What are the reasons for not self-confidence ?
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  • #1 Collapse

    What are the reasons for not self-confidence ?
    With the passage of time studying and deepening in the field of Forex and knowing that self-confidence is one of the most important reasons for success we find that we do not trust ourselves completely and once you see any of your analysis the opposite of your analysis is being carried out behind him and lose confidence in your analysis what are the causes .
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  • #2 Collapse

    Self confidence
    Self confidence is one necessary attribute that an individual should have in any dealings he finds himself on. Self confidence is required of an individual in various field of life and in business as this goes a long way to determine how an individual would perform in whatever thing he does.

    Self confidence can be defined as the feeling of trust on your own ability as an individual, and how you believe in tgw qualities you have when it comes to carrying a task and achieving a goal. It is also the trust which someone has in himself to give the best judgement when and where it is required.

    Self confidence in forex trading.
    Okay, there are a lot of things that a trader needs to get in place for him to become a successful trader. Ever heard that the forex market is a very tough one? I guess yes, the forex market is actually very tough and there is a high level of risk associated with trading the market. The traders that trades the forex market needs a lot of attributes to help mitigate or reduce the high risk of loses in the market. Self confidence along with the good forex knowledge and the right trading Strategy plus a good level of Discipline is what is required of a trader to make a successful forex trading career. So it is important that a trader have a good level of self confidence in trading the forex Market after he must have developed food trading strategies and have a high forex knowledge derived from reading several forex trading articles and journals.

    Self confidence in forex trading is the ability of s trader to believe in himself to make better trades that can convert into profits and hence get a good forex trading career and become a professional trader afterwards

    Reasons for loss of self confidence in trading
    There are some reasons that can make a trader to lose self confidence in forex trading and some of the reasons are given below
    1. After having series of losses from trading the forex market, a trader can lose self confidence
    2. A trader can lose self confidence if he compares the result of expert traders with his trading results while he is still an amateur trader that is coming up in the forex trade
    3. A trader may lose self confidence if he does not have the right forex mindset and he sees the market as a get rich quick scheme and he is not achieving the quick profits but getting losses instead.

    What to do
    It is important that traders take the forex trading as a gradual and a progressive kind of business. When you trade the market, do so according to your pace and level of knowledge and with time, you will definitely get to the level of becoming a professional trader and you will make a good amount of profits which will help to restore self confidence as a trader.

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    • #3 Collapse

      What are the reasons for not having self-confidence?
      Self confidence can be simply described as a measure of one's belief in one's ability. Throughout all the spheres of life; every excelling person therein have self confidence. They believe they can achieve their aims, and have what it takes to excel. Having self confidence is an essential ingredient to success in life, lack of it could simply mean that that individual is accommodating fears, which would lower the morale of that person and therefore lowering productivity. Self confidence is essential in forex trading, as a trader needs to have absolute belief in himself, however the lack of same is very much present among traders. Many forex traders hardly believe they have a strategy that works.

      There are many reasons a person can lack self confidence:
      1. Frequent failures: people often lose their morales when they encounter failure, especially when the failure becomes persistent. They will lose their drive and have fears in doing what they have the inert ability to do ordinarily. This always affects them psychologically and they will somehow believe they can't record success in a task.
      2. Mood disorders: People that suffer from mood disorders normally have low or no confidence in themselves, e.g depression. Depressed people often lose interest in activities that are of importance to self actualization. They don't believe they can achieve anything.
      3. Environment: Having unsupportive parents and friends that are of bad influence while growing up can sabotage your self confidence. They will talk down on your small wins making you feel like you haven't achieved anything.
      Attached Files

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      • #4 Collapse

        WHAT IS SELF CONFIDENCE.

        Self confidence is a state of being clear headed,having self confidence actually means having trust in yourself. In Forex trading self confidence or self trust is very key to becoming a successful trader. A lot of factors can derail our confidence either directly or indirectly.

        WHY PEOPLE LOSE CONFIDENCE.

        There are a lot of reasons why people lose confidence in themselves.

        1. Experience: When you fail continuously in any endeavor it tends to affect your confidence negatively.

        2. Environment : The environment can also be the reason why people loss confidence in themselves, someone from poor environment will definitely feel intimidated in a rich neighborhood

        3. Upbringing : The way one is brought up will definitely affect their confidence on the long run.

        4. Unrealistic Goals: When a person sets unrealistic goals and they keep missing on the goal it has a way of telling on their confidence level.

        5.Negative Peers: The way we are treated by our peers can also affect our confidence level.

        6. Career Set back: Many times when there is a career set backs it weigh heavily on the confidence level of the individual. This applies especially to those in the creative industry like music and acting.

