Never be over- confident in Forex

Peter Brandley:
I want to share with others traders and members my thinking , which I was learn during my little experience .

I want to say that trader can't allow himself to be so confident , so sure in some analyzes or in some prediction after news in Forex market .

In forex we must know that ,simple,everything is possible ,so, traders and members , you have to prepare on opposite situation in every moment .

If so say sometimes: " price can't go up 100 pips" but price goes more then 500 pips , and price can continue in that direction etc.

Sometimes the Confidence can kill and this thing is very much true in t he Forex markets where we can get into a wrong trader by not giving full attention to it.

Peter, I am agree with you. a trader should not be over confident about trading. Over confident always lead to big lose. Confidence is necessary but trader should be able to make difference between confidence and over confidence.

If everyone were confident about trading then everybody would earn money without any loss. And it's really so that no analysis or news will help you to make definite and confident prediction of price action. Every strategy has it's weak points. But without strategy you will not take profit wisely.

It is good to be confident in the trades that we are doing but at times when we are over confident it can really make us more prone to losses as the ability to take risks in the markets increases.

We must make sure we are trading with some sort of control to have a long term stability in the Forex markets.

It all goes with the human facet, as greater the confidence is within yourself and your capabilities, one will definitely going to set better goals, will make batter plans and commit to know thyself in achieving the objectives; today what you dream about. Forex Options

I rarely appreciate all your replies that especially on neeraj point of views.

It is good to be confident in the trades that we are doing but at times when we are over confident it can really make us more prone to losses as the ability to take risks in the markets increases.

Confidence is very essential to forex trading as this is what triggers us to trade. But being over confident is not good. Sometimes it makes traders trade impulsively. They trade bigger than they used to, and they lose bigger as well.

Too much to anything brings harm to us.

reese96:
Confidence is very essential to forex trading as this is what triggers us to trade. But being over confident is not good. Sometimes it makes traders trade impulsively. They trade bigger than they used to, and they lose bigger as well. Too much to anything brings harm to us.

Don't be too over confident when you trade because if you expect a lot that you will earn money in forex then you fail, you will only get disappointment.

I know. I'm actually a bit scared sometimes especially when my trading plans seem to be not working anymore. When I'm in doubt, I rather not go for trading

Confidence is an important factor in trading but overconfidence, on the contrary, can lead to some great mistakes. That`s why it is necessary to control risks and consider money management rules instead of overconfidence.