Trading When Confidence Shakes

[Moxiee]

Losing streaks make everything look uncertain. After three bad trades, even strong setups looked wrong. Confidence wavers fast when results hurt. I used to quit; now I reduce size, not effort. Small wins rebuild belief better than long breaks ever could.

Confidence isn’t about not losing it’s about recovering quickly.Momentum in mindset matters as much as price.Do you pause to rebuild or spiral after setbacks?

[Vaculin]

We also lose in trading, simply because it's part of the process, yet our confidence to hit it big next time is still high. However, what's the point of building your confidence when you are still having constant losses and few gains? So I have to say that winning in trading isn't all about confidence, because even newbies have extraordinary confidence that they will really hit their target profits. But at the end of the day, losses are still uncontrollable.

Trading knowledge and learning experiences instead are what makes us profitable in the long run. Confidence is just a small portion that pushes us to keep learning trading until profits will be completely achieved.

[Oshosondy]

Do you pause to rebuild or spiral after setbacks?

If I lose and emotion is involved, I will make sure to pause. If you do not pause trading at the time, you will only be more emotional which will make you to lose all your money. If I start to trade again, I prefer not to think about the loss and I will not have it in mind to recover the lose but just to make money from trading.

[justdimin]

I have to say that winning in trading isn't all about confidence, because even newbies have extraordinary confidence that they will really hit their target profits. But at the end of the day, losses are still uncontrollable.

Confidence usually does not mean what a trader might be having toward the market and about profit making but should denote the sustainability of your technical analysis or your strategy after keep testing in demo account or in real market with least capital. When your strategy is consistently getting you profits, obviously you will become more confident on your trading. This is usually possible for experienced trader who allocate time to enhance strategy and also find time to test it before hitting real market.

Being over confident is a basis mistake of naive traders because they fail to test their strategy according to their capital and risk level. Moreover such scenario is happening when a newbie trader blindly copying others strategy. Because, market condition and money management thing are subjective and cannot be generalized for every trader or for every market.

[reagansimms]

There are always profits and losses in trading, your confidence in achieving satisfactory results also needs to be supported by how strong the fundamentals of the coin you buy are. Losses teach us to pay more attention to the level of resilience and potential of the coins we buy. You might be betting on an unknown coin or a shitcoin that is very easy to manipulate, resulting in losses that are inevitable and if you continue to hold on to your beliefs, you might experience much greater losses. There are many things to consider when trading. If you only prioritize confidence in highly speculative assets, the potential for losses is greater than profits.

[Gozie51]

Confidence isn’t about not losing it’s about recovering quickly.Momentum in mindset matters as much as price.Do you pause to rebuild or spiral after setbacks?

Winning is not the absence of losing. If you have had a losing streak then it may mean you have to restrategize but if you win more than you lose, you are doing the right kind of trading. So the point is to check and balance it. Within you, you should know if you don't have a working strategy and if you do have it but because of manipulation or impatient you lose, you don't have to worry yourself. At such time, you need to be more patient and if you have lost confidence then you reduce your risk size so that the market won't take you out quicker and gradually you will rebuild lost confidence. The most important thing is to know if you have a working strategy, otherwise you can take a break and update on the strategy.

[Wind_FURY]

Losing streaks make everything look uncertain. After three bad trades, even strong setups looked wrong. Confidence wavers fast when results hurt. I used to quit; now I reduce size, not effort. Small wins rebuild belief better than long breaks ever could.

Confidence isn’t about not losing it’s about recovering quickly.Momentum in mindset matters as much as price.Do you pause to rebuild or spiral after setbacks?

But what would happen to your already damaged mental state if you continue to trade even with reduced sizes, but the market "refuses to cooperate"?

That would definitely SHATTER all of your remaining confidence, no?

But the solution, if you ask me, is merely to objectively choose a very asset that you could be confident owning, then Buy and HODL that.

[8rch7]

Fully out from market when my confidence shakes because I can't totally focus for trading after having or bad days in trading due loss much or on floating position. I don't know with the other can control or manage well their emotion during at confidence shakes because is not easily yet for my self how to trade and get bigger possibility to earn much profit. Exactly on the losing streak position make difficulty for me how to get fresh ideas and good mindset in trading, so if that position fully break from market and I will fresh my mind firstly like take vacation or exploring my hobbies.
Actually trading in cryptocurrency can't avoid from loss some time we must getting losing streak after buying any coins or bitcoin at dip price have another dip price coming, so must be ready with good mentality when trading in cryptocurrency because is most important part if won't get more losing again.

