Topic: Excessive confidence in cryptocurrency trading. - page 4. (Read 18571 times)
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.
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.
In other words, always have a plan no matter which way the market moves.
Even if you have a lot of confidence but your knowledge about trading is not enough then still you will lose money. There should be balance between your skills, your knowledge and also your self confidence while trading. Those 3 are important characteristics and all of traders should have it to perform and execute well in trading.
And unfortunately that balance is never reached, and since gaining skills and knowledge is so hard then most of the traders that we see have a lot of overconfidence but very little skills and knowledge and that is a very dangerous combination in this market when we know that many coins can crash in a matter of days and an overconfident trader is not going to take the necessary steps to correct his position because he believes he is right all the time and that he can do no wrong.
If you don't have self confidence better don't trade. True, confidence usually comes with experience and knowledge but still at the very begininig you have to beleive in what you are doing. Otherwise you will make your decisions very hard, often hesitating and without firm direction and that usualy doesn't end well.
However, too much confidence can also be bad for trading because you will not be cautious enough and you might igmore warning signs.
There are many ways to make money in this market and if you are not confident, you should spend time studying to improve yourself before you are confident to trade. I think currently the crypto market is very difficult to predict and even a small mistake will make you lose so it is best not to risk because the risk will be very high.However, too much confidence can also be bad for trading because you will not be cautious enough and you might igmore warning signs.
In fact, long-term investment in some major coins like Bitcoin or Ethereum will bring you some huge profits if the market in 2020 gets better because this is the year that is expected to be very promising.
Excess is not good for anything, In trading with the cryptocurrency world, you need to be very careful and cautious to this system, I think you need to be brave but you have to take your every decision based on your own view, I think day by day this cryptocurrency world is getting complicated and competitive so you are not the only person to be here, if you are a professional trader then the case is different, but overconfidence sometimes kills you, but I think for the short term trading purpose, you need to get couraged to take some decision regarding Trading.
You are inside a place where all the people have the same goals in life, you need to protect yourself being victimized by wrong decisions and miscalculations be wise and keep your competitiveness upfront. Don't think that you already have the edge instead, keep learning and enhancing your strategy be able to adjust once it's needed to do your adjustment keep in mind that it's your money that you need to protect. 
If you don't have self confidence better don't trade. True, confidence usually comes with experience and knowledge but still at the very begininig you have to beleive in what you are doing. Otherwise you will make your decisions very hard, often hesitating and without firm direction and that usualy doesn't end well.
However, too much confidence can also be bad for trading because you will not be cautious enough and you might igmore warning signs.
Not only with cryptocurrency trading, with anything there shouldn't be excessive confidence. When we are into it, this will make us take it easy expecting assured returns. Most of the time such scenarios can be seen much on games. With trading lot of learning is required so to make the plans get executed without much complications.However, too much confidence can also be bad for trading because you will not be cautious enough and you might igmore warning signs.
If you don't have self confidence better don't trade. True, confidence usually comes with experience and knowledge but still at the very begininig you have to beleive in what you are doing. Otherwise you will make your decisions very hard, often hesitating and without firm direction and that usualy doesn't end well.
However, too much confidence can also be bad for trading because you will not be cautious enough and you might igmore warning signs.
Not only with cryptocurrency trading, with anything there shouldn't be excessive confidence. When we are into it, this will make us take it easy expecting assured returns. Most of the time such scenarios can be seen much on games. With trading lot of learning is required so to make the plans get executed without much complications. However, too much confidence can also be bad for trading because you will not be cautious enough and you might igmore warning signs.
If you don't have self confidence better don't trade. True, confidence usually comes with experience and knowledge but still at the very begininig you have to beleive in what you are doing. Otherwise you will make your decisions very hard, often hesitating and without firm direction and that usualy doesn't end well.
However, too much confidence can also be bad for trading because you will not be cautious enough and you might igmore warning signs.
However, too much confidence can also be bad for trading because you will not be cautious enough and you might igmore warning signs.
Even if you have a lot of confidence but your knowledge about trading is not enough then still you will lose money. There should be balance between your skills, your knowledge and also your self confidence while trading. Those 3 are important characteristics and all of traders should have it to perform and execute well in trading.
And unfortunately that balance is never reached, and since gaining skills and knowledge is so hard then most of the traders that we see have a lot of overconfidence but very little skills and knowledge and that is a very dangerous combination in this market when we know that many coins can crash in a matter of days and an overconfident trader is not going to take the necessary steps to correct his position because he believes he is right all the time and that he can do no wrong.
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?
Actually it is a great advantage. because there are many people who have good knowledge but then they have doubts about trading methods, and then they miss the opportunity. Self-confidence is a necessity, but to make the most of it, we should have a cool head. We need capital management skills and always set stoploss to avoid the great risks to our account. Those who are confident but lack the discipline to work will become a major drawback.Therefore, we need to cultivate a lot of capital management skills so that we can trade effectively and raise its confidence to a new level of efficiency.
That is exactly what gets most people recked while trading. You should take profit as they present themselves and not be too greedy.
