Dont be overconfident in Forex.

[budado]

Over confidence is extremely dangerous for the traders because they can face some extremely big losses in the market and they can lose quite a lot form their portfolio, so traders need to avoid this for their success.

Some how I do agree. Because I did experience this. But I really don't reach a point that I face extreme loses. If you know how to trade then you can just remedies once you realize you make mistake in your trade for being over confident.

 

[magerro]

Assuredness in Forex, as elsewhere in life, leads to bad consequences

 

[zaoxianiu]

Overconfident may lead to lost in forex, forex is a business, if you want to get constant profit in the long term, should take it seriously, and alway keep learning to improve your skills.

 

[Avka]

Self-assertive guy is guy who rely only on himself) I guess it's good to rely on yourself.

 

[TenkoFX]

There is no holy grail in the Forex market and no indicator can give 100% guarantee of trading. Therefore, It is clear that we can not be over confident in our trading because market can reverse anytime. We can just increase the odds of winning by applying a set of confluence such as trend, key levels, strategy and trading plan. So always stick to your strategy.

 

[sindarin]

@TenkoFX This is why we should never be overconfident, even our strategy is doing well for a while it does not mean that one day it will give us huge fail that if we don't know how to solve it may ruin our career. Also with overconfident a trader tend to do careless thing rather than when they are just confidence.

 

[Avka]

Of cource, you can never be sure for 100%. Technical analysis can't be 100% right, and fundamental analysis works only after the event.

 

[vic84]

yes very important to keep your composure and trade according to your skills and capability, dont copy how other's are trading,learning from others is good but copying them exactly is not.

 

[budado]

Over confidence is also result of lack of maturity yet when trading in forex. You incur loses and after few weeks or months of continues trading you are making profit and your confidence level rocket up believing that you find the answer to forex trading but after few weeks or months you are back again to losing streak.

 

[CahCuncun]

Over confidence is also result of lack of maturity yet when trading in forex. You incur loses and after few weeks or months of continues trading you are making profit and your confidence level rocket up believing that you find the answer to forex trading but after few weeks or months you are back again to losing streak.

it should be avoided when trading because it will "kill" us. But confident is very important to make us be able to make us get maximal result. Our trading skill must be improved, we can try to use demo account.

 

[Arafat sani]

We should give up the tendency especially overconfident for keeping survive in this market place in a long time. Because, this is the trading platform where not a soul who be capable of predicting the foregone conclusion of this trading place with surely. But, for maintenance survives we have to depend on our trading strategy that we choose according to our trading capability. Actually, I am very lucky to select MxTrade as my trading platform where I am getting proper candlestick which is very supportive to apply my trading policy especially the price action. By using this candlestick, sometimes, I am abel to calculate the real faction of this market with certainly.

 

[budado]

After gaining lots of profit from just a simple 10,000 dollars trading capital last September I reach 26,000 dollars last week of February. Then on March I increase my lot size and I end up losing 6,000 dollars. I am now back to my normal lot size but over confidence is the main reason why I increase my lot size and loss.

 

[budado]

I'm again walking in wire right now. I do know my mistake but I keep doing it. My mistake is over expansion. I always take too much risk increasing my lot size too much and investing too small trading capital and spread it to as many trading accounts I can have.

 

[CahCuncun]

Sometimes, without we realize, we are over confident when trading. Then we will know the impact when we get loss. I think, we should try to discipline ourselves to trade in forex. Trade our plan which has been made.

 

[Avka]

Confidence is good, you just have to see the facts.

 

[vic84]

yes its very important to keep you calm and dont take decision in over confidence, you might feel like you have learned lot while making profit but you should have a very cautious approach.

 

[sindarin]

I think this is a reckless movement from us, nothing good that we could gain Just confident and never overconfident, the key to be confident is by knowing your skills and your current strategy, by knowing it you can measure how good your analytical skill.

 

[PeteK]

I heard it takes forever to get your money from nsfx. does anyone have any experience with this broker? can you recommend me someone that gives you your money fast?

 

[Dmitriy Ushakov]

You should be confident, nut not self-confident. You can pay dearly for this foolhardiness with money and prestige.

 

[anosocialnet]

yes its very important to keep you calm and dont take decision in over confidence, you might feel like you have learned lot while making profit but you should have a very cautious approach.

Cautioned approach to trading, since it is dynamic business. Posing to know everything makes a trader to get lazy of constant learning and practice. And that is not the best approach in Forex.