Excessive confidence in cryptocurrency trading. - page 8.

Oilacris

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Quote from: EXtremeAEX on August 08, 2019, 01:34:47 PM

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.

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.

EXtremeAEX

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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.

SquallLeonhart

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Quote from: katerina5643 on August 06, 2019, 07:21:18 AM

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.

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.

katerina5643

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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.

perfect999

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Quote from: DigitalGemToken on June 16, 2019, 07:31:00 PM

I'm not an expert trader but I have heard that you should set a trading strategy that is consistent and has been backtested to ensure profitability.

However, in terms of long term investing, I think it is best to invest in a cryptocurrency that has a purpose, either as a store of value or as a payments purpose since those two are the time tested functions that are essential in cryptocurrencies.

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I still don’t think we have any cryptocurrency for now that can really stand to be useful for store of value because of the presence of high volatility we still have, but I believe that in future Bitcoin and Ethereum will be the most useful coin in this aspect, but when it comes to payment, there is no argument that Bitcoin and Ethereum still stands as the best payment coins and more reliable.

These coins are very good for long term investment and when you talk about coins you can apply any known strategy to and will work, it should also be these two, although we still have some few coins that are really trying to meet up to standard, but I will say they are still at development level of 40 percent compared to BTC and ETH.

arpon11

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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?

Both the confidence and doubts are not so much important in trading! You have to bring reality into trading and treat it like normal business we know and stop trading if you like the knowledge on how the tradings works and when to buy and the time needed to be patience and when to take profits.Outside this whatever we do is gambling and that means you are not in control and if you are not in control then you should expect to loses as confident and doubt are not a trading strategies!

mersal

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Sometime it will be a good thing and other times it will lead us to be in losses so depends on our luck.But being confident while trading will groom yourself as a better trader and you will do that trade with comfort in long run but when you are doing trading with fear you will be always thinking about quitting the trading which won't make you as a successful trader even if you are supposed to be.

sana54210

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Quote from: Rufsilf on June 16, 2019, 05:31:44 AM

Being confident with your trading style is okay but being overconfident is I think not advisable in cryptocurrency trading, the crypto market is very unpredictable that your strategy may not always work, you may need to make few changes of your strategy from time to time. Excessive confidence could only be a reason a trader may lose more.

Sometimes I laugh at these pro traders that are over confident about their trade and they feel stop loss tools is not important for them, which they trade without putting any risk control tool into consideration, but then, they end of losing their trade without any form of help.

I believe that it is this over confidence that the china trader that committed suicide after losing trade had that made him first trade with 16million dollars, leveraged high and could not even use the stop loss tool to manage the risk he is taking in trading such amount of money. I don’t want to even see that has over confidence, I see it has over stupidity.

DigitalGemToken

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I'm not an expert trader but I have heard that you should set a trading strategy that is consistent and has been backtested to ensure profitability.

However, in terms of long term investing, I think it is best to invest in a cryptocurrency that has a purpose, either as a store of value or as a payments purpose since those two are the time tested functions that are essential in cryptocurrencies.

-------------------------------------------------------------------------------------------------------------------------------
Digital Gem Token - Mainnet 100% Live

A decentralized open source store of value cryptocurrency that is more environmentally friendly and scale able than Bitcoin.

The inflation rate is 0.25% per year and uses the Delegated Proof of Stake consensus mechanism.

Website: http://www.digitalgemtoken.com
Block Explorer: http://www.explorer.digitalgemtoken.com:4200/#/
Wallet: Integrated with the Ark.io Wallet
Discord: https://discord.gg/hNcFgb3
Bitcointalk ANN: https://bitcointalksearch.org/topic/m.51287198

jigzaheedcoin

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Quote from: Snaic on June 16, 2019, 04:26:06 AM

Quote from: DeathProxy on June 15, 2019, 04:11:08 PM

Over confidence in crypto trading as killed mamy whales in crypto space. They believe they have all the knowledge in crypto so its hard for them to loose forgetting that crypto is sometimes is unpredictable. Excessive confidence im a project its bad in this space

Anyone who has fully studied the cryptocurrency market, he already understands that the main value of the activity is the volatility of the cryptocurrency. Professional traders have long understood that you can make good money not only on price increases, but also on falling prices. So today the market is not in the best condition, but today everyone is using the opportunity to make money using the game for a fall.

If you're confident enough on your trading on crypto, that's couldn't guarantee you a good profit unless you're choosing a promising asset that could help you gain a sustainable returns on your investments. Other situations that leads to a trader into definite loss, was due to over confidence without even thinking for any circumstances to occur.

bettercrypto

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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?

But not at all times! They say that being confident will result to a failure once you commit the mistakes. Do not be confident, so that if you fail to gain profits, you will not be disappointed. Having a doubt to your plan is not a pessimist view rather we just look for a second whenever our first plan never works. Assurance is better than confidence.