Yes, we shouldn't be greedy in the market while we are making a profit because we should safeguard the profit aside, we don't know when the market will lose its value. A trader shouldn't be greedy for making a fast profit, this may lead to losing more value of your asset. So we should plan them wisely and we should react according to the market situation.
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?
They are all the same thing. Imagine that you’re doubting a good price prediction and all of a sudden there is a bull run and then you miss out from the profit you would have made if you invested at the early time, so that’s what doubt have caused you. Although the good thing is that you only missed out on a good opportunity to buy, but you didn’t lose your money. Now, it gets worse when you start having fear, or like we do say – FOMO. You then happen to rush in out of FOMO and boom, the price crash and you lose your money. Having too much of confidence is close to having fear, so you should try to keep yourself in check. There are people who would be having any of these and they hardly notice it.
Excess is not good for anything, In trading with the cryptocurrency world, you need to be very careful and cautious to this system, I think you need to be brave but you have to take your every decision based on your own view, I think day by day this cryptocurrency world is getting complicated and competitive so you are not the only person to be here, if you are a professional trader then the case is different, but overconfidence sometimes kills you, but I think for the short term trading purpose, you need to get couraged to take some decision regarding Trading.
Of course, each trader will have his own personal opinion on this issue, but despite the fact that I still have very little experience in cryptocurrency trading, I believe that the current state of the cryptocurrency market will not allow me to achieve good results. I hope at least a small income from my activities, because very often I lose than earn. Perhaps when the cryptocurrency market will have a bullish trend, thanks to new investments, it is possible then that the user will be able to get real experience in trading, and not the stressful experience that I get today.
Excess is not good for anything, In trading with the cryptocurrency world, you need to be very careful and cautious to this system, I think you need to be brave but you have to take your every decision based on your own view, I think day by day this cryptocurrency world is getting complicated and competitive so you are not the only person to be here, if you are a professional trader then the case is different, but overconfidence sometimes kills you, but I think for the short term trading purpose, you need to get couraged to take some decision regarding Trading.
That is exactly what gets most people recked while trading. You should take profit as they present themselves and not be too greedy.
Yes, we shouldn't be greedy in the market while we are making a profit because we should safeguard the profit aside, we don't know when the market will lose its value. A trader shouldn't be greedy for making a fast profit, this may lead to losing more value of your asset. So we should plan them wisely and we should react according to the market situation.
as traders we must have the confidence and courage to do all transactions in crypto trading, because if not, we will have difficulty getting maximum results. even if we have a fearful nature when trading crypto we can lose money because of the fear of a FUD or something. confidence must be applied wherever we are in the crypto trade or other trades.
It is true that some level of decisiveness is needed if you are to become a good trader, but you cannot let fear or overconfidence take over you and your decision making abilities, both are bad but in different forms, begin afraid of making mistakes will cause you to not take opportunities that are out there, but being overconfident will make you take unnecessary risks and what it is even worse it will make really hard for you to correct those mistakes.Many people think trading is just simple, and then you can earn a lot of simple in just a single day. Trading is full of hard work and skills because basic knowledge is not enough to earn a profit. Even you know a little knowledge of trading, it is not enough. Still, we need to learn something new to improve the techniques and skills we can use in the future. In trading, we must be confident because in the first place we know there is a risk on this transaction if we invest at the early time it has a cause of loss of income, but if you manage your self, you can get more profit than losing money.
as traders we must have the confidence and courage to do all transactions in crypto trading, because if not, we will have difficulty getting maximum results. even if we have a fearful nature when trading crypto we can lose money because of the fear of a FUD or something. confidence must be applied wherever we are in the crypto trade or other trades.
It is true that some level of decisiveness is needed if you are to become a good trader, but you cannot let fear or overconfidence take over you and your decision making abilities, both are bad but in different forms, begin afraid of making mistakes will cause you to not take opportunities that are out there, but being overconfident will make you take unnecessary risks and what it is even worse it will make really hard for you to correct those mistakes.
That is exactly what gets most people recked while trading. You should take profit as they present themselves and not be too greedy.
as traders we must have the confidence and courage to do all transactions in crypto trading, because if not, we will have difficulty getting maximum results. even if we have a fearful nature when trading crypto we can lose money because of the fear of a FUD or something. confidence must be applied wherever we are in the crypto trade or other trades.
It is true that some level of decisiveness is needed if you are to become a good trader, but you cannot let fear or overconfidence take over you and your decision making abilities, both are bad but in different forms, begin afraid of making mistakes will cause you to not take opportunities that are out there, but being overconfident will make you take unnecessary risks and what it is even worse it will make really hard for you to correct those mistakes.as traders we must have the confidence and courage to do all transactions in crypto trading, because if not, we will have difficulty getting maximum results. even if we have a fearful nature when trading crypto we can lose money because of the fear of a FUD or something. confidence must be applied wherever we are in the crypto trade or other trades.
It is true that some level of decisiveness is needed if you are to become a good trader, but you cannot let fear or overconfidence take over you and your decision making abilities, both are bad but in different forms, begin afraid of making mistakes will cause you to not take opportunities that are out there, but being overconfident will make you take unnecessary risks and what it is even worse it will make really hard for you to correct those mistakes. Jump to: