Excessive confidence in cryptocurrency trading. - page 11.

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Quote from: mirakal on March 17, 2019, 02:37:04 AM

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Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

Choosing between the two I would choose excessive confidence because this will make you very optimistic.
You have the confidence so even if the market is not progressing in terms of value, you will still continue to believe and this helps avoid loses.

Doubt and fear will only result to one thing, it's panic selling which you already loss at that point.

Last year was the perfect example of how people being overly optimistic got brutally punished for their ignorance.

The smartest people turned out to be the dumbest people last year, those who panic sold very early on when they started to see the market crack up badly. People tend to make fun of weak hands, which I have done in the past as well, but who's laughing now? Being less fundamentally biased is a better option for your coin stack, because it will allow you to buy back more coins for the same amount of fiat much lower.

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I had this once upon a time. I was doing great during the bull market of 2017 and I literally made 200%+ in a month in fiat terms and god knows how much in bitcoin terms as well and I was trading awesomely, no matter what I bought went up higher than bitcoin did so at the time bitcoin was gaining value in dollar terms which made me profit but also the coin I bought was going higher than bitcoin as well so I was gaining more bitcoins as well.

So, I got a bit cocky about it and than I found the harsh truth about how anyone can make a profit during the bull markets but when the bear market hits you have absolutely nothing to do because no matter how great you are the bear market will destroy all of your winnings. That is why now I try to be much more careful about how I do my trading and do it a lot more slowly.

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Quote from: perla on March 17, 2019, 01:43:46 AM

Excessive confidence means he ready to take any risk that will come. It is what trader must have, because if we always doubt with what we want to act, we will lose chance in trading especially in big volume coin.

Correct, you need to take that risk, but always remember that it's a different risk that we are talking here, it's not the risk when gambling though. Risk here can be mitigate as compare to gambling wherein you excessive confidence will surely bring you losses. So that's the big difference between the risk taken here and in gambling.

Quote from: mirakal on March 17, 2019, 02:37:04 AM

Quote

Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

Choosing between the two I would choose excessive confidence because this will make you very optimistic.
You have the confidence so even if the market is not progressing in terms of value, you will still continue to believe and this helps avoid loses.

Doubt and fear will only result to one thing, it's panic selling which you already loss at that point.

I will also choose excessive confidence here in tradng. If I have doubts or questions in my mind, I would rather step up and not trade as all, otherwise if may end up at a loss somewhere along the way.

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Quote

Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

Choosing between the two I would choose excessive confidence because this will make you very optimistic.
You have the confidence so even if the market is not progressing in terms of value, you will still continue to believe and this helps avoid loses.

Doubt and fear will only result to one thing, it's panic selling which you already loss at that point.

perla

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Excessive confidence means he ready to take any risk that will come. It is what trader must have, because if we always doubt with what we want to act, we will lose chance in trading especially in big volume coin.

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Quote from: baeva2 on September 25, 2018, 06:11:04 PM

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

Excessive confidence without a working strategy and skill set is doom in trading and in any kind of business adventure. One may get lucky a while but the end result is always losses. In crypto trading per se, a major part is control of one's emotion. If one can't control one's emotion one will mess up one's strategy no matter how good the strategy is.

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Quote from: Eildosa on March 16, 2019, 07:22:11 PM

Excessive anything never leads to anything good. It is always necessary to evaluate both negative and positive aspects of the situation. To be ready for anything.

Yes of course, we should also be in consideration with negative factors affecting into our trades and so we can prepare for it. But we should feel confidence in all we do cause that's the only thing to boost our self and being positive for the possible results. This is also to overcome our fears and leave it.

If we are into this, we should have to do it seriously and accept some instances that we commit failures as a part of a traders life.

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Of course strong confidence will make you mentally stronger during trading, if doubts and fears overwhelm you then you will only always be hesitant to make any decisions that will make it difficult for you to get good profits. Excessive confidence will have a different effect in my opinion, because there are some that strengthen themselves when they are indecisive and some strengthen themselves when they have had good analysis beforehand, of course everyone must have their own views to make quick decisions in trading.

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Excessive anything never leads to anything good. It is always necessary to evaluate both negative and positive aspects of the situation. To be ready for anything.

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Quote from: zhekinsp on March 16, 2019, 06:18:46 PM

Quote from: baeva2 on September 25, 2018, 06:11:04 PM

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

Being confident about what you are doing is a good thing but it is not going to give us profits,if we faced losses then it might help us to correct it on the next occasions other than the benefits are nothing.