        A whole lot of reason for loss of confidence,there are different scenario of people who have suffered loss of confidence because of one reason or the other. Loss of confidence can lead to something even more grievous sometimes that is why it must be curb and dealt with on time.

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        • #5 Collapse

          CAUSES OF ANXIETY AND LACK OF CONFIDENCE AS A TRADER

          Forex trading no doubt can keep someone constantly on his toes. Many have lost hope because of constant loss they have experienced in this business. It is a well-known fact that 90% of forex traders lose their money through trading. This figure does help matters as it has triggered fear in traders even before they began the journey.
          Being self-confident is one quality every trader should have, but unfortunately only a handful of traders have this uncommon quality, hence the reason for the massive failure recorded in forex business.
          One of the reason traders lack confidence is because they don't believe on the veracity of forex business. They have this strange believe that forex trading is a scam, and yet they are trading it. You can't succeed in what you don't trust. Traders that have this kind of mindset are struggling traders because psychologically they have placed themselves on a disadvantage state.

          Ways to conquer fear and gain confidence as a forex trader.
          1. Get knowledge.
          The strength of fear is lack of knowledge. People naturally fear what they don't know or understand. To gain confidence as a trader, you must acquire enough knowledge, through research, study and practice, with time you become confident taking trades.

          2. Make a decision.
          Life is a choice! Forex business is a risky business, yet you chose to be a forex trader. That same mindset and energy should be properly used to send fear packing. Decide to be confident in taking trades. Losses are not the end, rather you learn every time you lose.

          3. Minimize your risk exposure.
          Don't over leverage your account and don't use excessive lot size. Trading with high lot is one of the reason most traders are not confident when taking trades. Risk only what you can afford to lose, never forget that.

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          • #6 Collapse

            Originally posted by ghada1996 View Post
            With the passage of time studying and deepening in the field of Forex and knowing that self-confidence is one of the most important reasons for success we find that we do not trust ourselves completely and once you see any of your analysis the opposite of your analysis is being carried out behind him and lose confidence in your analysis what are the causes .
            Self confidence along with the good forex knowledge and the right trading Strategy plus a good level of Discipline is what is required of a trader to make a successful forex trading career. So it is important that a trader have a good level of self confidence in trading the forex Market after he must have developed food trading strategies and have a high forex knowledge derived from reading several forex trading articles and journals.Frequent failures: people often lose their morales when they encounter failure, especially when the failure becomes persistent. They will lose their drive and have fears in doing what they have the inert ability to do ordinarily. This always affects them psychologically and they will somehow believe they can't record success in a task.lot of reason for loss of confidence,there are different scenario of people who have suffered loss of confidence because of one reason or the other. Loss of confidence can lead to something even more grievous sometimes that is why it must be curb and dealt with on time.The strength of fear is lack of knowledge. People naturally fear what they don't know or understand. To gain confidence as a trader, you must acquire enough knowledge, through research, study and practice, with time you become confident taking trades.

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            • #7 Collapse

              Why People Lack Self Confidence in the Forex Market.

              Self confidence is being able to take your trade without getting afraid of the possible outcome,it is very difficult to have self confidence if you're going to be trading with a very high lot in forex market,anybody who does not have the ability to trade based on self confidence will actually come to a point whereby they will lose hope, there is a reason why many people are losing money in the forex market, from what I understand it is basically because they lack self-confidence,you cannot succeed in this market in the absence of this factor that we are referring to,it is better for you to have a very small Account to trade with a lot of confidence than to have a very big amount of money in the forex market without the confidence to trade it profitably.

              What Kills Self Confidence in the Forex Market.

              1. Overtrading
              The number one factor which can be responsible for the reduction of a trader's self confidence is overtrading, the moment somebody starts entering trade recklessly, it is actually an indication that this individual does not have self confidence.

              2. Trading Without A System.
              There are traders in this market who do not have any system that the follow,this is because they do not have confidence in the ability to make profit from a particular trading strategy, this is one of the things can be responsible for the reduction in self-confidence.

              3. Emotional Trading.
              when you trade based on emotion it can actually reduce your self-confidence because the decisions you take will be based on subjectivity.You have to be very objective in this market before you can make money,emotions will not allow you to take the right decisions.

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              • #8 Collapse

                There is no one answer for all the problems related to self-confidence in forex trading. The reason is simple, people are different. For one person, self confidence is already coded in their DNA and you can see people like this in your daily life where they are very confident in all that they do, even if they don’t really master the thing. On the other hand, there are people who master one thing but they don’t like showing it off unnecessarily like the first person. And then there are people who hide from other people even though they are very talented.

