Balance between self-confidence and trading? Back to list

Member SinceJul 08, 2021

Posts 167

Wilburn

Oct 01, 2021 a 02:53
Any forex trader who achieves success must be able to self-control and must not give in to destructive emotions such as fear, greed, doubt, lack of self-confidence, and indecisiveness. These were devastating mistakes. They must be avoided. Forex trading is largely driven by traders' self-control or psychological nature. Successful traders are disciplined. Trades without discipline are destined to fail. Discipline and respect for the markets are the keys to success in Forex. Discipline means sticking to your trading plan and following your trading system. While winning several deals does not feel like success unless you respect the market. Profits instill confidence. A growing sense of confidence, however, led to mistreatment of the market.

Member SinceJul 12, 2021

Posts 182

meni78

Oct 08, 2021 a 13:49
Many traders fail to appreciate the importance of controlling their emotions, and this is one of the main reasons behind losses and failures. Self control is of utmost importance as one would be able to keep under careful control his fear or greed, both of which can lead to negative results in trading. As you mentioned, being disciplined, careful and exercise self control, are key ways to do well in trading. There is a balance that needs to be struck between neither being too optmisitic as profits were made, nor being too pessimistic after suffering a number of losses.

Member SinceAug 09, 2021

Posts 197

Hightrade

Oct 09, 2021 a 11:18
Balance between self-confidence and trading is a painstakingly tricky concept to navigate. It's all too easy to mistake one for the other, especially when it comes to trading. Surely everyone has felt an irrational streak of self-confidence before, like you're the smartest person in the room and there's no way you'll lose money with that strategy. The problem is that this strikes at the heart of what makes successful trading so difficult: staying calm and rational.

Member SinceJul 12, 2021

Posts 136

Fiba

Oct 13, 2021 a 18:57
Self-confidence is a key component to success in trading. It allows us to stay motivated and committed to our trades during market downturns, as well as to reject negative thoughts that come from the fear of losing money. A balance between self-confidence and trading can be achieved by maintaining realistic expectations, making informed decisions, and not letting emotions cloud our judgment.

In order to maintain a good balance between self-confidence and trading, one must maintain realistic expectations of their own ability.

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