Excessive confidence in cryptocurrency trading.

[EXtremeAEX]

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.

A successful trader is one who makes deals confidently. Have you tried to trade making a preliminary plan and following it? This is what I'm talking about. You must have a purchase and sale plan before you start any deal. And an adequate plan cannot be created without confidence.
I'm not saying that you cannot have reasonable doubts, it’s great if you have them. But another thing, if you are not having the confidence to make a deal. How then to count on success? This then turns into a regular gamble with bets. And with investments, this is the most unsuccessful approach.

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[Julien_Olynpic]

Confidence is good, but there should always be a little doubt. We see that amazing things often happen on the market that no one can predict. Many times I saw too confident people who lost most of their deposit. They did not allow other scenarios. Too confident trader ceases to be flexible. In the end, we need profit and not rightness.

[kennen1113]

Confidence is good, but there should always be a little doubt. We see that amazing things often happen on the market that no one can predict. Many times I saw too confident people who lost most of their deposit. They did not allow other scenarios. Too confident trader ceases to be flexible. In the end, we need profit and not rightness.

Too much confidence in trading is not advisable anymore as it involves your emotions already and not your intellect mind. There are more chances that you will fail in whatever decisions or plans you make because you did it without even weighing the consequences it might bring. Trading takes time and it should be done more wisely and well planned.

Indeed, having confidence in our abilities is a good and positive emotion but it is not encouraged to put too much into all decisions because you said so clearly, it's just a decision that is based on emotions and in trading, emotions are limited, what should be used is the knowledge that we accumulate and the analysis from the brain, then there is a prepared setup if the situation changes badly. Here, there is no need for a person with too much confidence, here needs an experienced trader, to make money in the long run, not to express the feelings of some individual

[Oilacris]

Confidence is good, but there should always be a little doubt. We see that amazing things often happen on the market that no one can predict. Many times I saw too confident people who lost most of their deposit. They did not allow other scenarios. Too confident trader ceases to be flexible. In the end, we need profit and not rightness.

Too much confidence in trading is not advisable anymore as it involves your emotions already and not your intellect mind. There are more chances that you will fail in whatever decisions or plans you make because you did it without even weighing the consequences it might bring. Trading takes time and it should be done more wisely and well planned.

Being too confident will surely wipe out your risk management thing since you do already see that your current ways would surely work out.

You already presume or expect that they would work and as said these set-ups been made aren't really being too serious without minding some plan B's incase the
market would turn out into different way.

[goinmerry]

Both traits are important in trading. You need to balance your confidence and your fear to be successful.

I agree that overconfidence will result in decisions not being deeply thought about. While being fearful and doubtful is okay, there are times that it will hold you back and might lose a great opportunity to gain profit.

It is important to be brave enough too and take risk. Balancing both traits is the key. Stay in the middle for you to get good result and use your brain at all times.

[Tungsten-1]

Confidence is good, but there should always be a little doubt. We see that amazing things often happen on the market that no one can predict. Many times I saw too confident people who lost most of their deposit. They did not allow other scenarios. Too confident trader ceases to be flexible. In the end, we need profit and not rightness.

Too much confidence in trading is not advisable anymore as it involves your emotions already and not your intellect mind. There are more chances that you will fail in whatever decisions or plans you make because you did it without even weighing the consequences it might bring. Trading takes time and it should be done more wisely and well planned.

Being too confident will surely wipe out your risk management thing since you do already see that your current ways would surely work out.

You already presume or expect that they would work and as said these set-ups been made aren't really being too serious without minding some plan B's incase the
market would turn out into different way.

Confidence helps you stay in the crypto market when everyone is escaping the crypto market due to crash. When the markets are down, people try to withdraw their money from crypto and invest in other assets but investing in assets like crypto and staying confident about your investment leads to huge jackpots. This is the reason the risk takers make the money.

[lixer]

Confidence is good, but there should always be a little doubt. We see that amazing things often happen on the market that no one can predict. Many times I saw too confident people who lost most of their deposit. They did not allow other scenarios. Too confident trader ceases to be flexible. In the end, we need profit and not rightness.

the best is that we can control our emotions, everything must go on as usual. don't be too confident and don't be afraid anyway. so winning or losing in trading is our daily food.

