What you think about Overconfident in Forex

[The trader]

Actually being overconfident will bring trader become careless and often, it lead trader make wrong trading decision. I don’t know whether it in term of open position or in decide to use margin pre order. Being overconfident also makes us ten to become not aware anymore that the market is unpredictable and risk loss will always exist.

 

[Glenn Phillips]

Very good point you have noted. Overconfident is really harmful in Fx trading. But not mostly traders lose by this human nature. Generally there is nobody who can predict the real faction of this market with certainly. So, overconfident is just like a part of immaturity in here. Nothing without it.

 

[margarettemraz]

Truly being overconfident is terrible. At present I am not overconfident. In any case, there was time when I used to get rash at my early life trading. At whatever point I won 2 or 3 continuous trades, I twisted up distinguishably haughty. Along these lines I used to open all the more low likelihood trade and achieved hardship. In any case, at indicate I despise that. Eventually I basically open trade on the off chance that it meets my inspiration preface. On the off chance that I don't get any set up, I don't open any trade.

 

[Tom Latham]

Very good point you have noted. Overconfident is really harmful in Fx trading. But not mostly traders lose by this human nature. Generally there is nobody who can predict the real faction of this market with certainly. So, overconfident is just like a part of immaturity in here. Nothing without it.

This is way, I use stop loss trading tool in my trading! When I was a new Forex trader then I used narrow SL’s in my trading but I use flexible SL points in my trading! Really, buffering strategy on SL and TP helps me a lot to make more money in my trading.

 

[sininfinity]

Overconfidence is a bad trait and a killer for a trader. Not just in forex but overconfidence is not good anywhere. It can only damage a trader so never get overconfident.

 

[lioneld]

Overconfidence is a bad trait and a killer for a trader. Not just in forex but overconfidence is not good anywhere. It can only damage a trader so never get overconfident.

Absolutely, the result of overconfidence is always costly! Actually, you can’t guarantee here with any particular trade position, because Forex trading is all about probabilities; this is why pro traders always use strong money management policies!

 

[Lee Mark]

Yes right here is about possibility and not certainty, if we over confident and leading us to making trading higher risk taker, it will harmful account if eventually the trend against order it could making margin call account quickly

I think, new traders are trading with more expectations here, although they haven’t enough knowledge on this financial market! As a result, more than 95% new traders are losing money; because they always take high risk in their every single trade position.

 

[Svetlana Loboda]

Overconfidence is a bad trait and a killer for a trader. Not just in forex but overconfidence is not good anywhere. It can only damage a trader so never get overconfident.

You are right! Actually, I opened my 1st live account in the 3rd day of my trading life because of overconfidence; and obviously I lost my account within just few hours! That’s the common story I think.

 

[sininfinity]

You are right! Actually, I opened my 1st live account in the 3rd day of my trading life because of overconfidence; and obviously I lost my account within just few hours! That’s the common story I think.

Yes. Not surprising at all. It happens to most of us. lol So there is nothing to be ashamed of either. We make mistakes and learn from them. And that is one of the best teacher.

 

[lioneld]

Yes. Not surprising at all. It happens to most of us. lol So there is nothing to be ashamed of either. We make mistakes and learn from them. And that is one of the best teacher.

Agree with you; but I think in this case having a good trading plan is important & following the general terms of trading too.

 

[Oscar Shumack]

Overconfidence is the most dangerous enemy of a trader.

 

[Kevin Vogt]

Overconfident is one of the destroyers in forex trading. In forex trading, you can not be overconfident nor less confident. You need to know what you are doing and why you are doing.

 

[Cooper Truebridge]

Overconfidence is very harmful in trading. If a trader trades overconfident, the chances of loss are high.

 

[Alexander Hudson]

Over confidence is a disease in trading. You can’t be sure about future market direction. So, analysis can serve you with a little forecast on the market.

 

[Alexander Hudson]

Confidence is good but overconfidence is really bad. In forex, there is no scope of being over-confident in trading because the market is uncertain.

 

[kupz]

Overconfidence in forex trading can be dangerous as it can lead to risky trades and losses. Traders who are overconfident may ignore risk management and take on too much risk, leading to significant losses. It's important to have a realistic understanding of your abilities and to always use sound risk management practices.

 

[Eduardo Lucchese]

Forex is an uncertain market where traders analyze to forecast the movement. There is no scope of showing overconfidence in trading.

 

[Eduardo Lucchese]

In Forex, a trader can’t be overconfident because the market is quite uncertain. Traders analyze the market to catch the trend.

 

[Alexander Hudson]

Too much overconfidence is always bad. But having confidence in trading helps a trader remove fear from them.

 

[Alexander Hudson]

Confidence is appreciable but overconfidence will surely drown a trader. Forex is an unpredictable market where no confidence works actually.