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Overconfident
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feelsofine

Member Since Dec 09, 2019  37 posts feelsofine Apr 29 at 04:23
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

Member Since Apr 28, 2020  50 posts Evelyn55 Apr 29 at 07:40
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

Member Since Oct 22, 2019  37 posts Sven98 Apr 29 at 08:36
Over confidence in trading will only take you down and down.

Kuoppis

Member Since Apr 28, 2020  6 posts Kuoppis Apr 29 at 18:45
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

Member Since Dec 09, 2019  37 posts feelsofine Apr 30 at 11:37
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

Member Since Oct 05, 2019  29 posts traderroni May 06 at 07:05
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.

togr

Member Since Feb 22, 2011  4838 posts vontogr (togr) May 06 at 10:41
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

Member Since May 06, 2020  9 posts wirymace May 06 at 11:21
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

Member Since Oct 22, 2019  33 posts Tygotaylor May 15 at 08:20
Sven98 posted:
Over confidence in trading will only take you down and down.

Over confidence will take you nowhere.

Cruz45

Member Since May 27, 2020  25 posts Cruz45 Jun 03 at 10:52
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.

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