Teach me, How to increase Confidence?

Found this book to be extremely helpful too. I would even add Bill Williams Trading Chaos 2nd Edition page 1-90 to this - it completes the picture quite nicely.

mphpopular,

All of the above is good but there were 2 additional items that helped me.

First, after burning through my live account and having nothing to show for it other than a bad case of nerves I made a commitment to the DEMO account. Every broker has them. For me, I had no money left so I had no choice. By the time I began to turn a demo profit I was able to refund the live account ... that takes me to the 2nd item.

Micro Mini trades. This allowed me to trade in penny lots. This is cool for a developing trader. At its "lowest" level you chould lose 100 pips and it translates to a loss of only $1.00. As your confidence grows you can increase your trade sizes. As long as you stick with the positive process you learn with the Demo and Mini trades you will find a comfort level with larger trades.

Hope this helps.

here is the best advice for all

there is only one way to boost confidence

KNOW the real value of what you trade

if one doesn't know the value of the subject how can he be confident?

here is the most underlying principle which differ a trader from a jackpot gambler

as a trader we have the liberty to evaluate comparative strength, which of course required strong fundamental knowledge and a little bit of history. however there are ways to study this through chart reading but the accuracy is of lesser value.

for e.g.

GOLD is more valuable than USD at least until now
and eventhough ppl code it as GC, it should be thought as GOLD/USD
when we are trading GOLD we compare its value to USD
exactly the same with OIL, we should think of it as CRUDE OIL/USD
when trading stocks basically we only have 2 sectors FINANCE and COMMODITY, at this moment finance is stronger than commodity because we are in deflation

if we understand the value of those in the capital market and ALWAYS choose the STRONGEST/WEAKEST pair I GUARANTEE YOU 100% YOU WILL WIN THE MARKET.

phew, I'm so confident

Hi Devin!

Sorry to come here so late! You have shown one of the steepest learning curves I have been to witness and have an extraordinary understanding of PA and some good and prooven systems. There is nothing standing in your way in fact. Remember the early trades you took? You had the confidence and the stamina to just do it.
Now you have learned more and the knowledge is slowing down your ability to actually take the trade. But this will surely pass, as you are one of the few manual traders who show from the beginning "they have it in them"!
It is not by chance I pick you as the most recent and most successful learner of the supernova thread as soon as someone asks for direction and the "key posts".
You are young and you just have to drop that fear that comes from deeper understanding. Make it a "feeling" thing like driving, swimming or cycling. I know you have it in you and you will surely not fail!

If you feel just flattered I'll kick your ass!

Do it - you ARE good!
Ciao!
friend Matt

In order to be successful you must have a good strategy and the best strategy is the one that gives you confident. When building your strategy you must be focus in the right mix of indicator. Some traders talk about choosing the indicator according with your personality. You must understand this in a simple way. Just find an indicator that you can rely on. And you can only find it if you study and practice a lot. If you read as much as you can and you learn how the indicators work you would be able to find confidence in the market.