Excessive confidence in cryptocurrency trading. - page 3.

radjie

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Quote from: baeva2 on September 25, 2018, 05:11:04 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?

of course excessive trust in trading can be a boomerang in yourself because too much trust in the growth of the types of coins traded, although sometimes a strong belief in traded coins can lead to confidence to be able to make a profit, but not all types of coins traded can provide benefits, because after all the analysis of coins to be traded is a major factor that must be done before taking an excessive action

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Quote from: huige007 on January 10, 2020, 12:52:40 PM

I agree with you. Trading is never all about luck. to ensure that one would actually make it to earn some profit, he must have some background knowledge about the kind of trading he has adopted .If you are not sure about the step you are going to take in terms of decisions about the exchanges, then it is better to consult someone who is more experienced rather than becoming vulnerable to losses.

Exactly, luck is only a small part of the trading. Technical and analytical aspects are the most important factor in trading, only when fully analyzing the aspects and giving accurate information can we make accurate transactions, no one can trade based on luck.

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Quote from: nydiacaskey01 on January 09, 2020, 06:49:53 PM

Quote from: posi on January 09, 2020, 06:33:10 PM

Quote from: shield132 on January 09, 2020, 03:20:45 PM

Confidence comes from knowledge and expectation of success because of your knowledge. Confidence is the vehicle practical application. If you fail in actual trading, I have no idea how you can be excessively confident, maybe you can still remain just confident and think that you'll learn from these faults and it's just a combination of steps that you need in order to succeed, after a lot of success, then excessive confidence really comes. If you experience so huge confidence without actual experience in cryptocurrency trading, then I think there is something wrong or you may just naturally have a lot of dopamine.

You're somehow right but i think confidence comes from ones believe and an example is the bitcoin halving which have happened twice an turn out to be the pace for the crypto market to achieve a new ATH while experience and knowledge are what needed to be a successful crypto trader.

There a times when being too much overconfident is not a good thing because you tend to overlook a small detail because you think you already checked it. In crypto trading, I still believe that no one can exactly predict where the price of Bitcoin is heading even if he is one whose whales who holds a huge amount of BTC that can make an impact if they placed a sell or buy order.

Of course, no one can predict where the price of the bitcoin market heading but the whales which hold enough bitcoin to influence the market can actually decide the trend which the market pose.
Like you been overconfidence is not good cause it can make ones to left important things unchecked.

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Honestly, confidence is needed to be a thrive crypto market for i have seen alot of occasion whereby some high ranking member of this forum posted some message which could lead newbies into FUD but the excess part of confidence could lead to deadly mistake.

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Quote from: the rise on January 10, 2020, 05:16:44 AM

Quote from: crossabdd on January 10, 2020, 03:23:26 AM

in other bitcoin / crypto trading. everything must be balanced. about analysis, strategy, information, feelings. because all influences. someone is too confident, I think will only make a loss. too scared to start. will only lose the opportunity. bad analysis, will make trading mistakes. wrong strategy, will lose profits, inaccurate information will only trap in the price. so, to start everything. one must understand about trade. and don't be afraid to start.

The success ratio of traders' strategies is often not the same as market conditions, it is very difficult to balance. Many end up trapped in the fear of losing unwanted loss, I don't have benchmarks about the term excessive trust, but it is clear that this feeling must be controlled to ensure what to do with rapid change of tactics, this kind of confidence that must continue to have.

I agree with you. Trading is never all about luck. to ensure that one would actually make it to earn some profit, he must have some background knowledge about the kind of trading he has adopted .If you are not sure about the step you are going to take in terms of decisions about the exchanges, then it is better to consult someone who is more experienced rather than becoming vulnerable to losses.

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Quote from: crossabdd on January 10, 2020, 03:23:26 AM

in other bitcoin / crypto trading. everything must be balanced. about analysis, strategy, information, feelings. because all influences. someone is too confident, I think will only make a loss. too scared to start. will only lose the opportunity. bad analysis, will make trading mistakes. wrong strategy, will lose profits, inaccurate information will only trap in the price. so, to start everything. one must understand about trade. and don't be afraid to start.

The success ratio of traders' strategies is often not the same as market conditions, it is very difficult to balance. Many end up trapped in the fear of losing unwanted loss, I don't have benchmarks about the term excessive trust, but it is clear that this feeling must be controlled to ensure what to do with rapid change of tactics, this kind of confidence that must continue to have.

crossabdd

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in other bitcoin / crypto trading. everything must be balanced. about analysis, strategy, information, feelings. because all influences. someone is too confident, I think will only make a loss. too scared to start. will only lose the opportunity. bad analysis, will make trading mistakes. wrong strategy, will lose profits, inaccurate information will only trap in the price. so, to start everything. one must understand about trade. and don't be afraid to start.

