How do I build my confidence in FX trading

Pipsology hasn’t helped at all?

There’s NOTHING in Pipsology that talks about closing trades too early?

Confidence comes with practice. Before any type of trading can take place, practice is necessary. It is wise to put in at least 100 hours of practise before one even starts trading. This is enough time to get a good feel of the market and the way it responds to every action taken.

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You are not confidence and you are just being honest with yourself,since you dont know your next trade will win or lose,why should you be confidence about it?

Your instinct is trying to tell you that ,the way tou trade is wrong,you need something better than these

In my opinion, there is nothing to do in order to build up a confidence. it depends on your personality I think, if you were brought up a confident person then it wouldn’t be so difficult for you to develop this confidence. Otherwise, if you were bullied by parents anc peers, you perhaps are a very low-confident person, thus you should try to find the ways out of this situation, because it won’t interfere just trading activity, it also will interfere your daily life I guess. Anyway, nowadays there are plenty of ways how to get rid of low self-esteem. You should practice and practice, everything will be okay.

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Repetition of good trading practices.
Definit entry and exit points .
Good RR and backtesting forward testing your strategy

Goggins’ book or e-book

Perhaps this will help. He says that confidence can only be built on hard work. If you don’t have work behind you to remind yourself that you are capable, then you’re gonna have a hard time.

I believe continuous learning and practice on demo helps you become confident.

According to me, once you have sufficient knowledge and experience, the confidence ultimately comes.

profit= confident

yeah what do you mean by mechanical? I dont have the time to stare at charts all day and that may be helpful. Just started trading forex here. is it usable with any broker?

What worked for me funnily was reading the “market maker method” private study of seminar by Steve mauro…once I wrapped my head around a few extremely accurate backtests I thought I’d struck gold. I came at the chart like a raging bull and threw thousands at it thinking I was gonna take the market maker to the cleaners :rofl: over time it has been a very beneficial perspective to consider whilst analysing price action…filters out some of the luring behaviour around resistances and helps you wait for a more probable movement to occur understanding how any market making techniques that are being currently undertaking. This said maybe just another approach or view whilst analysing price, give yourself another few boxes to check before taking your trade, the more confluence you see the more confident you will be in your analysis

You will gain confidence as a trader when your strategies, as per your research and learning, start giving you profits. This will even indicate that you are going on the right track.

Here are a few ideas to help you trade more confidently:

1: Recognize your personal trading style.
2: Establish a trading timeframe.
3: Concentrate on a small number of currency pairs.
4: Figure out how much danger you’re willing to take.
5: Concentrate on the process rather than the results.
6: When your trading confidence is shaken, take a step back and contemplate.
7: Don’t trade while you’re overconfident.

That is why many successful traders advise to spend less time watching the charts and taking more breaks during trading.
I do support the idea that traders shouldn’t spend all day long before the computer screens and wait for the miracle. As for me, I started with trading long-term. It helped me build my confidence because I stopped watching the charts all day long that is why I don’t have such a strong temtation to close all the deals which are in the green. Surely, I watch my opened deals from time to time on my cell phone trading app, but I don’t make trading decisions without any grounds. It goes without saying that not all the deals are profitable, but I get more than just the money, I receive the idea and perception of trading. Every opened deal is the test of my trading platform and of my idea of trading. Even if I lose the money because of some mistake, I will learn a lesson because I write down all the thoughts which led me to opening the deal. If I cannot get the money from a single day, I get the experience.

Take small steps.
Try to achieve small profits and then aim for bigger. Record your trades in your journal. Always backtest your strategies before applying in the market.
Repeat.

If this is because of psychological issues, you should keep track of your trades and analyse them. This will help you not only calculate your performance and strategize, but build your confidence. Also, if you doubt your strategies, then start trading with a low capital and then increase your investment, as you progress. Good Luck :slight_smile:

Keep trading! Consistency is the key.

Trading with confidence comes with time and is very essential. You can build confidence by trading with low capital and focus on creating workable strategies.

How long have you been trading with the strategy that you use?

I believe that consistent learning and hard work automatically builds the required confidence.