Trading Forex with Self-Confidence

FXMan · #1 01-05-09, 04:26 PM

Investing in Forex is the best way of making an automatic residual income. However, the risk involved is comparatively higher than other investment opportunities, but for people who know the craft of reading market trends and understanding trade signals can make big money. Self confidence plays a great role in your success while dealing in Forex. Many people make hasty decisions that are entirely governed by their emotions instead of the info that is available. They just can’t take the pressure. When markets go down they panic and when they go up, they make wrong decisions either because of getting over excited or greedy. That is why you need to have strong self confidence and control. Try to follow a systematic step by step plan that will help you in getting your goal of automatic residual income using Forex.

Happy Trading
FXMan

finvik · #2 02-07-09, 04:26 PM

very true! You hear traders talk a lot about discipline when forex trading - but you don’t hear them talk much about confidence. However, confidence is a vital component of your forex trading strategy - confidence in yourself – not in some mentor, or guru you’re following.

forexsys2 · #3 02-09-09, 09:46 AM

Quote:

Originally Posted by FXMan

Many people make hasty decisions that are entirely governed by their emotions instead of the info that is available.

You are right. This is true not only for Forex IMHO.

forexsys1 · #4 02-12-09, 12:07 PM

Quote:

Originally Posted by finvik

very true! You hear traders talk a lot about discipline when forex trading - but you don’t hear them talk much about confidence. However, confidence is a vital component of your forex trading strategy - confidence in yourself – not in some mentor, or guru you’re following.

This is true IMHO. I think that confidence is what we have lost in modern trading and bisuness world.

forexsys3 · #5 04-23-09, 10:10 AM

Quote:

Originally Posted by forexsys1

I think that confidence is what we have lost in modern trading and bisuness world.

+1 In earlier days we were more confident.

FXCode · #6 05-17-09, 11:52 AM

Confidence is built through success.
If your system is good, and you manage to win a couple of trades, your confidence will rise and it will keep you taking the trades and signals of your system.
The problem is when you have some losing trades.. This is where most traders quit or stop following their rules.

finvik · #7 05-22-09, 08:06 AM

i somehow agree with FXCode... nothing succeeds like success, Success is the biggest 'Moral Booster', once you are getting desired results in trading your confidence automatically increases!

lancehibner · #8 06-10-09, 12:55 PM

If you want to trad with forex you have to learn the market and become an expert trader. With Experience and confidence you become a successful trader.And you must need to take risk. You can make any profit and this is much harder when you make small trades than when you make bigger ones.