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Thread: What is overconfidence in Forex?

  1. #21
    Well generally newbies have 100% success rate. Only because they dont understand what they are doing and they earn money.
    Seen that million times

  2. #22
    Quote Originally Posted by ;
    well usually newbies have 100% success rate. Simply because they dont understand what they are doing and they earn money. Seen that thousand times
    I believe it's more because some newbies learn a really good egy and stick to it closely since they don't understand anything else. The more we understand about trading, the more we realize how risky it's and that has an impact on the confidence and decision-making procedure. Newbies don't have that issue.

  3. #23
    Quote Originally Posted by ;
    Overconfidence means, you believe that you're doing appropriate analysis or commerce but in the conclusion, it was not and you face loss. Being trading and confidence is a good way of work but trading just like you're master and you can do some analysis isn't a good method of work.
    Yes, by overconfident without loss in the end you couldn't find anything. Because this market is too much volatile and there's no one who can forecast the true faction of this market with certainly.

  4. #24
    A trader with a functioning system doesn't feel overconfident or lacking confidence because these emotions are not triggered by their trading. If you've been driving 20 years for instance, do you sit in the vehicle and feel overconfident that you will do a good job driving? No, that is not an emotion you feel when you put behind the wheel? When you started driving confidence was something you wished to possess, but after some time and once you knew you're a good driver it was not an issue anymore. But in trading it might be a double-edge sword in which overconfidence is actually a state of expecting to compensate for feeling uncertain or insecure about your trading. There is a reason. Not hoping to get too heady here, just a frequent reality of investing as I've experienced it myself and as I've heard it in other traders.

  5. #25
    Hands down, in the event that you objectively trade your method. You wont be having this issue of over confidence. Each trade will be unique, whether it wins or loses.

    Handle your emotions to prevent the drawbacks of overconfidence. This is done by studying plogy when you trade.

    This guy blogs about this type of topic , its a great read.

    Https://www.tradersreality.com/

    Happy Trading Men

  6. #26
    The main example of overconfidence is preventing stop loss trading instrument! I find, a number of Forex traders are after this wrong route of trading! No doubt, overconfidence is very harmful; because there is nothing like 100 percent in Forex business so; we should be sensible here!

  7. #27
    Statistically, 9 out of 10 traders drop money in Forex. There are a number of other factors supporting it.

    I do not believe overconfidence is a frequent problem because most traders get humbled from the market's vicious movement with time. Much like lack of confidence are more prevalent among fighting traders.

  8. #28
    Quote Originally Posted by ;
    the primary example of overconfidence is preventing stop loss trading tool! I see, a range of Forex traders are after this wrong route of trading! No doubt, overconfidence is very harmful; since there is nothing like 100% in Forex industry so; we ought to be sensible here!
    Some individuals do not wish to get stopped out prematurely from their trades because of volatility or because of bad entries. It has nothing.

    Trading using a tight stop loss is very difficult. While being discontinued at a larger stop loss also often will make profiting through the very long run difficult as well. They may as well decide not to use any stop loss, and elect for actively handling of the trades instead.

    Personally I use a significant stop loss that is rarely hit. But the concept is similar.

  9. #29
    Quote Originally Posted by ;
    Statistically, 9 out of 10 traders get rid of money in Forex. There are many other factors supporting it. I do not believe overconfidence is a common problem because most traders become humbled by the market's barbarous movement over time. Much like lack of assurance would be more widespread among struggling traders.
    Very good point you've noted. Overconfident is really damaging in Fx trading. But not mainly traders lose by this nature. Generally there is no one who can predict the true faction of this market with surely. Overconfident is exactly like a portion of immaturity in here. Nothing without it.

  10. #30
    Overconfidence is when you hold onto a losing trade even when it has gone past the point/area which invalidates your commerce (i.e. in which you would've put your stop loss). You are so confident that it'll turn around that you hang on trades such as this, and continue to construct leverage before your account stinks up.

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