[Mpamaegbu]

Losing streaks make everything look uncertain. After three bad trades, even strong setups looked wrong. Confidence wavers fast when results hurt. I used to quit; now I reduce size, not effort. Small wins rebuild belief better than long breaks ever could.

You're right about what losing does to one's confidence. It hurts it and creates a level of uncertainty and disbelief in one's trading strategy and plan. My cure for such whenever I experience it is simply to take a break. A trader isn't one who trades everyday but one who remains profitable. Not trading for days doesn't mean one isn't still trading. Yeah, I know it's a paradox but that's true. We've to realize that not trading is also a trading strategy. So, I take a few days off trading to re-evaluate my charts and fix what could be wrong before going back to trading. When I resume trading, I usually start with reduced lotsize and then try as much as I can to recover to the point I started losing. Once I'm back up there, I increase my risk appetite once again. This has helped me in ways I never imagined.

[SquirrelJulietGarden]

Losing streaks make everything look uncertain. After three bad trades, even strong setups looked wrong. Confidence wavers fast when results hurt. I used to quit; now I reduce size, not effort. Small wins rebuild belief better than long breaks ever could.

Confidence isn’t about not losing it’s about recovering quickly.Momentum in mindset matters as much as price.Do you pause to rebuild or spiral after setbacks?

Don't trade because you are condidently about your trading skills and trading positions.
Don't trade when you are in a loss streak but still condident with your trading ability. It's dangerous if you are over confident and want to revenge the market in a loss streak. It's only nightmare as you are ready to do many bad trading positions.

Being confident or not, don't forget that protection on your initial trading capital is most important and even very vital for your trading career. If you lose all trading capital, your trading career ends.

Because of that trading career ending, you must use stop loss order.

[Floxynice]

Do you pause to rebuild or spiral after setbacks?

If I lose and emotion is involved, I will make sure to pause. If you do not pause trading at the time, you will only be more emotional which will make you to lose all your money. If I start to trade again, I prefer not to think about the loss and I will not have it in mind to recover the lose but just to make money from trading.

This is a very smart move. When emotion becloud your sense of reasoning, you might start engaging in revenge trading, trying to recover the losses incurred, it will lead to more damage than good. The best is to pause for a while, then return back to trading when all the emotions must have been forgotten and the new trade is not influenced by thoughts of the previous trade. This is the most healthy thing to do as a trader who lost money.

[Onyeeze]

Losing streaks make everything look uncertain. After three bad trades, even strong setups looked wrong. Confidence wavers fast when results hurt. I used to quit; now I reduce size, not effort. Small wins rebuild belief better than long breaks ever could.

Confidence isn’t about not losing it’s about recovering quickly.Momentum in mindset matters as much as price.Do you pause to rebuild or spiral after setbacks?

there is what interesting me in your statement and it was a confidence in Trading, when you have a comfort in Trading or in anything you are doing it is obvious that a positive thing will come out of it, so it should be what we are supposed to know about trading the most important thing is comfortability because what makes some people to lose in trading is all about having the fear or discourage of what will come at the end as a result for the threading and that is why you don't need to use something that will make you to be in fear and partake in Trading use what you are comfortable of losing and that will make you to be efficient in Trading despite the risk that is involved.

[logfiles]

This is why if you have your working strategy, at least according to backtests and all that, and you don't want to involve emotions, then you involve a bot to enter and exit your positions regardless of the previous wins or losses.

I personally prefer the approach of trading with a very good risk management strategy where I stay in the game for as long as possible

[Finestream]

Reality is, we can't be really confident regarding trading no matter how experienced we are because there are always chances that a positive trade suddenly ends up with a negative outcome. That's how unpredictable and unreliable trading outcome is. Confidence does not really works in trading that much, but being resilient, calm and patient can do a lot with your trades, along with your right amount of knowledge and skills that will help you maximize your trading outcome.

[Stepstowealth]

Losing streaks make everything look uncertain. After three bad trades, even strong setups looked wrong. Confidence wavers fast when results hurt.

