead him to a great lose. So every trader should avoid overconfidence.

 

[jackcm]

At least for me, it's so difficult to distinguish overconfidence and confidence. I'm quite confident when I make decision, but while my trade is not closed yet, there are many ones (strategists or analysts) commenting that make me rethink my plan and keep wonder if I am wrong.

 

[orni308]

patience is the key to success in forex.....keep out of trading when the market is turbulent.

 

[Decub]

At least for me, it's so difficult to distinguish overconfidence and confidence. I'm quite confident when I make decision, but while my trade is not closed yet, there are many ones (strategists or analysts) commenting that make me rethink my plan and keep wonder if I am wrong.

Confidence is a good thing to have in Forex, as a matter of fact, it is one of the qualities a trader should always posses to be courageous to face the market. However, over confidence comes in when Ego is placed. A confident trader trades according to the principles governing the business yet with courage while an over confident trader trades in believe of his own strategies and optimism with or without detailed analysis.

 

[Daisy]

Confidence is a good thing to have in Forex, as a matter of fact, it is one of the qualities a trader should always posses to be courageous to face the market. However, over confidence comes in when Ego is placed. A confident trader trades according to the principles governing the business yet with courage while an over confident trader trades in believe of his own strategies and optimism with or without detailed analysis.

We must have some sort of confidence in our trades. If we don't have them, we will surely make mistakes as well. We must have some sort of self trust in order to make good trades. If I doubt my ability to forecast or to make a good trade, I won't be able to go on without it. I think forex requires a lot of personal convictions. However, we do tend to get over confidence and turn out to be wrong sometimes so do manage your money and don't use way too high of capital.

 

[Decub]

Since Forex is something we don't do or we cannot be successful in unless we are ready to face it squarely, it becomes almost impossible for us to trade if we have no self confidence in ourselves. Confidence is like the watchword to success when it comes to Forex.