confidence ?

[cashclay]

If your strategy is good, then it's your (inner-child-) brain, which didn't learn yet, that losing money is not the end of the world, if it's part of a bigger picture.
Even if you know that, your brain dosn't change attitude so quickly.

Had the same problem at my beginning, was really shocked to discover my brain dosn't understand what trading is about.

Keep telling yourself (in the bathroom, on the bus, on the highway):

"I can afford to lose money. I'm trading for long term success. Stop loss hit is totally okay"


(your SL should be 2%, or any other amount you really willing to lose for the sake of long term success)

Whishing you success

thank you so much for that. it’s was really reassuring that others have gone thru what i’m going thru

 

[schizo]

Before placing a trade do you guys always feel confident or just nothing at all? for some reason before a trade i always think what could go wrong with and then start to doubt it.

Before you enter any trade, you should already know 3 things:

1. Entry price
2. Exit price
3. Stop price

Once you know all three in advance, there's nothing to be scared of. Well, unless you keep getting stopped out. Then obviously your entry (price or time, or both) is outta whack.

 

[maxinger]

Confidence can ONLY be achieved when your mind is centered.

Once you have negative emotions, your confidence will be broken.

 

[MarkBrown]

Before you enter any trade, you should already know 3 things:

1. Entry price
2. Exit price
3. Stop price

Once you know all three in advance, there's nothing to be scared of. Well, unless you keep getting stopped out. Then obviously your entry (price or time, or both) is outta whack.

agreed but

let's add to that also knowing in advance "recovery from drawdown" how you gonna get your money back and how long will it take? once you know that how could you not have confidence.

 

[SimpleMeLike]

knowing in advance "recovery from drawdown" how you gonna get your money back and how long will it take?

Good Morning MarkBrown,

This is the only thing that I focus on in my trading. I do not spend time on anything else related to day trading.

 

[murray t turtle]

agreed but

let's add to that also knowing in advance "recovery from drawdown" how you gonna get your money back and how long will it take? once you know that how could you not have confidence.

%%
Good add, dont have to wear a suit=may help
Simple reading + math helps . Like Larry Mint Hite noted \a cheap buggy whip co[-$5] may get cheaper, want o buy that. ?? LOL NOT me, on buyin' that.
Schizo or his wife had a good read, a trade loss hits the same part of your brain as a life threat.

 

[Ava]

Before placing a trade do you guys always feel confident or just nothing at all? for some reason before a trade i always think what could go wrong with and then start to doubt it.

I understand that feeling. I often remind myself that even the most successful traders face moments of doubt. It's about managing those emotions and sticking to my plan.

 

[murray t turtle]

There is a difference between confidence and competence.

Competence means all possible price action, reactions to those actions and trade outcomes are understood and a plan is in place for them.

Confidence comes AFTER competence.

If one thinks they have (or should have) confidence BEFORE competence, they are not being realistic about where they are in the trading process.

Edit: Saw your reply. Would suggest looking at trades in sets, say 30 or more. Work out the P/L and see where you would land. Lots of work, but better than "Gambling" without enough data. Also work more on how to exit a trade that is going negative and looks like it will head to the stop. It is totally fine to take a lot of BE after comms.

%%
Good .Good plans[before + after market] include what could go wrong + what could go right......
I felt curious today, would i have to exit some QLD if it did not do what i planned .Yes + yes.
Would I get the my entry price on inverse ETF, well close enough, its NOT just one price anyway LOL
Practice doing things you dont want to do, but good to do anyway;
park not close to WMT entrance/ even though most do so, they dont have to walk more steps than needed LOL
Like Dr Van Tharp noted, champ shooters do plenty of practice
MY banker dad enjoyed his work but some times told me ''I dont feel like going to work,
so what, son, I go to work anyway '' ..............

 

[Day Trader Studio]

Before placing a trade do you guys always feel confident or just nothing at all? for some reason before a trade i always think what could go wrong with and then start to doubt it.

I'm actually the opposite, when I enter my no feel zone is when I know that a trade will most likely workout, because I wouldn't have cared if it didn't

 

[ForexCrusader]

It's entirely natural to feel a mix of emotions before placing a trade, and doubt is a common feeling among traders. However, I always make sure that I feel confident (not overconfident) whenever I open a position. This is supported by a solid reason to enter a trade and backtesting.