be intentional about your psychology. read books and follow your trading rules
Of course, if I want to be a successful trader, I have to constantly practice and research and keep the mindset flexible with the market.
Otherwise, it will never be possible to create confidence.
Adjust your take profit point and leave it alone for the rest of the day.
You can build up your confidence by using demo trading accounts and learning as much as you can about trading. A demo account will give you a feel for how the market moves and what you need to do as a trader to make a profit.
You can use demo trading for building up confidence. But do make sure that the strategies you use are compatible with different situations in forex. Forex might be moving in a single direction or following a certain pattern while you are trading with a demo account for a week. In such a scenario, you may get surprised if you start real trading and the forex prices change its pattern.
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.