It takes time to really achieve this, for confidence, I am not sure we have too many people that comes to the market with confidence when they first started to trade, some of them would still have some little fears, and I even think it is as they advance that they begin to build confidence in their trade after having some experiences about it, and I think by the time they have already developed experiences through some failures, confidence would have left them already.

Basically, people need to first make sure they have had lots of practice first before jumping into real life trading, that is usually my own, through their trading practices, they will learn to put all these things of confidence, emotion, greed and other trading enemies in check.

[Oilacris]

Confidence is good, but there should always be a little doubt. We see that amazing things often happen on the market that no one can predict. Many times I saw too confident people who lost most of their deposit. They did not allow other scenarios. Too confident trader ceases to be flexible. In the end, we need profit and not rightness.

Too much confidence in trading is not advisable anymore as it involves your emotions already and not your intellect mind. There are more chances that you will fail in whatever decisions or plans you make because you did it without even weighing the consequences it might bring. Trading takes time and it should be done more wisely and well planned.

Being too confident will surely wipe out your risk management thing since you do already see that your current ways would surely work out.

You already presume or expect that they would work and as said these set-ups been made aren't really being too serious without minding some plan B's incase the
market would turn out into different way.

Confidence helps you stay in the crypto market when everyone is escaping the crypto market due to crash. When the markets are down, people try to withdraw their money from crypto and invest in other assets but investing in assets like crypto and staying confident about your investment leads to huge jackpots. This is the reason the risk takers make the money.

There are really cases which overconfidence would help you or lets say it do have advantages but what about on booming market? Do you still have the confidence on unstoppable buying? So you are just basically buying up on the peak and later on when the price trend shifts then its a sure loss.The only thing here is that
you aren't easily got depressed if you do lose up which you do have some sort of motivation.

[Maestro75]

Excessive confidence in trading will destroy anyone. Trading is a risky game and anyone who engage in it must do it with care by setting risk limit. Professional traders will advice that traders should protect their capital and limit exposure to risk. Without this the overconfident traders will end up with great losses.

[Hippocrypto]

Excessive confidence in trading will destroy anyone. Trading is a risky game and anyone who engage in it must do it with care by setting risk limit. Professional traders will advice that traders should protect their capital and limit exposure to risk. Without this the overconfident traders will end up with great losses.

Having bigger losses made everybody hopeless behind what's happening to the price of bitcoin, since it was declining lately. Wealthy traders grab the best opportunities they could while bouncing price was taking dominance. We can't prevent that situation to erradicate, because it's really destined to happen specially market is highly profitable.

[nydiacaskey01]

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?

I wouldn't make "quick decisions" if it involves money. Imagine how much money you can loose because of a quick decision more likely FOMO. Emotion is our worst enemy in trading, always think a lot of time before jumping in a decision and its regardless if it involves small amount or money or not, its still your hard earned money. Using TAs is still the best way to decide when to buy and sell.

[barbara44]

Excessive confidence in trading will destroy anyone. Trading is a risky game and anyone who engage in it must do it with care by setting risk limit. Professional traders will advice that traders should protect their capital and limit exposure to risk. Without this the overconfident traders will end up with great losses.

Sometimes we still have to be careful in listening to some of these pro traders, is it not the same pro traders sometime that do  discourage some people from using tools that would have helped them minimize their risk.

I have seen so many pro trader on this active forum and some other forum that they don’t need to use top loss tool to minimize risk because of their over confidence, and I think they are the ones really practicing this over confidence in trade the more, just because they feel they are good at analyses, and any newbie seeing that would definitely think that it is not necessary to make use of these tools, and there is absolutely no way, one can control emotion, control over confidence and even control greed without actually making use of these trading tools.

[guoyu78]

Confidence is very important when it comes to trading, especially cryptocurrency trading. But you don’t just need only confidence, you also need to be smart and have some sense cause that’s the salt. You need equal of everything. It’s just like having faith and not applying works, and like it (Bible) says – faith without works is just a waste of time.