                In forex trading, the cause of problem with self confidence stems from several factors such as:

                1. Little or no knowledge
                This is very obvious to everyone and it can be observed in our social life. If someone does not have enough knowledge about something they will usually stay quiet to avoid embarrassment. The same thing applies to forex trading. If you don’t have knowledge you will have doubts and not really confident about your analysis and this will cause you to not enter a trade or miss a trading opportunity.

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                2. Lacking experience
                Even if you have knowledge you might not feel confident when you see things that you don’t know before. This is because you are lacking experience. Reading books and following other people’s analysis is completely different than taking your own decision and entering a trade based on it. In the trading world, there is really no one to blame when you encounter loss because you are the one who is responsible for making the analysis, managing the money, measuring the risk, entering the trade and exiting it.

                3. Following too many people
                Learning from many different people is a great thing because you will know a lot more than just following one person. However, this can cause you to get confused because one trader says this while the other says that. While following other traders you also have to develop your own color. Build yourself while watching others. Take important things from other traders that you can use in your own style/strategy, don’t just follow blindly. And don’t follow too many!

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                4. Socializing with people way out of your league
                This is similar to #3 but in this case, you are befriending people who are bigger and much greater than yourself. This might cause you to have low self esteem and low confidence. When other traders show $10,000 profit you can only see them as something you can’t achieve and this will cause great damage to yourself. It is important to have a different mentality when you socialize with people who are currently beyond you. Turn this thing into your aspiration instead of a massive mountain that you can’t overcome and when you do this you will grow faster.
                You only need to read THIS ARTICLE to make money from forex trading,

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                • #9 Collapse

                  Self Confidence Can Be Gained or Lost During Trading.
                  Self confidence is what creates a successful trader, people who have not been able to work on their self confidence in this market will not understand how to become successful, if you lack confidence in your ability as a forex trader, it is going to make you dependent on other people for your trading, we are supposed to be independent in our trading decision-making in the forex market,but as soon as somebody has lost his confidence to analyse the market personally, he or she will keep looking for other people who are able to analyse the market,the reason why signal service is very common today is because there are traders in the forex market who cannot analyse the market as a result of not having the confidence to do so. You cannot avoid this factor in forex market especially if you want to become profitable.

                  How to Increase Your Self Confidence as a Forex Trader.

                  Have a Plan
                  You need to know that for you to have self confidence in the forex market you must have a plan on what you tend to do in the process of trading,people who entered the market without having a plan will definitely have more losses than profit at the end of the day.

                  Develop Discipline
                  You have to be very disciplined as a forex trader,somebody that has a great level of discipline will have a higher chance of succeeding in the market, if you have lost your confidence previously developing discipline will help you to regain it faster than you imagined.

                  Trade Without Pressure.
                  You cannot afford to be under pressure when trading in forex markets,you have to be very relaxed because that is the only thing that can make it possible for you to succeed.

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                  • #10 Collapse

                    Self-esteem is your opinion of yourself. People with healthy self-esteem like themselves and value their achievements. While everyone lacks confidence occasionally, people with low self-esteem feel unhappy or unsatisfied with themselves most of the time. This can be remedied but it takes attention and daily practise to boost self-esteem.

                    See your doctor for information, advice and referral if you’re having trouble improving your self-esteem or if low self-esteem is causing problems such as depression.

                    A low self-esteem can reduce the quality of a person’s life in many different ways, including:
                    Negative feelings – the constant self-criticism can lead to persistent feelings of sadness, depression, anxiety, anger, shame or guilt.
                    Relationship problems – for example they may tolerate all sorts of unreasonable behaviour from partners because they believe they must earn love and friendship, cannot be loved or are not loveable. Alternatively, a person with low self-esteem may feel angry and bully other people.
                    Fear of trying – the person may doubt their abilities or worth and avoid challenges.
                    Perfectionism – a person may push themselves and become an over-achiever to ‘atone’ for what they see as their inferiority.
                    Fear of judgement – they may avoid activities that involve other people, like sports or social events, because they are afraid they will be negatively judged. The person feels self-conscious and stressed around others and constantly looks for ‘signs’ that people don’t like them.
                    Low resilience – a person with low self-esteem finds it hard to cope with a challenging life event because they already believe themselves to be ‘hopeless’.
                    Lack of self-care – the person may care so little that they neglect or abuse themselves, for example, drink too much alcohol.
                    Self-harming behaviours – low self-esteem puts the person at increased risk of self-harm, for example, eating disorder, drug abuse or suicide

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                    • #11 Collapse

                      REASON FOR NOT HAVING SELF CONFIDENCE IN FOREX TRADING .

                      Self confidence is one of the basic attribute that every individual most have before he can be successful in life . It is an attribute that is require in every field of life . in a simple language , self confidence can be define as an act of believing ones ability without compromising it .

