Overconfident
Mohammadi
Medlem sedan Aug 11, 2017
825 poster
Oct 31 2017 at 15:39
Overconfidence can still have our mistake in terms of loosening our trading or say that we might ignore or miss something that is significant. Still, too much in Forex will be bad and will not benefit a trader and these includes in both having too much confidence and lack of confidence.
mlawson71
Medlem sedan Dec 11, 2015
1487 poster
Nov 19 2017 at 14:54
Can you recommend any ways to overcome such overconfidence? Any practical advice?
Baldo
(BaldoN)
Medlem sedan Feb 12, 2016
522 poster
Nov 21 2017 at 15:03
Confidence comes with experience and years of screen time. I would not say it is bad or good, but if you are confidante means you are aware of what you are doing on the market :)
mlawson71
Medlem sedan Dec 11, 2015
1487 poster
Nov 22 2017 at 16:14
There is a difference between confidence born of experience and awareness of one's own abilities and overconfidence because one is too arrogant to admit to themselves they need to be more careful, I think. Some people do suffer from the latter.
Tiffany
(TiffanyK)
Medlem sedan Feb 12, 2016
427 poster
Nov 23 2017 at 15:53
Overconfidence depends also on the way the trader thinks and acts in life. If you are that type of person - you do not consider yourself as Overconfident, but just as a confident person. So the people who think that they are confident need to think twice 😄
Accept the loss as experience
Overconfidence can kill a trading account. It leads to over trading and under analysing. To avoid over trading, you could record how many trades per day / week you normally enter and if you find that you are taking more than the average it is likely that you are over trading
mlawson71
Medlem sedan Dec 11, 2015
1487 poster
Nov 25 2017 at 15:34
TiffanyK posted:
Overconfidence depends also on the way the trader thinks and acts in life. If you are that type of person - you do not consider yourself as Overconfident, but just as a confident person. So the people who think that they are confident need to think twice 😄
I agree. Self-awareness is generally a difficult thing to achieve, especially for people who are overconfident.
BonkersBit
Medlem sedan Nov 30, 2017
10 poster
Nov 30 2017 at 15:37
overconfidence often equals arrogance which leads to failure
mlawson71
Medlem sedan Dec 11, 2015
1487 poster
Dec 01 2017 at 16:41
BonkersBit posted:
overconfidence often equals arrogance which leads to failure
That was my sentiment exactly. Arrogance severely clouds one's judgement - just as much as irrational fear does if not more.