I got the problem in trading like thaf. After analyzing carefull scenerio of market. I entered the trade but after that my broker advisor called me and make questions me why entered that trade which is contrary their trading advice order. So My confidence is down and when the market fight against me and I belive more in Broker order which is right. Finally I cut loss but after 15 minutes I cut loss, the market follow my set up at the first time. So how can ger more confidence in myseft and ignore all of advices from others?
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I don’t understand the nature of the relationship with your broker. Could you elaborate, please?
As a new trader, when we registered new account in Trading platform, They will set a broker that will manage your account and give you advice and signal for trading. Usually you will follow their advice order to entry into trading
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Ok. Got it. It’s part of their service. Do you understand their strategy? Does their strategy make sense to you?
Do you have another strategy you want to use?
If you’re learning, perhaps it’s helpful to you to follow their trades.
But if you don’t like their strategy and want to try something else, then you have to practice with it in a demo account.
You gain confidence if your strategy is profitable.
When I have the same view with their strategy, I will feel more confident and enter the trade without dout. But sometimes my view is different from their view. So I’m little confused but I still check my strategy again and follow it.
Thanks a lot with your advice. I got your point
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back test your strategy stick to your trading plan paper trade till u confidant in the strategy use sound risk management its okay to no be right but equity is our ammunition the so long as equity is preserved we can continue trading … over leverage over trading revenge trading all rookie mistakes land us up in traders grave yard with a blown account and unable to keep trading . manage your risk control your fear and greed through your trading plan with defined risk … its okay to lose its part of the job , but limit the losses and there are setups occurring and recurring daily and weekly so u don’t need to fear missing out
one of the things I find that impacts my confidence is social media - you will see posts of people showing their charts with complicated strategies that have been successful. This always makes me think I need to change my strategy and that I need to do more complicated things!!! I now try and not look at others posts as it really blows my head.
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Thanks a lot for your advice. I will practice more to get my confidence
Only your knowledge and expertise can give you confidence in whatever you do. And if you are confident in your skills and expertise, you are more likely to make decisions based on your knowledge and expertise. Prepare yourself, and don’t believe everything you hear.
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I’m really surprised to know that! Actually, don’t take those phone calls during your trading sessions! But always try to analysis your own trading mistakes!
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It’s correct. Thanks Walton
Confidence comes from knowledge and skills. People who lack confidence make rash decisions, which leads to losses. So, instead of listening to what others suggest or advise, one should believe in oneself and full confidence in their decisions.
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Plan the strategy, test it and run it. The rules of your strategy are what you will live or die by.
Ah, but maybe you don’t have a rigid strategy. Maybe you simply take any trade in any style on any market on any time-frame wherever and whenever you see an opportunity. If this is you and you’re a new trader, you should consider another business.
Confidence comes with knowledge. Develop a strategy and test it multiple times before implementing it. Also, stick to a plan, as it will decide the future course of your trading journey.
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Experimenting with the demo account is one of the best ways for a trader to learn and gain confidence. Additionally, the experience might lessen emotional impacts. Finally, as a trader I review my own performance on a regular basis.
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By backtesting. It has seriously shifted my mindset from asking others to rely on my own skills.
I have an idea that my life is a demo, so I’m not taking it very seriously. If things go pear-shaped I can always use the Back button or recover a previous version. Or even open a brand new demo - I’m sure this is possible but I can’t for the life of me remember if I’ve tried it or not yet.
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By first testing your strategies on a demo account and not believing everything others say.
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Understanding risk tolerance and risk management are crucial for trading with confidence. This is possibly the most crucial aspect since it guides traders toward accepting the right level of risk with each trade, preventing them from letting emotion override analysis due to a lack of risk acceptance.
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If we find ourselves lacking confidence in the long run, it is best we take a step back from the live markets and demo practice until you have enough confidence in your trading plan.
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