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Quote from: posi on January 09, 2020, 06:33:10 PM

Quote from: shield132 on January 09, 2020, 03:20:45 PM

Confidence comes from knowledge and expectation of success because of your knowledge. Confidence is the vehicle practical application. If you fail in actual trading, I have no idea how you can be excessively confident, maybe you can still remain just confident and think that you'll learn from these faults and it's just a combination of steps that you need in order to succeed, after a lot of success, then excessive confidence really comes. If you experience so huge confidence without actual experience in cryptocurrency trading, then I think there is something wrong or you may just naturally have a lot of dopamine.

You're somehow right but i think confidence comes from ones believe and an example is the bitcoin halving which have happened twice an turn out to be the pace for the crgpto market to achieve a new ATH while experience and knowledge are what needed to be a successful crypto trader.

There a times when being too much overconfident is not a good thing because you tend to overlook a small detail because you think you already checked it. In crypto trading, I still believe that no one can exactly predict where the price of Bitcoin is heading even if he is one whose whales who holds a huge amount of BTC that can make an impact if they placed a sell or buy order.

posi

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Quote from: shield132 on January 09, 2020, 03:20:45 PM

Confidence comes from knowledge and expectation of success because of your knowledge. Confidence is the vehicle practical application. If you fail in actual trading, I have no idea how you can be excessively confident, maybe you can still remain just confident and think that you'll learn from these faults and it's just a combination of steps that you need in order to succeed, after a lot of success, then excessive confidence really comes. If you experience so huge confidence without actual experience in cryptocurrency trading, then I think there is something wrong or you may just naturally have a lot of dopamine.

You're somehow right but i think confidence comes from ones believe and an example is the bitcoin halving which have happened twice an turn out to be the pace for the crgpto market to achieve a new ATH while experience and knowledge are what needed to be a successful crypto trader.

shield132

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Confidence comes from knowledge and expectation of success because of your knowledge. Confidence is the vehicle practical application. If you fail in actual trading, I have no idea how you can be excessively confident, maybe you can still remain just confident and think that you'll learn from these faults and it's just a combination of steps that you need in order to succeed, after a lot of success, then excessive confidence really comes. If you experience so huge confidence without actual experience in cryptocurrency trading, then I think there is something wrong or you may just naturally have a lot of dopamine.

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Quote from: gabmen on January 01, 2020, 12:10:32 AM

Quote from: boris singer on December 31, 2019, 08:54:02 PM

self-confidence always appears automatically every time a trader gets a profit, various positive attitudes emerge and underlie the decision for the next order. To remain balanced, the profit target of the portfolio must be fully achieved close to 100%. If the opposite means it must be recognized as a weakness, and must find where the decision point that failed must be corrected or the condition will immediately turn into worsening anxiety.

I'm not sure if that's even good. A winning streak could mean the person would become too cocky with his or her trades. There's a difference between being confident in what you're doing and being recjless and cocky. The latter happens more often with newbie traders. Of course one needs to believe in himself and his ability to make efficient market readings to be a good trader. Though it's also essential that he know his capabilities and assets.

All people are susceptible to make the mistake of getting overconfident just because they won a few trades, this happens because you can earn so much money so fast in this market that it seems that you can become rich really quickly but just as the market can give you a lot it can take a lot and that is when overconfidence will destroy you, after a few losses the overconfident trader will be unable to accept the situation and will make a trade trying to recover everything he lost only to lose that trade as well and see his capital evaporate before his eyes.

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Quote from: atjiat on January 06, 2020, 07:33:08 AM

Quote from: onrise on January 06, 2020, 01:26:11 AM

Quote from: gabbie2010 on January 06, 2020, 12:33:31 AM

A trader over confidence relies on his strategy which the trader feels is a profitable one of course their is no holy Grail anywhere, why some traders enters any trades with full confidence in that they are trading with a small percentage of their total portfolio ie trading with the amount of money they can afford to lose coupled with a sound money management coupled with a working strategy which is profitable in a long run.

Every trader is unique in their own style and the strategy which they want to adopt it . Only thing is that people should not get carried away during panic situation and end up selling just beacuse others are selling it and also one should be confident and not overconfident in doing trading .

I believe that the confidence of the trade is supported by the results of their research on certain coins, which is supported by all the information about a particular project. But the success and results of the trader in this case will very much depend on the authenticity of this information and how the project team fully informs its clients about the project performance. Even in this case, no one can have a great guarantee in the reliability of the information received.

Theres no accurate thing when it comes to informations that you have gathered directly on the team or on other insider.It would really be still like a gamble
because all things will vary on the demand and support itself to the project.When it comes to trading btc or top alts then it isnt really that needed yet we know
that price is somewhat established and also volatile.Excessive confidence towards your trading analysis specially on day trading does really have an effect.

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Quote from: onrise on January 06, 2020, 01:26:11 AM

Quote from: gabbie2010 on January 06, 2020, 12:33:31 AM

A trader over confidence relies on his strategy which the trader feels is a profitable one of course their is no holy Grail anywhere, why some traders enters any trades with full confidence in that they are trading with a small percentage of their total portfolio ie trading with the amount of money they can afford to lose coupled with a sound money management coupled with a working strategy which is profitable in a long run.

