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What is overconfidence in Forex?

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  • First Post: Mar 28, 2017 12:06pm Mar 28, 2017 12:06pm
I have seen so many trader loss their money in Forex trading due to overconfident and face loss. I think we control but emotion and do trade very skillfully must sake stock on right and with proper market analysis. Please share your views here.
Actually being overconfident will bring trader become careless and often, it lead trader make wrong trading decision. I don’t know whether it in term of open position or in decide to use margin pre order. Being overconfident also makes us ten to become not aware anymore that the market is unpredictable and risk loss will always exist.
Yeah, overconfident has destroyed many ventures over the course of history. Anyway, with regard of Forex trading –it should be viewed as an objective venture, not influenced by personal feelings or opinions.
Quoting JamesFaulkn
Yeah, overconfident has destroyed many ventures over the course of history. Anyway, with regard of Forex trading it should be viewed as an objective venture, not influenced by personal feelings or opinions.
Forex trading is a business that has a very large profit opportunities. Forex market is a market that has a very high liquidity compared to the others, so it is no wonder that many fans forex trading. so for it to be able to get the advantage to be observed by learning as in the demo or contest demo accounts from brokers instaforex. Forex risk, so the skill maximize trading capabilities
MOST traders lose their money in forex owing to the fact that they are over confident and in the long run experience loss. When we look at the course of history, overconfidence has murdered many ventures. However, we can manage that emotion & trade very skilfully
It's an unfortunate combination of greed and lack of self-awareness about one's own level of skill and knowledge. People think the market will move in a certain direction because they want it to, rather than see and believe the signals on the chart, and end up getting burned.
Over confidence is a silent killer. Compliance with basic risk management and trading rules becomes virtually impossible when one becomes over confident. Traders start to over leverage, stop using hard stops, and swing for the fences on every trade. Basically, traders turn trading into gambling when they're over confident. Trading is a business and should always be treated as such.
Overconfidence can still have our mistake in terms of loosening our trading or say that we might ignore or miss something that is significant. Still, too much in Forex will be bad and will not benefit a trader and these includes in both having too much confidence and lack of confidence.
For keeping survive in this volatile trading place confident is needed but overconfident is will harmful , sometimes because overconfident then leading trader greedy in trades, and dare to take risk in trading which actually the market very dynamic and not always after trade open trades then will directly get profit.
IMO, 99% of Forex traders are NOT overconfident and overconfidence is not what leads them to over leverage or move stops.
Its just a pure and simple gamble for the average retail trader. We seek the rush, the big home run trade, doubling up your account every week and so on and so on. We take huge risks to get these points and i would say most of us are well aware of the risks we take. So to cut it short its not overconfidence that kills the account its the wishful thinking... just my 2 cents
Forex has the advantage, and also with their forex risk, so for it, as a trader should be able to run the trading well, to always do learn to maximize the ability to be certain advantages in forex as it exists and can be obtained
The thing about overconfidence is that it's as toxic and dangerous as lack of confidence. A trader must be self-aware about what they can and can't do, because overconfidence will influence their decision in just as a negative manner as lacking confidence would. They're the two sides of the same coin, so to speak.
The trader must be able to run good trading, forex will be no risk and profits therein. To believe in forex it has the advantages and disadvantages, so try to always strive to learn and also struggled in practice just as in the demo account or demo contest in instaforex broker so convinced of the benefits to be gained in forex
Of course, overconfident has destroyed many ventures over the course of history. Anyway, with regards to Forex trading –it should be viewed as an objective venture, not influenced by personal feelings or opinions.
Quoting Kanewilliams
Of course, overconfident has destroyed many ventures over the course of history. Anyway, with regards to Forex trading it should be viewed as an objective venture, not influenced by personal feelings or opinions.
I agree, but unfortunately that is easier said than done. Human beings are emotional, irrational creatures for the most part. It's in our nature to be this way, and learning how to be impartial when you're trading is really difficult.
Quoting MarkFxAnde
I have seen so many trader loss their money in Forex trading due to overconfident and face loss. I think we control but emotion and do trade very skillfully must sake stock on right and with proper market analysis. Please share your views here.
What overconfident means by me is that you think that you are doing the right thing, but actually you are not. However somehow the market can go or go against you and bam - you make partly or full loss.
Quoting bigjackpot
{quote} What overconfident means by me is that you think that you are doing the right thing, but actually you are not. However somehow the market can go or go against you and bam - you make partly or full loss.
I agree. I would also add that it's wilfull denial of how the situation on the market really is.
Overconfidence means, you think you are doing right analysis or trade but at the end, it was not and you face loss. So being confidence and trading is a good way of work but trading like you are master and you can do any analysis is not a good way of work.
Quoting Butterscotch
Overconfidence means, you think you are doing right analysis or trade but at the end, it was not and you face loss. So being confidence and trading is a good way of work but trading like you are master and you can do any analysis is not a good way of work.
execute trades that it takes to run the process, and we always run well in learning to practice on the run with understanding how the forex properly. Forex was a very high-risk business, so it would be worth trying to always run in learning to maximize the ability and knowledge
Well, there is nothing like certainty in Forex, so if you trade here and expect a 100% trading result, it’s called over confidence! In addition, trading without stop loss trading position is another popular symptom of over confidence! By the way, I get around 65-70% success ratio in my personal trading system, and I believe in reality! And I don’t open multiple trades positions a in a time, since I am not sure about the final result!
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