That is how positive we look into our trades. Though it sometimes we consider some bad news which affecting the market price but not putting into an account that we just let eaten by doubts and uncertainty. It came into the point that we also make decisions in line with the current trend either the market will fall or up as how it plays.

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Quote from: baeva2 on September 25, 2018, 06:11:04 PM

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

Being confident about what you are doing is a good thing but it is not going to give us profits,if we faced losses then it might help us to correct it on the next occasions other than the benefits are nothing.

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Quote from: Lanatsa on March 13, 2019, 02:56:40 PM

Quote from: Caladonian on March 13, 2019, 11:06:11 AM

Quote from: ethereumhunter on March 13, 2019, 05:51:37 AM

Quote from: Ozero on March 13, 2019, 12:46:15 AM

Quote from: baeva2 on September 25, 2018, 06:11:04 PM

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

In my opinion, it’s not about courage and speed of action. Trading on the stock exchange requires good market knowledge and relevant experience. Then actions will be taken confidently, correctly and on time. In general, in my opinion, it is better for a trader to act on the cryptocurrency market cautiously than boldly, because mistakes cannot be avoided, and with careless actions errors will multiply and increase.

With learning about the market itself, it will give us confidence to trade so we could know how to react with the market. But never overconfidence because we will never make any profit or we will lose the money. Overconfidence will not bring good things for our life, and we could lose so many good chances because we don't want to open the eyes to take a look at the opportunity in the trading.

Overconfidence will burned you out, better to always have extra precautions and always make a plan B, in anyhow people who have a strong knowledge regarding to a trading activities won't denied that they also afraid of making mistakes, knowing that there's no perfect trade as everything still on the hands of your fate, even analysis and patterns can't assured any correct movements, though it can give basis and a mguh higher chances but the truth is
there's still otherside of result which can burned everything out.

You should trade with confidence and also have good alternatives just incase.

Making some Plan B's is a must yet not all plans would really be executed nor be effective anytime or simply profitable.Confidence is a must for us to make some
analysis but excessive of it will not do any good because you would really be sure enough that you are making money with the price you had set out.Sometimes
this do really lead to frustrations.

Frustration would really be real if you do expect that you can make profitable trades because you are confident into your analysis which isn't really guaranteed at all.If you don't know on how to control your confidence
this will result into greediness later on where you tied up your too much confidence on making money thru trades.

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Confidence is always essential, be it walking into an examination hall, or into an interview, being confident puts a little bit of pressure off ones shoulders.
But being over confident isn't advisable, if you're to trade confidently, do not go ahead and throw caution to the wind by taking decisions that's not so good.
Everyone will surely pick confidence over timidity or fear, fear makes you lose even before you start off.

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Excessive confidence is similar to "star disease." Influenced by their success, people tend to overestimate their capabilities. But after great success and ups, painful falls occur, especially if you work in the field of cryptocurrency. Therefore, all actions must be carefully weighed and careful.

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Quote from: Caladonian on March 13, 2019, 11:06:11 AM

Quote from: ethereumhunter on March 13, 2019, 05:51:37 AM

Quote from: Ozero on March 13, 2019, 12:46:15 AM

Quote from: baeva2 on September 25, 2018, 06:11:04 PM

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

In my opinion, it’s not about courage and speed of action. Trading on the stock exchange requires good market knowledge and relevant experience. Then actions will be taken confidently, correctly and on time. In general, in my opinion, it is better for a trader to act on the cryptocurrency market cautiously than boldly, because mistakes cannot be avoided, and with careless actions errors will multiply and increase.

With learning about the market itself, it will give us confidence to trade so we could know how to react with the market. But never overconfidence because we will never make any profit or we will lose the money. Overconfidence will not bring good things for our life, and we could lose so many good chances because we don't want to open the eyes to take a look at the opportunity in the trading.

Overconfidence will burned you out, better to always have extra precautions and always make a plan B, in anyhow people who have a strong knowledge regarding to a trading activities won't denied that they also afraid of making mistakes, knowing that there's no perfect trade as everything still on the hands of your fate, even analysis and patterns can't assured any correct movements, though it can give basis and a mguh higher chances but the truth is
there's still otherside of result which can burned everything out.

You should trade with confidence and also have good alternatives just incase.