Every trader is unique in their own style and the strategy which they want to adopt it . Only thing is that people should not get carried away during panic situation and end up selling just beacuse others are selling it and also one should be confident and not overconfident in doing trading .

I believe that the confidence of the trade is supported by the results of their research on certain coins, which is supported by all the information about a particular project. But the success and results of the trader in this case will very much depend on the authenticity of this information and how the project team fully informs its clients about the project performance. Even in this case, no one can have a great guarantee in the reliability of the information received.

onrise

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Quote from: gabbie2010 on January 06, 2020, 12:33:31 AM

A trader over confidence relies on his strategy which the trader feels is a profitable one of course their is no holy Grail anywhere, why some traders enters any trades with full confidence in that they are trading with a small percentage of their total portfolio ie trading with the amount of money they can afford to lose coupled with a sound money management coupled with a working strategy which is profitable in a long run.

Every trader is unique in their own style and the strategy which they want to adopt it . Only thing is that people should not get carried away during panic situation and end up selling just beacuse others are selling it and also one should be confident and not overconfident in doing trading .

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A trader over confidence relies on his strategy which the trader feels is a profitable one of course their is no holy Grail anywhere, why some traders enters any trades with full confidence in that they are trading with a small percentage of their total portfolio ie trading with the amount of money they can afford to lose coupled with a sound money management coupled with a working strategy which is profitable in a long run.

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Quote from: moviebuff777 on December 31, 2019, 05:44:35 PM

You should be confident and decisive in trading decisions. However, you should also be prepared for the market to not act in a way that you expect. In these situations, you should know in advance how to react to that market move.

In other words, always have a plan no matter which way the market moves.

To do this, you need to have good knowledge in trading and to be calm in all situations because the crypto market is very easy to turn red. Before trading, I will analyze and search some news related to this market to make a more accurate decision in investing. However, many reward investors ignore this when trading and it certainly will cause them to face a lot of great risks.

I have been in this market for over 6 years now. Currently, I have a lot of knowledge to help me survive well and always earn a stable profit from this market without the help of anyone.

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Quote from: baeva2 on September 25, 2018, 05:11:04 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?

These two conditions come in two different type of people the boldness and confidence comes in a person who have full knowledge about cryptocurrencies and have much experience in trading and have skills to deal with any type of market while the doubt and fear comes in the mind of a newbie trader who do not know enough about the cryptocurrencies, their price structures and do not have enough skills and experience in trading and they come to trade only seeing the profit of other professional traders but that doubt and fear also make him secure from lose many times as if he will remain confident without any skills then he may invest in a shitcoin and will lose all of his money.

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Quote from: boris singer on December 31, 2019, 08:54:02 PM

self-confidence always appears automatically every time a trader gets a profit, various positive attitudes emerge and underlie the decision for the next order. To remain balanced, the profit target of the portfolio must be fully achieved close to 100%. If the opposite means it must be recognized as a weakness, and must find where the decision point that failed must be corrected or the condition will immediately turn into worsening anxiety.

Your confidence must come completely from your skills and the processes that you take to make your trade and not from the results you are getting, I say this because even if you are a profitable trader there are times in which the market will simply seem to always be moving against you but when you check if you have been doing something wrong you find out that is not the case and you are just being unlucky, but if you lose your confidence because of your results you could easily make a mistake that you could have avoided.

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Quote from: gabmen on January 01, 2020, 12:10:32 AM

Quote from: boris singer on December 31, 2019, 08:54:02 PM

self-confidence always appears automatically every time a trader gets a profit, various positive attitudes emerge and underlie the decision for the next order. To remain balanced, the profit target of the portfolio must be fully achieved close to 100%. If the opposite means it must be recognized as a weakness, and must find where the decision point that failed must be corrected or the condition will immediately turn into worsening anxiety.

I'm not sure if that's even good. A winning streak could mean the person would become too cocky with his or her trades. There's a difference between being confident in what you're doing and being recjless and cocky. The latter happens more often with newbie traders. Of course one needs to believe in himself and his ability to make efficient market readings to be a good trader. Though it's also essential that he know his capabilities and assets.

Too much confidence can sometimes make us an ignorant person. We think that we are superior to others and sometimes we think we are always right even we really do not know what we are doing. Confidence is important because it can help us to execute our trade carefully. What I am saying that our confidence should have limitation because too much confidence can affect our trade execution.

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Quote from: boris singer on December 31, 2019, 08:54:02 PM

self-confidence always appears automatically every time a trader gets a profit, various positive attitudes emerge and underlie the decision for the next order. To remain balanced, the profit target of the portfolio must be fully achieved close to 100%. If the opposite means it must be recognized as a weakness, and must find where the decision point that failed must be corrected or the condition will immediately turn into worsening anxiety.

I'm not sure if that's even good. A winning streak could mean the person would become too cocky with his or her trades. There's a difference between being confident in what you're doing and being recjless and cocky. The latter happens more often with newbie traders. Of course one needs to believe in himself and his ability to make efficient market readings to be a good trader. Though it's also essential that he know his capabilities and assets.

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