Overconfident

For keeping survive in this volatile trading place confident is needed but overconfident is will harmful , sometimes because overconfident then leading trader greedy in trades, and dare to take risk in trading which actually the market very dynamic and not always after trade open trades then will directly get profit.

I would say many users here are overconfident.
Without proper knowledge, without single profitable account
they post their nonsenses here and they are not open minded to get some more knowledge from the feedback.

togr posted:
I would say many users here are overconfident.
Without proper knowledge, without single profitable account
they post their nonsenses here and they are not open minded to get some more knowledge from the feedback.

I agree with you.

Overconfident comes when you had a serious debt. You need express money to clear it or at least you can breath. Unfortunately, most of them unlucky 😂

Overconfidence should be avoided at all costs as sometimes this market can turn against your expectations within seconds. It will land you in a tight spot as you become hungrier for more profits putting your earnings in risk. Learn from your mistakes and of others as well.

But how can one avoid over confidence. It is human nature to think you are great when results have been going well for months

StanfordB posted:
But how can one avoid over confidence. It is human nature to think you are great when results have been going well for months

Simply create robots to trade for you like me.

I agreed with @togr , and i login my account with investor password. Thats how i control my emotionssss 😂

Mohammadi posted:
For keeping survive in this volatile trading place confident is needed but overconfident is will harmful , sometimes because overconfident then leading trader greedy in trades, and dare to take risk in trading which actually the market very dynamic and not always after trade open trades then will directly get profit.

Not just in trading but overconfidence could be fatal in every field.

Overconfidence will surely hit the traders lose their balanced mindsets and the view becomes strongly influenced by their beliefs. That weapon surely hurts them badly.

I like to use automated systems to trade with. That way there are no emotions and no over trading

YellowStoneFX posted:
I like to use automated systems to trade with. That way there are no emotions and no over trading

Same mine 😎

I use auto a lot but i find that sometimes some old school gut instinct is best. especially with long term moves

If you use gut instinct to trade then you will end up losing your account. Nothing but hard analytics is what you need in trading

Right, analytics (psychological) minus emotional is needed for every traders to success.

I do not understand what do you mean? Do you need to analyse your phycology?

Overconfident is a natural way to react especially in trading. And it should be avoided as early as possible to avoid the great loss.

Easier said than done. I find it helps to trade using strict guidelines e.g. only 6 trades per day, risk only 1% of my account. This helps control everything

Even if you have this 'overconfidence' in your mind, markets can bring you down to earth very quickly. It all comes to learn your lesson timely before losing too much!