For successful trading, in addition to knowledge and experience, a trader needs to have certain qualities. Today we will talk about the importance of confidence in trading and how to increase it. I want to note that confidence and self-confidence should not be confused. These are qualitatively different concepts. In essence, confidence is the ability of a person to make the best decisions in any situation, really assessing their capabilities. A confident man doesn’t panic. He knows he’s gonna do everything he can to deal with this or that problem. And he’s willing to admit his mistakes in peace. Self-confidence is an overestimation of one’s abilities. She may even look like she’s completely reckless. In this article we will talk about the confidence that a trader needs, but not everyone has it. Any trader knows how unstable the trading results are. After a large profit you can get not less than a large loss. A series of losing trades is also found in practical trading. And such periods become a serious test for the trader’s psychological state. If there is a lack of confidence, losing trades can play a fatal role for the professional career of a trader.
How to increase confidence
If we talk about confidence as a trait of a person’s character, there are many methods to increase it. But today we are discussing confidence of a trader. That’s why the ways to amplify it will be specific.
Be in the process of trading
Many novice traders make the same mistake while trading. They focus all their attention on the deposit. Traders keep track of how much money is in their trading account and how it changes. This practice should be left in place. The trader should be interested only in the trading process itself: what is going on in the market, whether all the conditions of the CU are met, whether they need to be corrected, etc. Finding yourself in the trading process will allow you to quickly analyze your trading activities. Timely assessment of mistakes is a good opportunity to improve your skills. And the higher the professional level, the more confident the trader feels.
Capture as much trading experience as possible
The more a trader trades, the better he understands the market. Close monitoring of different trading situations enriches the trader with new knowledge about trading. It becomes easier for him to assess what is happening in the market and make quality trade decisions. Long-term trading practice – good ground for confidence growth.
Save a positive attitude
Standardness is always fuelled by a positive attitude. Closed the loss-making deal? It’s not a tragedy! In fact, it’s an opportunity for professional growth. Careful analysis of the causes of loss allows us to detect errors. And all that is required of a trader is to avoid them from now on. Positive background makes trading constructive and does not allow to interfere with anger, irritation or fear trading. And they’ve ruined more than one deposit.Fyodorov’s Inga28.09.2019