Topic: I lost my confidence... And fought to get it back. - page 4. (Read 872 times)
There is nothing to do with confidence in trading. We don't know on what direction the market is going to move. Just can predict and open the buy and sell orders. Should not go for immediate profiting out of confidence. Here being courageous to spend is the must. Even if some thing happens away from the predictions just take a break, analyze and proceed further. This will make you limit your losing.
Same thing that happened to me 2 years ago after the great China fake news that dropped all Altcoin prices including Bitcoin. After that incident, I seldom trade and if I ever trade, the amount at risk is very low. Its a learning experience and it costs us a lot to learn from our mistakes but it teaches us to be more cautious at every move that we make in trading.
I typically risk no more than 5% of my trading balance to ensure drawdowns aren't too bad most of the time, and I've been fortunate enough to have not been down 30% at any time so far, but there have been times in the past when I wasn't using good risk management where I was down greater than 30%. Those times were actually a blessing to me, as I was trading a smaller amount of money than I am now and those losses made me take another look at TA and risk management which has now taken me much further than I would've been if I didn't lose.
As for gaining confidence, there's a number of ways to do that, but one of the simpler things is just to look at the brighter side. There's a good chance you're only looking at the negatives if you've lost your confidence.
As for gaining confidence, there's a number of ways to do that, but one of the simpler things is just to look at the brighter side. There's a good chance you're only looking at the negatives if you've lost your confidence.
I think most of the beginners on trading felt the same as you and also experienced the same as you. Just like me, in the beginning, especially when I started to trade, I lost almost 50% of my balance in the exchanges.
I decided to stop, but there's one inside of me that pulls me to trade again, then, I started to learn and study, research and ask.
Just what you said, once you learnt something, everything will be easy for you, like you are familiar to everything that you do.
Just always keep in your mind, there is no easy money, it comes for hard work and learning.
I decided to stop, but there's one inside of me that pulls me to trade again, then, I started to learn and study, research and ask.
Just what you said, once you learnt something, everything will be easy for you, like you are familiar to everything that you do.
Just always keep in your mind, there is no easy money, it comes for hard work and learning.
I once lost 26% of my portfolio in three short trades, in less than an hour and a half.
It was brutally crushing.
Weeks of hard work gone in the blink of an eye.
But I thought back to when I was just a little kid, learning how to ride a horse at summer camp.
More accurately I remember falling off said horse while trying to learn how to ride it.
And the camp counselor wiping the dirt (and maybe a tear, though I'd never admit it) off my face.
"If you don't get right back on that horse, you never will again." he told me.
And so I did.
But when I got back on the trading horse the next day, something was different. It didn't feel right.
It felt like the charts I was so used to watching, were in a foreign language.
The letters were still the same, but I couldn't read them anymore. Whatever I used to see, whatever strategy I had been using before, it didn't fit.
Something was missing.
I floundered, and I panicked.
Luckily, a good friend and mentor was there to catch me.
Thanks to their wisdom, it became clear to me - there was indeed something missing.
My confidence.
Confidence in my skill, confidence in my ability to control my emotions, confidence in my analysis.
Without that, there was no way that crypto could the salvation I so desperately longed for.
And so I set out to rebuild that confidence, brick by brick.
For the next 30 days, I traded only a completely insignificant amount of money and I documented every last detail.
That helped me control my despair while validating the effectiveness of my strategy.
After rediscovering my groove in those 30 days, I slowly ramped back up to trading real money.
In the end, learning from that experience proved far more valuable than the short term damage to my portfolio.
Have you ever had to experience something extreme to overcome a mental weakness?
It was brutally crushing.
Weeks of hard work gone in the blink of an eye.
But I thought back to when I was just a little kid, learning how to ride a horse at summer camp.
More accurately I remember falling off said horse while trying to learn how to ride it.
And the camp counselor wiping the dirt (and maybe a tear, though I'd never admit it) off my face.
"If you don't get right back on that horse, you never will again." he told me.
And so I did.
But when I got back on the trading horse the next day, something was different. It didn't feel right.
It felt like the charts I was so used to watching, were in a foreign language.
The letters were still the same, but I couldn't read them anymore. Whatever I used to see, whatever strategy I had been using before, it didn't fit.
Something was missing.
I floundered, and I panicked.
Luckily, a good friend and mentor was there to catch me.
Thanks to their wisdom, it became clear to me - there was indeed something missing.
My confidence.
Confidence in my skill, confidence in my ability to control my emotions, confidence in my analysis.
Without that, there was no way that crypto could the salvation I so desperately longed for.
And so I set out to rebuild that confidence, brick by brick.
For the next 30 days, I traded only a completely insignificant amount of money and I documented every last detail.
That helped me control my despair while validating the effectiveness of my strategy.
After rediscovering my groove in those 30 days, I slowly ramped back up to trading real money.
In the end, learning from that experience proved far more valuable than the short term damage to my portfolio.
Have you ever had to experience something extreme to overcome a mental weakness?
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