Advertisement
Overconfident
Mitglied seit Jul 20, 2020
286 Posts
Oct 23, 2020 at 02:22
When a trader makes a consistent profit, he is seen as overconfident. That confidence often leads to trading losses. Forex market of possibilities so it is never possible to trade with 100% target here. If ever an overconfident is created, meditation should be done. Meditation helps to overcome overconfidence.
Mitglied seit Jul 19, 2020
283 Posts
Oct 23, 2020 at 09:41
Confident is good but overconfident is not good. It can put you in great danger.
Mitglied seit Jun 05, 2020
31 Posts
Oct 23, 2020 at 11:17
(bearbeitet Oct 23, 2020 at 11:17)
GeorgeBischof posted:
Confident is good but overconfident is not good. It can put you in great danger.
Agreed! A line between the two is very important.
Mitglied seit Jul 03, 2020
33 Posts
Oct 26, 2020 at 07:03
Both overconfidence and missing something can be harmful for a trader. Try to find logic in everything you do.
Oct 27, 2020 at 07:16
Trading and confidence are directly proportional to each other, but just like excess of anything is bad, excess of confidence leads to incorrect decision making. For example a trader is tooooooo confident on his trading style and strategy, thus ignores all other factors and blindly flows its strategy. This could take a wrong direction as you should make your strategy flexible with changing market environment.
The more your practice, the more you learn.
Mitglied seit Nov 07, 2020
19 Posts
Dec 02, 2020 at 10:28
It’s good to be confident while trading. But don’t be overconfident because you make losses more than expected.
Mitglied seit Sep 08, 2020
36 Posts
Dec 03, 2020 at 10:39
Do not let overconfidence chip away your profits.
Feb 08, 2021 at 12:05
After entering the trade market, new traders become overconfident and jump directly into it. As a result, most of them face a massive financial loss. A common reason behind this is the lack of knowledge about the market.
When beginners become overconfident, they start thinking that they have become the forex expert. This kind of attitude is a big problem among newbies, rather they should analyze and spend time improving their trading skills.
When beginners become overconfident, they start thinking that they have become the forex expert. This kind of attitude is a big problem among newbies, rather they should analyze and spend time improving their trading skills.
Mitglied seit Mar 17, 2021
494 Posts
Apr 03, 2021 at 16:51
leeson12 posted:
Overconfident is very very bad, it always end up wiping your account. Even I wouldnt rely on confident as well, just stick with your trading plan.
Yes. Overconfident can cause a great loss in your trading career.
Apr 06, 2021 at 05:41
An overconfident trader is aught to commit basic trading mistakes.
1. Lacks capital management
2. Doesn't pay attention to stop loss.
3. Fails to keep himself updated with market movements, events, news releases etc.
4. Doesn't backtest the trading strategy.
All these mistakes combined lead to disastrous trading.
1. Lacks capital management
2. Doesn't pay attention to stop loss.
3. Fails to keep himself updated with market movements, events, news releases etc.
4. Doesn't backtest the trading strategy.
All these mistakes combined lead to disastrous trading.
The more your practice, the more you learn.
Mitglied seit Mar 29, 2021
8 Posts
Apr 06, 2021 at 09:50
Overconfidence is the enemy of almost all endeavours
Mitglied seit Jul 23, 2020
696 Posts
Apr 07, 2021 at 11:17
hoagsobject posted:
Overconfidence is the enemy of almost all endeavours
I also agree with you. All kind of human emotion is the enemy of a trader. Try your best to avoid them.
Mitglied seit Nov 03, 2020
63 Posts
Jul 06, 2021 at 04:31
Sometimes overconfidence is confused with confidence, and as a result, it has a detrimental effect on your trading results.
Mitglied seit Feb 18, 2021
10 Posts
Jul 22, 2021 at 07:02
Not just trading, overconfidence is not a right mindset in any field.
Jul 22, 2021 at 11:27
Overconfidence is one of the worst mindframes to take when trading. If you feel overly confdent you are bound to neglect the importance of considering risks and you will not be careful enough. The result will be that you either miss important indications and trends, act too quickly or rashly, and ultimately end up suffering losses.
