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According to me, it’s a common problem by the new Forex traders! After making 2-3 trade’s profit mostly new traders got super excited; and then invest their real money; although they have no idea about the reality of Forex! As a result, maximum new traders crash their 1st live account for surely! That’s the result of over confidence!
Confidence is very important. Confidence comes from knowledge and skills. Without proper knowledge and skills if anyone thinks he has lot of confidence, he can make money, then that's overconfidence. We should not be overconfident. Most of the newbies are overconfident. They focus on profit rather than developing skills.Overconfidence can still have our mistake in terms of loosening our trading or say that we might ignore or miss something that is significant. Still, too much in Forex will be bad and will not benefit a trader and these includes in both having too much confidence and lack of confidence.
Confidence is very important. Confidence comes from knowledge and skills. Without proper knowledge and skills if anyone thinks he has lot of confidence, he can make money, then that's overconfidence. We should not be overconfident. Most of the newbies are overconfident. They focus on profit rather than developing skills.
There is no chance of being overconfident in Forex because the market is highly uncertain for traders.Overconfidence can still have our mistake in terms of loosening our trading or say that we might ignore or miss something that is significant.