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.
Winning your trades is something that will certainly boost your confidence but we can not ignore the fact that you can’t win everytime. So, in order to maintain your confidence, try to detach yourself from the feelings of winning and losing. Focus on honing your skills and you’ll feel much more confident than ever.
When you have deep knowledge and are very well familiar with forex trade practice, this is what helps you to build up confidence. You won’t be afraid to trade on a daily basis if you have faith in your ability.
Be aware of your trading style and concentrate on a few currency pairs. Determine how much risk you are willing to take and focus on the process rather than the results. These small add-ons will add value and build your confidence.