Overconfident

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.

Confident is good but overconfident is not good. It can put you in great danger.

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.

Both overconfidence and missing something can be harmful for a trader. Try to find logic in everything you do.

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.

It’s good to be confident while trading. But don’t be overconfident because you make losses more than expected.

Do not let overconfidence chip away your profits.

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.

There are times when good earnings and profits might instil a feeling of over confidence in a trader. But good traders will always keep calm during such situations and not give in to any impractical activity.

You become confident when you gain experience in forex and spend time on learning forex and developing strategy. But when you are overconfident about your trading practice,for sure it will lead you in losses.

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.

if you do not remove self-confidence from trading and have not learned to control yourself, I see no reason to trade.

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.

Overconfident people often do not notice these nuances and points that are important for trading and in order to avoid risks and losses.

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.

Overconfidence is the enemy of almost all endeavours

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.

Sometimes overconfidence is confused with confidence, and as a result, it has a detrimental effect on your trading results.

Not just trading, overconfidence is not a right mindset in any field.