I followed many traders both online and even offline and what I get to discover is that they are not always correct and sometimes you notice that they also experience losses in the market even though they've been trading for a long time. I feel this should be encouraging for anybody starting to trade that experience a losing streak because even if the more experienced traders can lose it shows that losing is a part of trading and your job as a trader is not to ensure that you don't lose but to ensure that your losing do not outnumber the number of times that you win. You can build confidence from the fact that even though you are wrong today, you should try not to be wrong tomorrow and one way to make sure that you're not wrong tomorrow is to learn from your errors of today.

[Questat]

Losing streaks make everything look uncertain. After three bad trades, even strong setups looked wrong. Confidence wavers fast when results hurt. I used to quit; now I reduce size, not effort. Small wins rebuild belief better than long breaks ever could.

Confidence isn’t about not losing it’s about recovering quickly.Momentum in mindset matters as much as price.Do you pause to rebuild or spiral after setbacks?

Confidence is build through constant exposure and experience on the market, especially if they end up with positive outcomes. But confidence alone isn't suitable enough to guarantee winning from trading.

What we need is the consistency to learn from trading, no matter how often we lose in the process. Because in the end, those who quit will never be in profits, but those who take a break and get back into trading will always have chances to be in profits.

[LogitechMouse]

Losing streaks make everything look uncertain. After three bad trades, even strong setups looked wrong. Confidence wavers fast when results hurt. I used to quit; now I reduce size, not effort. Small wins rebuild belief better than long breaks ever could.

Confidence isn’t about not losing it’s about recovering quickly.Momentum in mindset matters as much as price.Do you pause to rebuild or spiral after setbacks?

I just remembered what happened to me a few days ago.

There was a time where it doubled my money in just 2 days. Kind of impossible, but it happened because I guess I'm just lucky to enter a position right before the coin dumped. Then the next day after that, I withdraw some of my profits, and just after doing that, I experienced loss, after loss, after loss, after loss, after loss. If I remember it correctly, it was around 6 consecutive losing streaks, and my profits from the past 2 days vanished in just a span of hours. I know that the losses got me at that time, and that's my mistake. Currently, I'm back on track again and that's what's important.

I agree with what you said that small wins will bring back your confidence and that's what I did after I lose consecutive times. I reduced my position size, reduced my leverage as well, and slowly gaining my confidence. I didn't say that I paused and didn't trade for quite some time, and that's what I will always do whenever my confidence goes down. I let myself cool off, move on with my losses and adjust to my mistakes.

[JeffBrad12]

Losing streaks make everything look uncertain. After three bad trades, even strong setups looked wrong. Confidence wavers fast when results hurt. I used to quit; now I reduce size, not effort. Small wins rebuild belief better than long breaks ever could.

Confidence isn’t about not losing it’s about recovering quickly.Momentum in mindset matters as much as price.Do you pause to rebuild or spiral after setbacks?

I usually just quit for the day, sit on the couch, watch movie and sip a coffee. Basically you're in a bad state, doing more trade will lead to even more losses but pausing will let you rethink your decision.
Remember, it only take 1 good trade to give you life changing money and I always consider daily trading to be a hustle that I need to take break from sometime.

[michellee]

I will quit trading and take a rest. It is difficult to manage emotion when I lose in trading. That can make me confused in analyzing the market and put me at risk. You need to find another momentum to return to trading and the important thing is to calm down before you start.

You don't have to recover for your loss quickly especially if the market moves unpredictably. You need to be quiet when analyzing the market so you can get the right position to enter the trading.

[bitgolden]

I will quit trading and take a rest. It is difficult to manage emotion when I lose in trading. That can make me confused in analyzing the market and put me at risk. You need to find another momentum to return to trading and the important thing is to calm down before you start.

You don't have to recover for your loss quickly especially if the market moves unpredictably. You need to be quiet when analyzing the market so you can get the right position to enter the trading.

Waiting for trend of the market to be in our favour must be a right approach after a lost trade. But, the mindset of most traders would be recovering the losses as immediately as possible and this is the reason, they are rushing for next next trade even their strategy is not confirming any signal for opening a trade. When you are in rush, there are room for committing mistakes. Same applies to when confidence level is not high due to recent losses. So, staying away from the market will help. When we are not trading, we could find  time and mindset to revaluate our strategies. This will help to regain the confidence.

I agree that being confident must be more important while opening a trade. This will help you to filter out noises in your signal, like if you get a signal but considering the upcoming news, you do not be sure about target to be reached, this way you can skip such signal.