To use chat, please login.
Back to contacts

Overconfident

Chikondi
Aug 13 2019 at 10:03
10 posts
togr posted:
There is no easy way to consistent profit.
I see it quite often. At the start of trading beginners luck, making 10, 20 or even 50% a week.
Trading on demo, being relaxed, trying to apply the same approach to real trading, failing to do so,
losses as results and panick.
I love my trading robots whose allow me to avoid all that :)



How do you get robots to really be long term consistent? Surely purely mechanical systems do not work. The market is constantly changing and is more subtle than simple rules can understand

vontogr (togr)
Aug 13 2019 at 11:00
4862 posts
Chikondi posted:
togr posted:
There is no easy way to consistent profit.
I see it quite often. At the start of trading beginners luck, making 10, 20 or even 50% a week.
Trading on demo, being relaxed, trying to apply the same approach to real trading, failing to do so,
losses as results and panick.
I love my trading robots whose allow me to avoid all that :)



How do you get robots to really be long term consistent? Surely purely mechanical systems do not work. The market is constantly changing and is more subtle than simple rules can understand


There are several deveoplment phases. Overall it takes me ayear to use robot on real account.
And yes I am profitable with the same strategy since 2013...

Tygotaylor
Oct 29 2019 at 11:36
33 posts
Dandelion posted:
Continuous education plus experience is the key to getting Forex right. No guarantees you will but without that you will definitely fail

Yeah right. It is important to keep on learning.

Adribaasmet
Oct 29 2019 at 16:52
994 posts
I think; new traders have this issue after making 2-3 consistent TPs!

AniLorak
Oct 30 2019 at 06:57
920 posts
Tygotaylor posted:
Dandelion posted:
Continuous education plus experience is the key to getting Forex right. No guarantees you will but without that you will definitely fail

Yeah right. It is important to keep on learning.


There is no ending point on gathering own trading knowledge; besides, learning from own trading mistake is the best practice!

Androgelv
Dec 04 2019 at 18:00
21 posts
Many traders, after a several wins become overconfident and and start to think that they are trading guru. Almost always, the fall is painful and severe. But only a fall helps to overcome excessive confidence... Or sometimes that may be other people who will help to realize the real problem.

feelsofine
Dec 16 2019 at 04:41
57 posts
Adribaasmet posted:
I think; new traders have this issue after making 2-3 consistent TPs!

Guilty. I used to be overconfident when I kept winning, but I think it is a normal reaction because we tend to get excited after winning few. It is good if you have overcome that overconfident and trade with ease.

traderroni
Dec 27 2019 at 08:18
37 posts
feelsofine posted:
Adribaasmet posted:
I think; new traders have this issue after making 2-3 consistent TPs!

Guilty. I used to be overconfident when I kept winning, but I think it is a normal reaction because we tend to get excited after winning few. It is good if you have overcome that overconfident and trade with ease.


The reason they say that emotions can be your greatest enemy while you trade. Your overconfidence can just wipe your account in a matter of seconds. After that all that’s left is nothing but guilt and grief. Whats better is to learn to control our emotions right from the start itself.

ProfitableRisks (ProfitableRisks)
Dec 27 2019 at 22:39
38 posts
Overconfidence in fx? ZI don't think so.

Thorgahuginn
Apr 28 2020 at 17:54
21 posts
On the forum I recently came across some interesting tips why traders fail. There were only 4 of them, I don't remember exactly what was there, but the fourth advice was that most traders become overconfident. Everything should be reasonable and confidence should be as well. This vice threatens you with as due to excessive self-confidence and your trading talent you can risk putting too high leverage and blown almost all your money. If not all your money at all... So good traders need to pay attention to when their self-confidence hurts them.

feelsofine
Apr 29 2020 at 04:23
57 posts
Thorgahuginn posted:
On the forum I recently came across some interesting tips why traders fail. There were only 4 of them, I don't remember exactly what was there, but the fourth advice was that most traders become overconfident. Everything should be reasonable and confidence should be as well. This vice threatens you with as due to excessive self-confidence and your trading talent you can risk putting too high leverage and blown almost all your money. If not all your money at all... So good traders need to pay attention to when their self-confidence hurts them.

This is very true, but then again, isnt overconfident part of emotions which you need to take in control of?

Evelyn55
Apr 29 2020 at 07:40
52 posts
Thorgahuginn posted:
On the forum I recently came across some interesting tips why traders fail. There were only 4 of them, I don't remember exactly what was there, but the fourth advice was that most traders become overconfident. Everything should be reasonable and confidence should be as well. This vice threatens you with as due to excessive self-confidence and your trading talent you can risk putting too high leverage and blown almost all your money. If not all your money at all... So good traders need to pay attention to when their self-confidence hurts them.


Well said. confidence is good but over confidence is dangerous and many of us become over confident initially when we get 3-4 consistent success.

Sven98
Apr 29 2020 at 08:36
41 posts
Over confidence in trading will only take you down and down.

Kuoppis
Apr 29 2020 at 18:45
6 posts
Evelyn55 posted:
Well said. confidence is good but over confidence is dangerous and many of us become over confident initially when we get 3-4 consistent success.


I agree, just had 32 consecutive wins and then I lost 2 in a row, got over confident maybe, well the second loss was a revenge trade.
But still learning, blew a 100k demo, then a 200 EUR live so here I am humble trying to figure how to rid emotions with this demo, + some risk management as that would help with my under confidence in open trades, exit 2 soon.
Basically I am over confident entering and under confident once a trade is running in the green.
Hope i learn as really want to do a live account again.

feelsofine
Apr 30 2020 at 11:37
57 posts
Kuoppis posted:
Evelyn55 posted:
Well said. confidence is good but over confidence is dangerous and many of us become over confident initially when we get 3-4 consistent success.


I agree, just had 32 consecutive wins and then I lost 2 in a row, got over confident maybe, well the second loss was a revenge trade.
But still learning, blew a 100k demo, then a 200 EUR live so here I am humble trying to figure how to rid emotions with this demo, + some risk management as that would help with my under confidence in open trades, exit 2 soon.
Basically I am over confident entering and under confident once a trade is running in the green.
Hope i learn as really want to do a live account again.

It can happen and I am glad it only happened in demo. All the best with your trading journey

traderroni
May 06 2020 at 07:05
37 posts
Sven98 posted:
Over confidence in trading will only take you down and down.

True. Overconfidence is a huge reason for degrading trading performance. We must know how to control it.

vontogr (togr)
May 06 2020 at 10:41
4862 posts
I have problem with overconfidence.
I put too much confidence in my systems so when they trade I do not interfere and sometimes I regret that.
But still all systems are backtested and analyzed for 5 years period and some losses are simple part of trading.
It is hard t find proper level of interference, so when you let your EA do everything and when you step in and for example close trades at BE.

wirymace
May 06 2020 at 11:21
9 posts
As long as good risk management is used then over confidence can be controlled. I find revenge trading is more damaging than over confidence

Tygotaylor
May 15 2020 at 08:20
33 posts
Sven98 posted:
Over confidence in trading will only take you down and down.

Over confidence will take you nowhere.

Cruz45
Jun 03 2020 at 10:52
31 posts
wirymace posted:
As long as good risk management is used then over confidence can be controlled. I find revenge trading is more damaging than over confidence

I completely agree with you.

Please login to comment .