Is over confidence in forex a killer

[mumuy]

Forex trading carries a very high risk of which can make one to be in the trade for years and just a mistake will cause him dearly. Last year December I used some trade strategies to raise $120 to $412 by January this year from which I withdrew $300 and started with the balance but unfortunately I was just over confident and was thinking that by my strategies and some coincidences will make it to happen as before but sadly enough I closed my trade in that account at balance of $15 loosing $97.

I want to advise everyone of us to not to trade with over confidence but to trade wisely and make use of our knowledge, wisdom, stop loss and take profit order and a good money management so as to make profit in this trade and retain it and continue to remain in this system. What are your opinion everyone?

 

[reed]

Your reminder is really timely! Sorry for your ordeal, this trait can drive one to make rash decisions that affect one's trade.

 

[Easy Trader]

Confidence is the most important thing to protect in trading. In your particular case I think it was a false sense of confidence.

 

[Master Forex IB]

Confidence is must to do work with this risky market but over confidence that lead us towards greedy trading thinking we will win all the time is not good . It really harms our amount we forge t risk and its management.

 

[Lucy Hargreaves]

Yes i agree with you .

 

[syai77]

I think it's good, over confident can make us more warn....

 

[Rambo35]

I think as long as you stick to your trading plan and risk management and trade what is there and not what you want to see you should be just fine.

 

[mumuy]

Its nice to take risk but not to be over-confident....

 

[Lucy Hargreaves]

Its nice to take risk but not to be over-confident....

i am agree also .

 

[reed]

I think as long as you stick to your trading plan and risk management and trade what is there and not what you want to see you should be just fine.

Yes, to a degree. But we always have to stick with that plan, if not things might get ugly.

 

[Lucy Hargreaves]

confidence is always positive thing and over confidence is also part of the positive sense. I think there have both effect. When it matches with our luck it woks nice and go appreciate. But when it miss match with our luck is goes with negative sense,,

 

[mumuy]

Having a positive outlook before trading helps a lot.

 

[Lucy Hargreaves]

To be a successful forex trader you must have confidence but over confidence is very harmful for your carrier and account.so don't over confident

 

[Lydia Harrison]

there's a lot of difference between confidence and over confidence.don't be over confident.it may through you to failure

 

[Emibluz]

Confidence is necessary in the market, so also is flexibility. But what kills more is a shallow vulnerable sense of safety or confidence. Negligence mistaken for confidence. The truth is we easily tend to overlook incidences in the forex mistaking this delicate market for a pleasurable amusement park. Else tell me why clients would accept a broker without reading well through his dealer policy. Especially when the later is regulated. And when their transparency gets questionable, they scream about for class actions. Without due diligence, we should be expecting more PF Global scams reincarnation even in the most regulated forex.

 

[Agnnis bingamin]

Yes absolutely agree with this overconfidence is always harmful for us as market get change and we lead to suffer loss so better to always keep in mind that our strategy can also be unsuccessful.

 

[Master Forex IB]

With over confidence traders are always in positive thinking that they will certainly get profit. they ignore management for trading. some traders do high risk trading that causes a great loss for them.So always had a safe end for your amount in order to use it in well manner . You should not forget loss can harm you any time.

 

[ddeeen]

Over confidence, its belong to emotion management, So, just away from USA Companies!!.

 

[Agnnis bingamin]

I really don't know how people get trade with overconfident as I can't do I always afraid of loosing.

 

[nurfakih]

I think that confident is must be the part while we are trading in forex..
Confident can improve our analyze when we trade
If overconfident, i think it's pretty bad for entering the market...
While i'm trade in some broker like Liteforex,Oanda,etc. I never overconfident, i was always be careful to enter the market...