Dont be overconfident in Forex.

[budado]

Over confident is really going to be my down fall. Right now I'm really expanding very fast and my trading account is getting stretch out. I do hope that once I have 10 active broker sites and 20 active trading account I can some how earn at least 500 dollars a month.

 

[vic84]

Being overconfident can make you you fix wrong trade, its very important to be in right composure of mind while trading.

 

[budado]

Being overconfident can make you you fix wrong trade, its very important to be in right composure of mind while trading.

Why will its going to fix wrong trade? I don't think its will be the result. If you make wrong trade then its means you make a mistake in doing analysis. Its a failure. For me over confident is believing that you will never going to loss and you end up risking more. You maybe have right trade but still end up losing as not using SL for example.

 

[anosocialnet]

Yeah you are right with that. Due to consistency in profit, will make a Trader to forget the nature of the Business and start to Risk more than he can not afford to loss...that is overconfident. And that is why we need to stick with Forex Rules so we can control our Emotion..

 

[sindarin]

Yeah you are right with that. Due to consistency in profit, will make a Trader to forget the nature of the Business and start to Risk more than he can not afford to loss...that is overconfident. And that is why we need to stick with Forex Rules so we can control our Emotion..

Agree with you, overconfident like one of the biggest mistake that could happen in a trader's life. There are bigger difference with confidence and overconfidence. The biggest difference is from the way it to see the risk of forex.

 

[anosocialnet]

I think we should be used to confidence because it is awesome, and gives the chances to make the best success out of Forex Trading. While the opposite, has the ability to blow up our Account with Margin Call...

 

[budado]

Over confidence can really hurt your trading account. The more you trade the more you can end up having hard loses. I do recommend that we spend more time learning how to trade first before we even try to keep on making good money. I don't recommend anything in here yet but just practice but if you make money make sure that you don't put it in your head.

 

[anosocialnet]

Not even a small Hard loss! Just out of Over Confidence...
Yeah, once success goes to the head, here comes another Mistakes out of Over Confidence; so we should be away. If we surely want to grow more our Account.

 

[sindarin]

Not even a small Hard loss! Just out of Over Confidence...
Yeah, once success goes to the head, here comes another Mistakes out of Over Confidence; so we should be away. If we surely want to grow more our Account.

That is why i think we should thinking that forex is business that full of risk, one profit does not make us become a successfull trader. If we can out from overconfidence traders can achieve bigger result and preventing more losses.

 

[rexway]

without been told a trader suppose to know that in forex trading that the market full of risk and uncertainty so for this fact I think that we must not be over confident with our specific trade rather patience and understandin

 

[budado]

I'm back with my old over confident trade again. My strategy requires 1,000 dollars trading capital to be effective and still have chance of getting stop out and yet here I am I have six trading accounts that is less than 100 dollars. I am doing do or die approach in here. Hoping that my analysis is always correct.

 

[sindarin]

Yes, forex trading is risky business. I think, we should understand it first before we make deposit in forex. We also must know that forex is not easy as we think. We must be able to minimize the risk in forex. Demo account must be used to hone skill in managing money and risk in forex

I don't know if we can train not to be overconfident in demo account. I see this issues as the part where you must solve by yourselves and it could be done not only from demo account or trading, by build your own mindset as traders you can avoid this overconfidence.

 

[budado]

Over confident in demo account? I don't think its applicable. First of all its a demo account. We don't need any confident in here as its a practice account. So theirs no win or loss in here.We are only using virtual funds to practice.

 

[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.

 

[David Cameron]

Confident is must need for any kind of business but not overconfident which is damage our emotional thoughts. If it damage then anyone will have to count loss his business mainly in Forex trading. Because most of the time, Forex trading is based on emotional thoughts and some strategy. So, Don’t overconfident don’t break down the technique of Forex trading.

 

[anosocialnet]

I can not blame a trader that is influanced by overconfidence some how because it is natural Emotion, so working and training our Emotion is another way to subdue the Over confidence attraction @sindarin

 

[anosocialnet]

I can not blame a trader that is influanced by overconfidence some how because it is natural Emotion, so working and training our Emotion is another way to subdue the Over confidence attraction @sindarin

 

[sindarin]

I can not blame a trader that is influanced by overconfidence some how because it is natural Emotion, so working and training our Emotion is another way to subdue the Over confidence attraction @sindarin

But they should be able to control it if they only want to learn, if they don't want to learn how to control their own emotion that is really bad for them. Overconfident is really bad for our career as forex trading, also this is the aspect that most trader don't take seriously

 

[anosocialnet]

The most Emotion that brings more Negative results to many Traders is Greedy, some said it is necessary some a time but Greed is Greed. They have not lost huge with it and that's why they said it's necessary some times, I think it is not and should not be.

 

[sindarin]

Yes, we must control our emotion to get more maximal result in forex. If we can not do it, we will not get maximal result. Even, there are many trader who can't control it well, including myself. But i try to learn it.

Of course, without controlling emotion traders cannot become a successful traders, their account will be loss so easily, and they will ended up conquered by emotions and keep making the same mistake that could lead to their own demise. Remember that trying to not be overconfident requiring time just like we practicing our skills