Making some Plan B's is a must yet not all plans would really be executed nor be effective anytime or simply profitable.Confidence is a must for us to make some
analysis but excessive of it will not do any good because you would really be sure enough that you are making money with the price you had set out.Sometimes
this do really lead to frustrations.

Caladonian

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Quote from: ethereumhunter on March 13, 2019, 05:51:37 AM

Quote from: Ozero on March 13, 2019, 12:46:15 AM

Quote from: baeva2 on September 25, 2018, 06:11:04 PM

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

In my opinion, it’s not about courage and speed of action. Trading on the stock exchange requires good market knowledge and relevant experience. Then actions will be taken confidently, correctly and on time. In general, in my opinion, it is better for a trader to act on the cryptocurrency market cautiously than boldly, because mistakes cannot be avoided, and with careless actions errors will multiply and increase.

With learning about the market itself, it will give us confidence to trade so we could know how to react with the market. But never overconfidence because we will never make any profit or we will lose the money. Overconfidence will not bring good things for our life, and we could lose so many good chances because we don't want to open the eyes to take a look at the opportunity in the trading.

Overconfidence will burned you out, better to always have extra precautions and always make a plan B, in anyhow people who have a strong knowledge regarding to a trading activities won't denied that they also afraid of making mistakes, knowing that there's no perfect trade as everything still on the hands of your fate, even analysis and patterns can't assured any correct movements, though it can give basis and a mguh higher chances but the truth is
there's still otherside of result which can burned everything out.

You should trade with confidence and also have good alternatives just incase.

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Quote from: ethereumhunter on March 13, 2019, 05:51:37 AM

Quote from: Ozero on March 13, 2019, 12:46:15 AM

Quote from: baeva2 on September 25, 2018, 06:11:04 PM

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

In my opinion, it’s not about courage and speed of action. Trading on the stock exchange requires good market knowledge and relevant experience. Then actions will be taken confidently, correctly and on time. In general, in my opinion, it is better for a trader to act on the cryptocurrency market cautiously than boldly, because mistakes cannot be avoided, and with careless actions errors will multiply and increase.

With learning about the market itself, it will give us confidence to trade so we could know how to react with the market. But never overconfidence because we will never make any profit or we will lose the money. Overconfidence will not bring good things for our life, and we could lose so many good chances because we don't want to open the eyes to take a look at the opportunity in the trading.

Through learning one needs to find the right time to make trade moves. It can be of the buying or selling, confidence level on trading needs to be enriched, but the same should not get turned to be overconfidence. With overconfidence one could earn for a short but this cannot sustain long as the cryptocurrency isn't the same as other markets.

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Quote from: Ozero on March 13, 2019, 12:46:15 AM

Quote from: baeva2 on September 25, 2018, 06:11:04 PM

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

In my opinion, it’s not about courage and speed of action. Trading on the stock exchange requires good market knowledge and relevant experience. Then actions will be taken confidently, correctly and on time. In general, in my opinion, it is better for a trader to act on the cryptocurrency market cautiously than boldly, because mistakes cannot be avoided, and with careless actions errors will multiply and increase.

With learning about the market itself, it will give us confidence to trade so we could know how to react with the market. But never overconfidence because we will never make any profit or we will lose the money. Overconfidence will not bring good things for our life, and we could lose so many good chances because we don't want to open the eyes to take a look at the opportunity in the trading.

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Quote from: Ozero on March 13, 2019, 12:46:15 AM

Quote from: baeva2 on September 25, 2018, 06:11:04 PM

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

In my opinion, it’s not about courage and speed of action. Trading on the stock exchange requires good market knowledge and relevant experience. Then actions will be taken confidently, correctly and on time. In general, in my opinion, it is better for a trader to act on the cryptocurrency market cautiously than boldly, because mistakes cannot be avoided, and with careless actions errors will multiply and increase.

this is gold. speed in trading is a double-edged sword, while speed allows capitalizing on short time interval opportunities, for majority of normal trader (myself included) striving for speed will more often than not mean less thoughts were put into making that trading decision, costly decision.

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Quote from: baeva2 on September 25, 2018, 06:11:04 PM

Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?

In my opinion, it’s not about courage and speed of action. Trading on the stock exchange requires good market knowledge and relevant experience. Then actions will be taken confidently, correctly and on time. In general, in my opinion, it is better for a trader to act on the cryptocurrency market cautiously than boldly, because mistakes cannot be avoided, and with careless actions errors will multiply and increase.

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