confidence ?
- Thread starter cashclay
- Start date
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Some times a no confidence is a no good set up;
did not buy $5 junk like Rite Aid[bankrupt this month]
On a good uptrend my guts try to get me waaaaaaaaaaaaaaaaaay to early exits. Countertrends, less confidence may help a bit more; if used for more research.
Have to look @ enjoyment factor also , if one enjoys a cash metal business + real estate can go with that proven reasons in addition to ETF trends.
More info can help, what seems[felt + figured] like a safe distance from rail road tracks can easy be wrong with rare occasional derailment
Absolutely! It's a well-balanced strategy that can help keep emotions in check.
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I MOSTLY sTay in a no feel zone on trades= investments ;
but when my guts $tart to worry ,usually on a good profit% swing i do a lot more research/trends feelings seldom change much\ but the worry gets less , some could say the feeling changed positive with more profit.
O even more rare i just get out + get in again .
A metals dealer asked me to do some free work+ i felt like that was unfair + almost asked him how much he would pay;but feelings are so misleading to me , glad i did not.
Because that 's a form of giving , so now he owes me , worthwhile for sure; he made up for it max on yellow metal brass ammo =shells
My comments dont apply to scams,crypto-cr*p, even though T Sykes did well in penny stocks.
Getting into trading wasn't like the usual "just go for it" story. I had my fair share of doubts and made quite a few mistakes along the way. Feeling a bit confused and lost, I found out about copy trading. I started following expert traders on zulutrade, carefully learning from and copying their trades to find my own way.
As I kept going, I noticed that copy trading suited me better than manual trading. Following the trades of experienced traders made more sense to me. It gave my confidence a significant boost. I'm still on the learning path and I hope that sharing my experience can benefit others in similar situations.
As I kept going, I noticed that copy trading suited me better than manual trading. Following the trades of experienced traders made more sense to me. It gave my confidence a significant boost. I'm still on the learning path and I hope that sharing my experience can benefit others in similar situations.
Hey there, it's completely normal to feel a mix of emotions before placing a trade. The uncertainty and risks involved can create doubt or hesitation. It's crucial to have a well-defined trading plan, understand the potential risks, and only trade when you feel comfortable with your analysis. Confidence often comes with experience, so don't be too hard on yourself if you experience doubt early on. Continuous learning and practice can help build confidence over time.
You can check this video about how to control your emotion when trading:
https://insights.primecodex.com/achieving-emotion-control/
You can check this video about how to control your emotion when trading:
https://insights.primecodex.com/achieving-emotion-control/
Emotional control in trading stems from a rock-solid plan, one that knows what actions to take beforehand, rather than making up rules along the way. Recently, while bracket trading with a friend on the phone, I was reminded of an important principle: everyone plans for success, but a successful trader plans for the worst. This approach ensures that the best outcomes take care of themselves.
For instance, a key strategy is not over-trading relative to your account size and keeping reserves for when they're most needed. I firmly believe that to be a confident trader, you need to have planned out three to four trades ahead of the current one.
But what are these future trades? They're all about the recovery of losses. Let me give you an example: In back bracket trading, while I have a profit target, my stop loss is not a traditional stop loss. Instead, it's a stop and reverse. It's about getting my money back, and quickly. To do this, I trade many more contracts on the reversal. Moreover, I always have a plan in case that reversal fails. The likelihood of being wrong three times in a row within the same trade is very unlikely, but not impossible.
Bracket trading, for those unfamiliar, involves setting predetermined buy and sell orders around a current price. A stop in reverse is an interesting twist on this strategy. Instead of merely limiting losses, it aggressively seeks to recoup them, which adds an additional layer of complexity and risk management.
What often goes unspoken is the emotional side of trading. Managing stress and the psychological impact of losses is as crucial as any financial strategy. The confidence to execute these plans doesn't just come from their logical structure, but also from the trader's emotional resilience and experience in handling market pressures.
m
For instance, a key strategy is not over-trading relative to your account size and keeping reserves for when they're most needed. I firmly believe that to be a confident trader, you need to have planned out three to four trades ahead of the current one.
But what are these future trades? They're all about the recovery of losses. Let me give you an example: In back bracket trading, while I have a profit target, my stop loss is not a traditional stop loss. Instead, it's a stop and reverse. It's about getting my money back, and quickly. To do this, I trade many more contracts on the reversal. Moreover, I always have a plan in case that reversal fails. The likelihood of being wrong three times in a row within the same trade is very unlikely, but not impossible.
Bracket trading, for those unfamiliar, involves setting predetermined buy and sell orders around a current price. A stop in reverse is an interesting twist on this strategy. Instead of merely limiting losses, it aggressively seeks to recoup them, which adds an additional layer of complexity and risk management.
What often goes unspoken is the emotional side of trading. Managing stress and the psychological impact of losses is as crucial as any financial strategy. The confidence to execute these plans doesn't just come from their logical structure, but also from the trader's emotional resilience and experience in handling market pressures.
m
Oh, totally get where you're coming from! Before a trade, I often find myself thinking about what could go wrong, which definitely brings in some doubts. It seems like a mix of excitement and a bit of nerves, especially thinking about the 'what ifs.' But I guess that's part of the learning curve in trading. Every trade feels like a new lesson.
Do you need to feel confident entering a trade?
The short answer - yes, but...
There are two types of "confidence" in entering a trade. One is critical, the other is detrimental.
You should be confident in the chart fitting your rules. You should be confident that this is a statistically profitable setup. You should be confident In your plan. In your riskmanagement In your mental state. etc.
This is "good confidence". It's confidence in yourself as a trader and in your system.
You NEED to have it, otherwise - put bluntly - you aren't sure what you're doing, and therefore should not act.
But many traders mix this up with being confident that "This particular trade is going to turn out a good one". "This individual setup is a good one". "This one is going to run" and so on.
This is FALSE confidence. It's no more than wishful thinking and an attempt to project your hopes onto a random, neutral market. It is, in fact, a NEGATIVE sign: it means you're trying to guess the market and tying youself to a certain expected result.
This is the kind of false confidence that causes oversizing, jumping signals prematurely, letting losers go to far, or greedily overstaying winners even past a clear exit sign.
The short answer - yes, but...
There are two types of "confidence" in entering a trade. One is critical, the other is detrimental.
You should be confident in the chart fitting your rules. You should be confident that this is a statistically profitable setup. You should be confident In your plan. In your riskmanagement In your mental state. etc.
This is "good confidence". It's confidence in yourself as a trader and in your system.
You NEED to have it, otherwise - put bluntly - you aren't sure what you're doing, and therefore should not act.
But many traders mix this up with being confident that "This particular trade is going to turn out a good one". "This individual setup is a good one". "This one is going to run" and so on.
This is FALSE confidence. It's no more than wishful thinking and an attempt to project your hopes onto a random, neutral market. It is, in fact, a NEGATIVE sign: it means you're trying to guess the market and tying youself to a certain expected result.
This is the kind of false confidence that causes oversizing, jumping signals prematurely, letting losers go to far, or greedily overstaying winners even past a clear exit sign.