Having a jackpot strategy can lift your confidence up, so you gotta keep trying your best to make your strategies happening.
@spinning Yes, a good strategy is important to develop. You can take small risks—invest money which you can afford to lose—and focus on building a strategy, not on making money. Once you get a hang of winning small consistent profits, you can trade with the same strategy and see if it works. However, make sure you backtest your strategies.
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The right way to build confidence is to start trading with a small risk. For that, you can start trading with a micro account. The purpose is to learn, rather than focus on how to make money. This will also help you face emotions in trading and how to develop risk management, both of which are important for trading. You can switch to a bigger trading account once you become habitual with taking small risks and working with strategies.
Confidence can only be built once the person actually starts trading. Some people with the required resources may find it easy to trade directly in the live market whereas others may be discouraged because of lack of resources. But they too have an option to trade with a demo account.
For me, confidence came when I started getting some profits, that motivated me to improve more in order to get profitable.
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My confidence comes from the strategy. I have seen it work, it still works and it gives me what I need. The only factor that can mess it up is me.
Building confidence will require trading as much as you can. You can try and execute a trading strategy on a demo account before trying it on live. Repeating the same strategy in different situations will also improve your confidence as you would know the strategy’s compatibility with various market situations.
I analyse myself to find out the weaknesses that stop me from making profits. When I work on these weaknesses, I am able to gain confidence while removing those weaknesses.
First of all, it’s important to know that building confidence while forex trading is a slow process and requires time. You need to understand that failure is a part of the journey and adds to your experience. A number of things that helped me cope up with the highs and lows of trading were sticking to one strategy and not swap methods in order to make early profits. Having a clear head helps along with a good knowledge of market analysis.
Building confidence while trading is like climbing a ladder. It’s a step by step process and requires a number of things like hard work, consistency and most importantly patience.
Building confidence is something that doesn’t happen overnight. In order to get confidence, you need to learn from your losing trades and keep analysing your mistakes from time to time. It is also imperative to keep a record of your wins and losses, as it will aid in making you believe in the power of consistency, hardwork and discipline.
Trade more (in demo)! Basically, your confidence is proportional to your trading experience! So, if you are not confident enough, then go for demo practice & concentrate on your learning process!
Definitely using demo until you can turn a consistent profit there I wouldn’t go live .
That will help build your confidence bud
Building confidence is like climbing a ladder. It is a step by step process and cannot be achieved at one go. So, if you are thinking about how to gain confidence, you stay calm and keep putting efforts in the right direction. However, there are a few steps that will help you build your confidence while trading in the forex market:
Always start small
Celebrate your victories, however small they are
Maintain a trading journal to track your progress
Have a set of strategies and trading plan in order to minimise your losses
Wipe off all unrealistic expectations
Try to have a balanced emotional state while making trading decisions
To build up your confidence level, you have to trade more and more on demo account. Because a demo account consists of all virtual money. Without learning about how to analyze market and how to trade exactly on par with the standard, you cannot build up your confidence in the end.
Building confidence in trading takes a bit more time but one should not be depressed. Losing is the way of being successful from Forex. One should make his mind to convert loses into a reward. This is the definition of success.
Confidence comes with knowledge practice. Make sure you are well worse with the market concepts and practice as much as you can. First on demo and then on micro account.
Strengthen your knowledge and be disciplined.
if you have knowledge, confidence will automatically come.
Building confidence requires patience, consistency and hard work. You need to understand that feeling confident is a gradual process and comes with time. The key to confidence lies in treating both victories and losses with the same amount of respect and sticking to your long-term goals. A few techniques that helped me work towards betterment and gracefully survive rough patches during my forex journey are maintaining a trading journal and practising meditation.