overconfidence is a broad concept. 1. can be achieved through professional growth and many years of practice, when overconfidence is based on experience and readiness for any situation. 2. can be caused by the illusion of success, and psychological problems.
The second option is dangerous, and the first should be the goal for everyone.
{quote} Investing in a trading experience is the time you spend on trading, practice (on lower lots, for example), and losses are the imperfection of the strategy. Nothing is perfect, and undoubtedly losses are part of the trade, but refusal to accept them is distructive, you need to continuously work on the strategy and on the mistakes.
Ignored
I didn’t mean "refusal to accept them". I just gave an example from personal experience. Such a life hack. Think about losses in a different direction, and move towards self-improvement.
{quote} I didn’t mean "refusal to accept them". I just gave an example from personal experience. Such a life hack. Think about losses in a different direction, and move towards self-improvement.
Ignored
I understand your point and it has an optimistic direction, this is your way of not worrying about losses.
I am realistic about it and I don't worry when I realize why this happened and I can fix this mistake.
We all have our own set of knowledge, techniques and experience...
KR
The main problem for most people is excitement. They do not notice how they begin to get more and more involved in this. Therefore for successful trading the first step is to get rid of this habit. If you lose you need to fix it and not wait for the dd to be sustained. After all the chart can go contrary to your expectations (as often happens).
Ignored
Greed, excitement, fear, uncertainty or overconfidence are all emotions that are very difficult to overcome, they step by step bring the trader closer to losing. There are many tips and practices for dealing with emotions. For example, related to excitement you need to pause after unsuccessful trading in order to allow the mind to cool down.
{quote} I understand your point and it has an optimistic direction, this is your way of not worrying about losses. I am realistic about it and I don't worry when I realize why this happened and I can fix this mistake. We all have our own set of knowledge, techniques and experience... KR
Ignored
I can't say I'm not worried about losses, but with this self-hypnosis technique I very quickly cope with this feeling. And I quickly cool my head and move on. I work on mistakes and earn money forward.
It just my way and it is not so optimistic. If I see that losses exceed profits, then not a trace of optimism remains. But a full analysis of actions is turned on.
As it says "put your trust in God and keep your powder dry".
{quote} Greed, excitement, fear, uncertainty or overconfidence are all emotions that are very difficult to overcome, they step by step bring the trader closer to losing.
Ignored
Indeed. But to make good money, this is worth striving for.
Why traders lose money:
1) Lack of a trading system.
2) Very large leverage. Because even a profitable trading system with an excessively large leverage can lose the deposit.
The secret to surviving as a forex trader, as it is in life, is risk management. Even if you are an expert trader, poor risk management can still wipe you out. Due to inadequate risk management techniques, forex traders lose money.
As a rule, traders lose money because they speed up their enter to the market. They should have waited for a better enter but they couldn’t kept themselves waiting. As a result, they pay the price.
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Joined Jan 2021
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Status: Junior Member
|4 Posts
There are many reasons but one of the top reasons is patience, it is almost certain that you may end up losing, IF you can not get a grip on the patience aspect. So I from my own experience can say that.
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Joined Apr 2024
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Status: Junior Member
|3 Posts
Hello, everyone
I am not so long in trading, only 1 year, and still don't achieve consistent profit, but during this time I realized that in order to master trading you need Discipline, Money Management and Risk Management and finally faith in what you are doing, you must understand that it will not be easy, It may take you 3-5-7-10 years to start earning, and maybe even your whole life, many beginners think that in order to start trading you just need to register with a broker and replenish your deposit, but this is just the beginning, surgeons study for 10-15 years before they start operating. ..
A great opportunity that can help you in trading is to find a mentor who is already making money on it and follow his example, unfortunately, in my country forex trading is not as developed as in others and nowadays the power of fake gurus on Instagram and YouTube, I want to wish everyone who reads this patience and perseverance, because 1 great week can close all the losses for years of study, just don't give up and enjoy the way to the world of trading....
