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Overconfident
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Mohammadi

Member Since Aug 11, 2017  118 posts Mohammadi Oct 31 2017 at 15:39
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.

mlawson71

Member Since Dec 11, 2015  1326 posts mlawson71 Nov 19 2017 at 14:54
Can you recommend any ways to overcome such overconfidence? Any practical advice?

BaldoN

Member Since Feb 12, 2016  429 posts Baldo (BaldoN) Nov 21 2017 at 15:03
Confidence comes with experience and years of screen time. I would not say it is bad or good, but if you are confidante means you are aware of what you are doing on the market :)

mlawson71

Member Since Dec 11, 2015  1326 posts mlawson71 Nov 22 2017 at 16:14
There is a difference between confidence born of experience and awareness of one's own abilities and overconfidence because one is too arrogant to admit to themselves they need to be more careful, I think. Some people do suffer from the latter.

TiffanyK

Member Since Feb 12, 2016  306 posts Tiffany (TiffanyK) Nov 23 2017 at 15:53
Overconfidence depends also on the way the trader thinks and acts in life. If you are that type of person - you do not consider yourself as Overconfident, but just as a confident person. So the people who think that they are confident need to think twice smiley

Accept the loss as experience
TribalBoc

Member Since Nov 24, 2017  10 posts TribalBoc Nov 24 2017 at 11:49
Overconfidence can kill a trading account. It leads to over trading and under analysing. To avoid over trading, you could record how many trades per day / week you normally enter and if you find that you are taking more than the average it is likely that you are over trading

mlawson71

Member Since Dec 11, 2015  1326 posts mlawson71 Nov 25 2017 at 15:34
TiffanyK posted:
Overconfidence depends also on the way the trader thinks and acts in life. If you are that type of person - you do not consider yourself as Overconfident, but just as a confident person. So the people who think that they are confident need to think twice smiley


I agree. Self-awareness is generally a difficult thing to achieve, especially for people who are overconfident.

BonkersBit

Member Since Nov 30, 2017  10 posts BonkersBit Nov 30 2017 at 15:37
overconfidence often equals arrogance which leads to failure

mlawson71

Member Since Dec 11, 2015  1326 posts mlawson71 Dec 01 2017 at 16:41
BonkersBit posted:
overconfidence often equals arrogance which leads to failure


That was my sentiment exactly. Arrogance severely clouds one's judgement - just as much as irrational fear does if not more.

crpytoadvice1

Member Since Dec 08, 2017  12 posts crpytoadvice1 Dec 10 2017 at 08:27

The excess of confidence must not take place in any of our operations, we must be willing to sometimes go up and sometimes go down. The idea is always to persist!

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