Topic: Excessive confidence in cryptocurrency trading. - page 7. (Read 18534 times)
excessive confidence if owned by the whales does not matter. but if someone like me, of course this backfires. whales reads most people's psychology and takes pump or dump action. therefore be someone who is "unreadable", and don't overconfidence, because pro traders can control their psychology and act modestly under any circumstances
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?
having an over confidence in trading, doesn't give help anyway to make you profit in the end.
That's must be one of the reason why most of newbie traders ended up often into loss of their capital investment.
You have confident in the coins but the coin itself is not a potential in the end, which means its useless at all.
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?
Confidence and courage are certainly better than fear and doubt. However, overconfidence will also not be good especially if because of our excessive confidence then we invest most of the wealth we have in cryptocurrency and without caring about other things in our lives.
A good thing for you to have a trial and error behavior yet youve been using only a small portion of your money and as said overconfidence might lead up into putting all in because you are sure enough with your analysis which isnt good.
I don't know how much confidence is excessive confidence and I am not entirely sure any other person does neither.
I mean I would probably say that you have to have a lot of confidence in yourself to manage a crypto trading job after all, because without confidence you are moving digital made up things between each other and that makes no sense at all, if you however have any type of understand of what we are doing in crypto trading than you have a bit of confidence of what you are doing and that would result with you actually doing a pretty good job at trading. That is why you gotta have a lot of confidence but I don't know if you mean arrogance, if you mean arrogance than that becomes dangerous because you think you know EVERYTHING about it instead of a quite good understanding of the concept and that ruins it.
I mean I would probably say that you have to have a lot of confidence in yourself to manage a crypto trading job after all, because without confidence you are moving digital made up things between each other and that makes no sense at all, if you however have any type of understand of what we are doing in crypto trading than you have a bit of confidence of what you are doing and that would result with you actually doing a pretty good job at trading. That is why you gotta have a lot of confidence but I don't know if you mean arrogance, if you mean arrogance than that becomes dangerous because you think you know EVERYTHING about it instead of a quite good understanding of the concept and that ruins it.
Confidence is very important when it comes to trading, especially cryptocurrency trading. But you don’t just need only confidence, you also need to be smart and have some sense cause that’s the salt. You need equal of everything. It’s just like having faith and not applying works, and like it (Bible) says – faith without works is just a waste of time.
So, let’s say that you have confidence and you don’t even know anything about trading. But because you have confidence you then decides to jump on it and start making money, do you think that’s ever going to work out? You will just be making losses out if confidence. So, you need to be smart and have some knowledge in trading, and when you do proper research and place your order that you’re sure of, it’s your confidence that is going to help you to hold strong when things starts to go very bad and you’re about being discouraged. So, you always needs a bit of everything and not just confidence. You have to be knowledgeable as well.
So, let’s say that you have confidence and you don’t even know anything about trading. But because you have confidence you then decides to jump on it and start making money, do you think that’s ever going to work out? You will just be making losses out if confidence. So, you need to be smart and have some knowledge in trading, and when you do proper research and place your order that you’re sure of, it’s your confidence that is going to help you to hold strong when things starts to go very bad and you’re about being discouraged. So, you always needs a bit of everything and not just confidence. You have to be knowledgeable as well.
Excessive confidence in trading will destroy anyone. Trading is a risky game and anyone who engage in it must do it with care by setting risk limit. Professional traders will advice that traders should protect their capital and limit exposure to risk. Without this the overconfident traders will end up with great losses.
Sometimes we still have to be careful in listening to some of these pro traders, is it not the same pro traders sometime that do discourage some people from using tools that would have helped them minimize their risk. I have seen so many pro trader on this active forum and some other forum that they don’t need to use top loss tool to minimize risk because of their over confidence, and I think they are the ones really practicing this over confidence in trade the more, just because they feel they are good at analyses, and any newbie seeing that would definitely think that it is not necessary to make use of these tools, and there is absolutely no way, one can control emotion, control over confidence and even control greed without actually making use of these trading tools.
