Dont be overconfident in Forex.

[budado]

I do trade base on my analysis and base on my strategy so I really don't do any over confident. Right now my main goal is really to make big income in forex and this is the main reason why I focus more on my analysis and on my strategy.

 

[Markllee30]

Yes very true I agree with thread that we should not be overconfident in forex as it is very risky. we can't predict exact what will happen this is because market goes change on every hour so we must assume 1% risk even after having much confident.

 

[Decub]

Mostly, consistent profits is that which gives rise to being over confident and I sense that a trader will be forced to reduce the amount of over confidence or complacency when he gets a loss in between. Over confidence can take a trader from success to failure.

 

[Tom Prince]

It is true that over confidence causes failure but it is difficult to not be confident when trading is going well. I think the best thing to do is to only gradually increase your lot size. This way you won't lose too much when it all goes wrong

 

[Decub]

But they are entirely two different things. I mean, being confident which is very much needed in Forex and becoming over confident which is a bad thing. Yes, if we talk about being confident or courageous, then there is nothing bad in it but when it leads to ego, then there is everything bad with it.

 

[emmanuel95]

Yes over confidence is can lead to the down fall of a trader because when a trader is over confident of himself he feels that he is now an expert in the forex market and he thinks he can enter a trade without planning carefully and that could lead to his down fall.

 

[ryuken]

I think confidence plays a very good role in the earning no matter what sort of investment we do. In case of the forex, having confidence is a good thing but having overconfidence can lead to the greed. which is not a good thing for sure.

 

[gkintl]

There is only a thin line that divides confidence and overconfidence. Confidence is a must have character to succeed in forex trading. Without confidence, a trader will not be able to grasp the opportunity that pops up. However, as a trader starts succeeding, confidence rises beyond a threshold level to become overconfidence. At this instance, a trader will not give much importance to analysis or strategy which he used to follow earlier on. He will start believing that market is under his control. The moment such a thought arises in mind, the trader will suffer substantial loss. Balanced state of mind is very much needed to curb overconfidence.

 

[barood4money]

Not only at trading but also at every business confidence is very much necessary. It gives positive attitude inside you. But if the attitude goes beyond the limit then everything goes wrong. Which is very very bad for your business.

 

[Pettyeve]

A trader should not be over confident but he or she should be confident. Without being confident, he or she will be afraid to place an order. Trading in forex needs courage for the trader to take the risk but does not need over confidence to avoid mistake.

 

[Decub]

I always leave to this, a trader who tries to be over confident all the time as he trades will have to learn the hard way and that is if he starts losing. Maintaining stability is one of the things a trader needs any time any day. Forex doesn't know who comes first, therefore, taking it gradually and professionally makes the whole sense.

 

[kasual]

Overconfidence is normal phase since traders arrive at aha moment. They think that they can win all the time from market. So, they are start to be careless and tend to be aggressive in trading. As far as they are don’t suffering impact by being overconfidence, they’ll keep reckless in trading. But after get lousy result and understand that market risky still, they’ll start to be careful.

 

[rexway]

and that is what maket them o loss even more money in the forex market we don't have to be overconfident its a kind of emotion which we need to get rid of and do with something good

 

[kasual]

Traders should not overconfidence and being reckless in trading. Need to keep aware with the risk and always discipline with strategy and risk management rules. Get carried away just lead traders to make mistakes because thinking that they are able to control the market and get profit all the time.

 

[tray]

That is true sometime been overconfident may lead us into serious loss that is why we must know that over confident is very risky its our responsibility to try and learn from the professional trader and be sure that we have nothing drop sometime been overconfident make you loss alot but you realize it so there is a great need of not been overconfident to be on the safer side

 

[rexway]

@tray , you are right sometime been overconfident may lead us to excess loss but I have seen a circumstance whereby overconfident give a trader profit but its not that we should depend on that no but what we need is just how to handle things here

 

[Decub]

There are days a trader becomes over confident. Not that it is a right thing to do but it is something that emanates from the skills and analysis we make. Mostly, those that are always over confident are those traders who have years of experience because there are days they prepare for trade with that assurance of profit.

 

[Bonyi]

Yes you are right. Successful traders must learn not to be overconfident in your trading. It can actually be challenging to be overconfident when you are a successful trader

 

[kasual]

Overconfidence distract previous good result and trading performance. Traders unable to be discipline in trading if they are being overconfidence. Tend to risking high margin and unaware anymore that market unpredictable still and contain risk. The best chance to avoid overconfidence is realize that this business risky still. Thus, make traders to remain stick with strategy and risk management rules.

 

[riddick09]

We should be not really overconfident in trading if we don't want to miss or have mistakes again. Because, having overconfidence as too much can be a bad thing. We just need to be confident and patience, with overconfidence we may feel correct or right and not consider other things like analysis.