Over-confident is really harmful in profitable forex trading?
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Thread: Over-confident is really harmful in profitable forex trading?

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    Over-confident is really harmful in profitable forex trading?

    Let me tell a common story of a race competition between a hare and a Tortoise in brief:
    Once a Hare and Tortoise attend a race completion and accordingly the race started. The hare can ran fast and it was over confident to win. In the midway the hare though that the Tortoise never defeat him in the race. So, the Hare decided to take rest under a tree and fall in deep sleep.
    When the Hare awaken from sleep then it started run fast to the destination and found that the Tortoise has already reached there and won the race.
    Though it is a story, but we can learn about over-confident through this story.
    We need to follow the Tortoise in the forex race, right?

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    It is not only in the forex trading, but all the facets of life. If you think that you can have the whole thing in this world in the view that you are the best, you might still be planning and many will leave you there. This is why you must think less of yourself and do the best that you can in the most reasonable and humble ways.

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    When it comes to forex trading too much confidence can be very dangerous for the trading account balance. Because in forex nothing is constant. There must always be caution and attention to all current market details whenever a trader wants to trade.

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    Quote Originally Posted by jonking View Post
    When it comes to forex trading too much confidence can be very dangerous for the trading account balance. Because in forex nothing is constant. There must always be caution and attention to all current market details whenever a trader wants to trade.
    Of course it would be dangerous, it often happens also to those who are not aware of the dangers of over confidence. Let's realize that losing or winning in the business world soon is normal thing. We should not dramatize the victory so that makes sense of confidence can not be controlled. Instead it can be a backfire that could kill yourself.

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    Registered user cowek ireng's Avatar
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    Sometimes our mental be too sure from increasing which from normally be higher confident . Its good But do not forget to place stop loss because if the forex market go against our predicting and also keep on money management as safety in our trade

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    over confident is not good for any trader and it will online lead to more lose than the trader might have thought and moreover over confident when trading is more like trading with greed and we all know trading base on greediness only lead to more loss than the trader might have thought of and this is why over confident is not good.

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    but i think we should trust in our self in all the time and make the confidence for that and also in the same time we should follow the rules on all time and if you think you make profit before you reach to your goals i think that is the great mistake because you should wait until you make your goals and then say i make profit , so be over confident but also make all of the rules ..

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    True, overconfidence can also lead to large losses in forex trading. In fact I also never read a true story that has been successful stock trader but failed and ended up making a very big company totally bankrupt just because he's too confident when analyzing stocks. So we had better always be careful when trading forex, although we will have to be an expert trader.

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    I think the overconfident lead us on the greed that is very bad in the trading because if we trade with the greed then we will may be get the huge loss in the trading and we need to trade with the cool mind because you will think that forex trading is high risky business and the perfection is not possible and you will always need to improvement in the trading.

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  10. #10
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    yes ofcorse , over confident is not good for any trader and it will online lead to more lose than the trader might have thought and moreover over confident when trading is more like trading with greed and we all know trading base on greediness only lead to more loss than the trader might have thought of and this is why over confident is not good .

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