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?
I wouldn't make "quick decisions" if it involves money. Imagine how much money you can loose because of a quick decision more likely FOMO. Emotion is our worst enemy in trading, always think a lot of time before jumping in a decision and its regardless if it involves small amount or money or not, its still your hard earned money. Using TAs is still the best way to decide when to buy and sell. 
Excessive confidence in trading will destroy anyone. Trading is a risky game and anyone who engage in it must do it with care by setting risk limit. Professional traders will advice that traders should protect their capital and limit exposure to risk. Without this the overconfident traders will end up with great losses.
Having bigger losses made everybody hopeless behind what's happening to the price of bitcoin, since it was declining lately. Wealthy traders grab the best opportunities they could while bouncing price was taking dominance. We can't prevent that situation to erradicate, because it's really destined to happen specially market is highly profitable.
Excessive confidence in trading will destroy anyone. Trading is a risky game and anyone who engage in it must do it with care by setting risk limit. Professional traders will advice that traders should protect their capital and limit exposure to risk. Without this the overconfident traders will end up with great losses.
Confidence is good, but there should always be a little doubt. We see that amazing things often happen on the market that no one can predict. Many times I saw too confident people who lost most of their deposit. They did not allow other scenarios. Too confident trader ceases to be flexible. In the end, we need profit and not rightness.
Too much confidence in trading is not advisable anymore as it involves your emotions already and not your intellect mind. There are more chances that you will fail in whatever decisions or plans you make because you did it without even weighing the consequences it might bring. Trading takes time and it should be done more wisely and well planned.You already presume or expect that they would work and as said these set-ups been made aren't really being too serious without minding some plan B's incase the
market would turn out into different way.
you aren't easily got depressed if you do lose up which you do have some sort of motivation.
Confidence is good, but there should always be a little doubt. We see that amazing things often happen on the market that no one can predict. Many times I saw too confident people who lost most of their deposit. They did not allow other scenarios. Too confident trader ceases to be flexible. In the end, we need profit and not rightness.
the best is that we can control our emotions, everything must go on as usual. don't be too confident and don't be afraid anyway. so winning or losing in trading is our daily food.Basically, people need to first make sure they have had lots of practice first before jumping into real life trading, that is usually my own, through their trading practices, they will learn to put all these things of confidence, emotion, greed and other trading enemies in check.
Confidence is good, but there should always be a little doubt. We see that amazing things often happen on the market that no one can predict. Many times I saw too confident people who lost most of their deposit. They did not allow other scenarios. Too confident trader ceases to be flexible. In the end, we need profit and not rightness.
Too much confidence in trading is not advisable anymore as it involves your emotions already and not your intellect mind. There are more chances that you will fail in whatever decisions or plans you make because you did it without even weighing the consequences it might bring. Trading takes time and it should be done more wisely and well planned.You already presume or expect that they would work and as said these set-ups been made aren't really being too serious without minding some plan B's incase the
market would turn out into different way.
Both traits are important in trading. You need to balance your confidence and your fear to be successful.
I agree that overconfidence will result in decisions not being deeply thought about. While being fearful and doubtful is okay, there are times that it will hold you back and might lose a great opportunity to gain profit.
It is important to be brave enough too and take risk. Balancing both traits is the key. Stay in the middle for you to get good result and use your brain at all times.
I agree that overconfidence will result in decisions not being deeply thought about. While being fearful and doubtful is okay, there are times that it will hold you back and might lose a great opportunity to gain profit.
It is important to be brave enough too and take risk. Balancing both traits is the key. Stay in the middle for you to get good result and use your brain at all times.
Confidence is good, but there should always be a little doubt. We see that amazing things often happen on the market that no one can predict. Many times I saw too confident people who lost most of their deposit. They did not allow other scenarios. Too confident trader ceases to be flexible. In the end, we need profit and not rightness.
