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Overconfident
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Chikondi

Member Since Aug 06, 2019  10 posts Chikondi 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

togr

Member Since Feb 22, 2011  4836 posts vontogr (togr) 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...

Tygotaylor

Member Since Oct 22, 2019  33 posts Tygotaylor 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.

Adribaasmet

Member Since Aug 27, 2017  861 posts Adribaasmet Oct 29 2019 at 16:52
I think; new traders have this issue after making 2-3 consistent TPs!

AniLorak

Member Since Apr 18, 2017  885 posts AniLorak 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!

Androgelv

Member Since Nov 08, 2019  16 posts Androgelv 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.

feelsofine

Member Since Dec 09, 2019  37 posts feelsofine 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.

traderroni

Member Since Oct 05, 2019  29 posts traderroni Dec 27 2019 at 08:18
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

Member Since Dec 18, 2019  38 posts ProfitableRisks (ProfitableRisks) Dec 27 2019 at 22:39
Overconfidence in fx? ZI don't think so.

Trender
Thorgahuginn

Member Since Jan 01, 2020  15 posts Thorgahuginn Apr 28 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.

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