How should a trader deal with overconfidence?

[Ricard Dorman]

How should a Foex trader deal with overconfidence? Maybe a better question about confidence- trading and over wise, it’s not why people are overconfidence to being with, but why they stay overconfident? You may see, the problem with overconfidence is not the innate dais toward optimism that most people seem to posses. That’s a good think it keeps the world moving forward.

The problem is the inability to temper optimism as a result of prior experience. This truth is, we don’t learn well enough from our mistakes. Consider this: If overconfidence is as big a problem as some say it is, it should be a short-term problem at worst.

[Shane Watson]

Really, having overconfidence is not good! It can lead us to loss and other type of problem is what ever business we are doing not business only but also work that we are doing. But overconfidence come may be when we are winning a business and instead of us to stop trading for that day when we have make some profits, but still continue to trade and later loss all the profit back to the business.

That is way it is very important that we learn very hard in the demo account to know all about all this things and know how to control them before we start to trade in the live trading account. Without learning and understand all this thing from the demo account, they will definitely affect us when we continue to trade in the live account. That’s way, we need to learn and understand and know how to control them before we go into the live account to trade.

[Marcus Reilly]

Most of the times traders get overconfidence due to one simple reason and that is the being able to gain high unexpected profits. If a trader was actually expecting to gain 10$ from his trades but fortunately he managed to gain as high as 50$ then he will sure be over confident because he will start to think that he is a really good Forex trader and he can make profits in all the trades.

But, a trader should never be overconfident when he is trading here in the trading market because, if he shows his over confident then there comes a high chance that these traders lose. For any traders trying to trade here and gain money there is only one thing that is going to be needed and that is faith in the market and the knowledge also of the market. Because, without proper knowledge of the trade market on one can gain.

[Zachary Davis]

Overconfidence is an emotion which has to be controlled and now that I just started to realize that overconfidence is not only counted in Forex trading, but also in other business which we do even in our daily life which we live we don’t need to be overconfident about anything as well. Forex is one of the risky business so far on this mode I think that the trader who really want to earn here must be sure that they are emotional control into consideration first. Overconfidence can also deprived us the right to inherit a profitable trade.

[Andre Silva]

It’s not a good sign to trade with over-confidence! Actually, there is nothing like 100% in Forex business that means, there is no obvious! That’s the necessary of money management and risk management rules! Generally, which traders are overconfidence they like to use high risk reward ratio in their trading, as a result, they lose high amount of money when they face any single SL position!

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