Too much confidence in trading is not advisable anymore as it involves your emotions already and not your intellect mind. There are more chances that you will fail in whatever decisions or plans you make because you did it without even weighing the consequences it might bring. Trading takes time and it should be done more wisely and well planned.You already presume or expect that they would work and as said these set-ups been made aren't really being too serious without minding some plan B's incase the
market would turn out into different way.
Confidence is good, but there should always be a little doubt. We see that amazing things often happen on the market that no one can predict. Many times I saw too confident people who lost most of their deposit. They did not allow other scenarios. Too confident trader ceases to be flexible. In the end, we need profit and not rightness.
Too much confidence in trading is not advisable anymore as it involves your emotions already and not your intellect mind. There are more chances that you will fail in whatever decisions or plans you make because you did it without even weighing the consequences it might bring. Trading takes time and it should be done more wisely and well planned.
Confidence is good, but there should always be a little doubt. We see that amazing things often happen on the market that no one can predict. Many times I saw too confident people who lost most of their deposit. They did not allow other scenarios. Too confident trader ceases to be flexible. In the end, we need profit and not rightness.
You need to soberly assess your capabilities and level of knowledge. If you have a lot of knowledge and experience, then you will be self-confident. But this is not a groundless confidence.
Beginners should be careful. And try to minimize risks until they has enough knowledge and experience.
Enough knowledge and experience does build up confidence but some people do take it into farther extent yet knowing everything is not possible.Beginners should be careful. And try to minimize risks until they has enough knowledge and experience.
Come to think that there were still lots of things to be learned about and not all of them had been known by you.Being confident can possibly create some mess with
your trades.
I'm not saying that you cannot have reasonable doubts, it’s great if you have them. But another thing, if you are not having the confidence to make a deal. How then to count on success? This then turns into a regular gamble with bets. And with investments, this is the most unsuccessful approach.
I do not think that excessive confidence is always good for trader.
I suppose that trader should consider all possible scenarios and do not rely only on someone's analysis. Personally i try to make my own market research but often my predictions match with predictions of Monfex. I found this platform on Trading View and sometimes read their trading ideas.
It's never a good idea to be very confident in trading and make decisions as fast as you can.Remember that this crypto market is so hard to predict so we should be very careful with our own decisions especially when the market price suddenly crashed.I'm satisfied with a slow trading profits as long as i never get lose too much and make good profits most of the time.I suppose that trader should consider all possible scenarios and do not rely only on someone's analysis. Personally i try to make my own market research but often my predictions match with predictions of Monfex. I found this platform on Trading View and sometimes read their trading ideas.
I'm completely agree with you. Trading it's quite a risky thing because markets are unpredictable. In order to maximize your profit you should take into account all the small things.
I do not think that excessive confidence is always good for trader.
I suppose that trader should consider all possible scenarios and do not rely only on someone's analysis. Personally i try to make my own market research but often my predictions match with predictions of Monfex. I found this platform on Trading View and sometimes read their trading ideas.
That is right, you have to make some comparisons first to confirm your own analysis even when it feels like you are so sure of yours. As they say that two heads are better than one, when I also make some analysis, I dot fell like I am perfect about it, I make some research around to see if my own analysis correspond with other people’s analysis also.I suppose that trader should consider all possible scenarios and do not rely only on someone's analysis. Personally i try to make my own market research but often my predictions match with predictions of Monfex. I found this platform on Trading View and sometimes read their trading ideas.
One of the reasons why some traders fails is because they over rely on their own knowledge alone, I know it is good not to rely on people’s opinion too much, but we can still use them as a base to confirm our own. If this is what many people do, I am sure that we will not be having some stupid different predictions that we see in the market that makes one so annoyed and you would have to ask if the analyst is a reasonable person or not.
True! I also think that the best decision is to make your own analysis and then compare it with trading signals on reputable sources.
Eagerness to do trading can put you at risk, but trying isn't bad as long as you don't involve a lot of money. Putting small amounts of money at your trading is fair enough to handle crucial days of cryptocurrency trading, but too much confidence might lead us to failure.
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