BitHodler

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Quote from: Distinctin on June 16, 2019, 06:08:35 AM

All you need is just be professional and don't get your emotion too attach in trading as that might be a big hindrance for your success.
You can be confident or even overconfident but you have to remain realistic so you can still accept and learn from your mistakes, what how it should be.

Being professional? I think being rational is the better term to use here. Even professional traders make rookie mistakes from to time because being rational isn't always easy in markets that aren't.

What I have noticed here is that people tend to treat trading similar to gambling when it comes to losing. People desperately try to gain back what they lost and focus too much on that until they lose it all.

Instead of reevaluating the market conditions, people apply a martingale sort of method where they increase their trade position after a loss and repeat that until they win or end up broke.

yvesp110

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Quote from: Snaic on June 16, 2019, 04:26:06 AM

Quote from: DeathProxy on June 15, 2019, 04:11:08 PM

Over confidence in crypto trading as killed mamy whales in crypto space. They believe they have all the knowledge in crypto so its hard for them to loose forgetting that crypto is sometimes is unpredictable. Excessive confidence im a project its bad in this space

Anyone who has fully studied the cryptocurrency market, he already understands that the main value of the activity is the volatility of the cryptocurrency. Professional traders have long understood that you can make good money not only on price increases, but also on falling prices. So today the market is not in the best condition, but today everyone is using the opportunity to make money using the game for a fall.

Yeah this reminds me about the way what the people who are in the crypto for not just profits but ideology think about their investments in the coins even if the market is down. We have been down for so many times and these people would never withdraw their funds despite huge market crashes and McAffe says that Bitcoin is actually going to cross a million figure in future before it’s next halving.

PuertoLibre

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Quote from: Fedrey on June 16, 2019, 10:26:08 AM

One way or another, a professional user of cryptocurrency cannot demand more than he can really get from trading cryptocurrency. There is such an understanding as common sense, thanks to which every experienced trader is guided by his experience and knowledge.

That's the main reason behind the average loss rate by market participants. Ony top 5% of traders are profitable on financial market trading and new traders still dream about daily 10x altcoins. Get rich overnight mindset is the myth and it is not healthy to think like that for tokens of reliable projects.

Fedrey

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One way or another, a professional user of cryptocurrency cannot demand more than he can really get from trading cryptocurrency. There is such an understanding as common sense, thanks to which every experienced trader is guided by his experience and knowledge.

Distinctin

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Quote from: Rufsilf on June 16, 2019, 05:31:44 AM

Being confident with your trading style is okay but being overconfident is I think not advisable in cryptocurrency trading, the crypto market is very unpredictable that your strategy may not always work, you may need to make few changes of your strategy from time to time. Excessive confidence could only be a reason a trader may lose more.

All you need is just be professional and don't get your emotion too attach in trading as that might be a big hindrance for your success.
You can be confident or even overconfident but you have to remain realistic so you can still accept and learn from your mistakes, what how it should be.

Rufsilf

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Being confident with your trading style is okay but being overconfident is I think not advisable in cryptocurrency trading, the crypto market is very unpredictable that your strategy may not always work, you may need to make few changes of your strategy from time to time. Excessive confidence could only be a reason a trader may lose more.

Snaic

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Quote from: DeathProxy on June 15, 2019, 04:11:08 PM

Over confidence in crypto trading as killed mamy whales in crypto space. They believe they have all the knowledge in crypto so its hard for them to loose forgetting that crypto is sometimes is unpredictable. Excessive confidence im a project its bad in this space

Anyone who has fully studied the cryptocurrency market, he already understands that the main value of the activity is the volatility of the cryptocurrency. Professional traders have long understood that you can make good money not only on price increases, but also on falling prices. So today the market is not in the best condition, but today everyone is using the opportunity to make money using the game for a fall.

DeathProxy

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Over confidence in crypto trading as killed mamy whales in crypto space. They believe they have all the knowledge in crypto so its hard for them to loose forgetting that crypto is sometimes is unpredictable. Excessive confidence im a project its bad in this space

qwertyup23

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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?

Excessive confidence can lead to arrogance and excessively complacent, which would contribute to losing your profit quickly. What I learned in trading is that you can never be truly confident about your trades given in this highly volatile market.

Go basic, play by the rules and be conservative. Trading requires one to be extremely patient, vigilant, and disciplined in-order to realize profits at the end of the cycle. But do not mistaken optimism to confidence as they are two different worlds.

Quote from: Indamuck on April 01, 2019, 02:39:11 PM

I know a few people who got really cocky after making a few successful trades only to lose everything in the end. Its important to know your limits and realize that the majority of people fail when it comes to day trading.

In day trading, small individual profits can quickly turn into a large loss without having disciplined or a exit-strategy plan. Being cocky and bold due to a few successful trades can always lead to disaster.

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