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Overconfident
Aug 13, 2019 at 10:03
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
Mitglied seit Feb 22, 2011
4573 Posts
Aug 13, 2019 at 11:00
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...
Mitglied seit Oct 22, 2019
30 Posts
Oct 29, 2019 at 11:36
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.
Mitglied seit Aug 27, 2017
875 Posts
Oct 29, 2019 at 16:52
I think; new traders have this issue after making 2-3 consistent TPs!
keeping patience.......
Oct 30, 2019 at 06:57
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!
Dec 04, 2019 at 18:00
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.
Mitglied seit Dec 09, 2019
34 Posts
Dec 16, 2019 at 04:41
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.
Mitglied seit Dec 18, 2019
33 Posts
Dec 27, 2019 at 22:39
Overconfidence in fx? ZI don't think so.
Trender
Mitglied seit Jan 01, 2020
19 Posts
Apr 28, 2020 at 17:54
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.
Mitglied seit Dec 09, 2019
34 Posts
Apr 29, 2020 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?
Apr 29, 2020 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.
Apr 29, 2020 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.
Mitglied seit Dec 09, 2019
34 Posts
Apr 30, 2020 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
Mitglied seit Feb 22, 2011
4573 Posts
May 06, 2020 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.
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.
Mitglied seit Oct 22, 2019
30 Posts
May 15, 2020 at 08:20
Sven98 posted:
Over confidence in trading will only take you down and down.
Over confidence will take you nowhere.
Mitglied seit Aug 05, 2019
49 Posts
Jun 05, 2020 at 09:41
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
Revenge trading only blows up your account.
Mitglied seit Jul 19, 2020
283 Posts
Aug 18, 2020 at 12:04
Overconfident is the most dangerous thing in the forex market. Confident is good but overconfident can put you in great danger. I think, there is no space for overconfident in the forex market.