So, let’s say that you have confidence and you don’t even know anything about trading. But because you have confidence you then decides to jump on it and start making money, do you think that’s ever going to work out? You will just be making losses out if confidence. So, you need to be smart and have some knowledge in trading, and when you do proper research and place your order that you’re sure of, it’s your confidence that is going to help you to hold strong when things starts to go very bad and you’re about being discouraged. So, you always needs a bit of everything and not just confidence. You have to be knowledgeable as well.

[darewaller]

I don't know how much confidence is excessive confidence and I am not entirely sure any other person does neither.

I mean I would probably say that you have to have a lot of confidence in yourself to manage a crypto trading job after all, because without confidence you are moving digital made up things between each other and that makes no sense at all, if you however have any type of understand of what we are doing in crypto trading than you have a bit of confidence of what you are doing and that would result with you actually doing a pretty good job at trading. That is why you gotta have a lot of confidence but I don't know if you mean arrogance, if you mean arrogance than that becomes dangerous because you think you know EVERYTHING about it instead of a quite good understanding of the concept and that ruins it.

[milewilda]

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?

Confidence and courage are certainly better than fear and doubt. However, overconfidence will also not be good especially if because of our excessive confidence then we invest most of the wealth we have in cryptocurrency and without caring about other things in our lives.

Excessive confidence is good if we do know how to limit our funds or simply having that good money management with high confidence with your analysis.
A good thing for you to have a trial and error behavior yet youve been using only a small portion of your money and as said overconfidence might lead up into putting all in because you are sure enough with your analysis which isnt good.

[pinkpanther03]

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?

having an over confidence in trading, doesn't give help anyway to make you profit in the end.
That's must be one of the reason why most of newbie traders ended up often into loss of their capital investment.
You have confident in the coins but the coin itself is not a potential in the end, which means its useless at all.

[breathlessz]

excessive confidence if owned by the whales does not matter. but if someone like me, of course this backfires. whales reads most people's psychology and takes pump or dump action. therefore be someone who is "unreadable", and don't overconfidence, because pro traders can control their psychology and act modestly under any circumstances

[lixer]

I don't know how much confidence is excessive confidence and I am not entirely sure any other person does neither.

I mean I would probably say that you have to have a lot of confidence in yourself to manage a crypto trading job after all, because without confidence you are moving digital made up things between each other and that makes no sense at all, if you however have any type of understand of what we are doing in crypto trading than you have a bit of confidence of what you are doing and that would result with you actually doing a pretty good job at trading. That is why you gotta have a lot of confidence but I don't know if you mean arrogance, if you mean arrogance than that becomes dangerous because you think you know EVERYTHING about it instead of a quite good understanding of the concept and that ruins it.

There is a difference between having confidence in yourself, which is more like having a high esteem and having confidence it your trading, yes you have built the necessary skills, and yes you have also acquired the necessary knowledge, but that is not enough for you to fully rely on the market because sometimes, no matter the strategy that you have, you can no completely be confidence that the market will not mess it up.

I think this aside usually goes for most traders that feel they have so much confidence in a particular direction of the market without weight the other options and thinking of how to minimize their risk by utilizing the risk management tool that should be applied on every trade for the safety of our capital and Investment.

[Cherylstar86]

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?

This is not the place for the weaker mind set because Crypto currency investment is very risky due to the price is really unpredictable therefore FUD is just a normal thing here but still we need to counter them to ensure that the future losses will be neutralized by always having a full confident to your investments.

How could we become confident if we're not developing a good state of mind, specially dealing with our emotions. Sometimes too much of our confidence lead us to bad situations, like lossing to much of our investments. Failure is part of our growth in crypto trading, always make it as our motivations.

[Julien_Olynpic]

excessive confidence if owned by the whales does not matter. but if someone like me, of course this backfires. whales reads most people's psychology and takes pump or dump action. therefore be someone who is "unreadable", and don't overconfidence, because pro traders can control their psychology and act modestly under any circumstances

Whales no need to be in confident or in worries because all they can do is manipulation and eap something out of it,so you guys like are the real target of the whales who never know what to do at the bump and dump conditions.

I think that even whales need to be self-confident. More precisely, whales are usually confident in themselves. Because they are whales. But sometimes there are whales that lose money. If they are attacked by a pack of piranhas. You say that whales and piranhas are not found in nature? And in the financial markets are found. If you call Google for help, you can find many examples when the whales lost money.