                      SELF CONFIDENCE IN FOREX TRADING BUSINESS .

                      As earlier said said confidence is a special attribute that every individual must . Likewise in forex trading business self confidence is one of the attribute that aid trader success in the market. . Self confidence in forex trading market can be define as a self develop attitude which give the trader the require ability to exhibit his knowledge without compromise in the market . It can also be define as an act of trader approaching the market with all boldness .

                      WHAT MAKE THE TRADER TO HAVE SELF CONFIDENCE IN THE MARKET .

                      (1) GOOD FOREX TRADING KNOWLDGE .

                      Any trader who are able to develop good and effective knowledge of the market will be able to approach the market with all confidence without fear because he has develop a good knowledge of what it take to be successful in the market.

                      (2) QUALITY AND EFFECTIVE PRACTICE THROUGH DEMO ACCOUNT .

                      This is also one of the quality that make the trader have self confidence in the market ,as the trader through his practice account has encounter one problem or the other which he was able to profound solution to it . This will give trader the confidence he needed, when approaching the market because he has able to have enough practice and perfect his skill in the practice account ever before enter a life trading .

                      (3) GOOD TRADING STANDARD .

                      Trader with good trading standard which his using as a yardstick in the market after he has subjected it to various test and proof worthy. This give the trader self confidence and all assurance to approach any market, in as much as it comply with his standard of trading with confidence without comprise .

                      With regards to the above reason in the market trader who are able to develop all these attribute and like other will be able to approach the market with self confidence .But unfortunate enough despite the simplicity involve in having all these attribute that bring self confidence in the market . Some trader still lagging when come to the issue of self confidence in the market and this has deprive them of their success . . Below are the reason for the loss of confidence in trading.

                      REASON FOR LOSS OF CONFIDENCE IN THE MARKET .

                      (1) LOST IN PREVIOUS MARKT .

                      Lost in previous market make the trader to loss his confidence in the market because of the fear of possible loss in the subsequent trade .

                      (2) Emotion is one of the traders problem in forex trading business ,that make the trader loss his self confidence as a result of fear of loss which overwhelm him and make him loss confidence in the market .

                      (3) INA BILITY OF THE TRADER TO DEVELOP GOOD TRADING PLAN .

                      Trader without good trading plan and strategy we always be afraid of the market and lost his self confidence because he will have a consistence loss due to his lacking the yardstick to follow in the market .

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                      • #12 Collapse

                        If we succeed in the forex along with all the other quality, then we should also have confidence because some people do not have a conference, because of which they fail, they fear that there is no loss in the forex. You should also be positive positive so that we can get its positive results. Forex trading market is a very good market. If you work with patience and confidence in it then it gives you very good profit. But we should not have overconfidence in it because some people do that they say that we are a very good trade and we will only profit so it is harmful for them and they also lose a lot of function. So for him, he should never have conference overconfidence in the middle of tea, but work with good confidence and trade in it so that he can succeed in it because there is a forex market and he can get very good profit if he is good in it. We also want to work hard and do more work The better we work in it, the more success we achieve in it, then all the members need is to work hard in it, well done good work Ganesh will work in such a good voice, the more you get success in the voice too. So all is not perfect photo that I should never dare in the middle because if we lose courage in this, we fail in it Rather we should make our work in it, because the more our good work, the more success we will be able to do in it. Therefore, always keep the lens strong from your phone and work in the positive Bhokari market so that you can get a good profit in it.

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                        • #13 Collapse

                          LACK OF SELF-CONFIDENCE IN FOREX TRADING

                          Self-confidence basically has to do with ones believe or trust in himself. However, self-confidence does not just come, but after series of practice and learning. The forex trader who lacks self-confidence is only confirming his lack of knowledge about the forex business.

                          REASONS FOR LACK OF SELF-CONFIDENCE

                          1. IMPROPER LEARNING: The forex trading business is one business where the participants need good knowledge about the business. The knowledge does not just happen but after the trader has taken out time to learn properly. As he learns he gains good trading skills and experience. The more he works at learning the better equipped he becomes knowledge-wise.

                          2. LACK OF EXPERIENCE: The more the experience of the forex trader, the better confident he becomes. However, experience will only increase if the trader keeps practicing. The more he practices, the better experienced he becomes. Now his wealth of experience will boost his confidence since he has already been exposed to the different types of market scenarios. He know s what could happen next. So his confidence is not shaken.

                          3. LACK OF PLANNING: The forex trader who has no good trading plan will always lose confidence. Things work better for the traders who have trading plans and follow them to the end.

                          4. LACK OF A POSITIVE MINDSET: The forex trader needs to have a positive mindset while trading. Without that, the traders self-confidence will be at jeopardy.

                          5. LACK OF DISCIPLINE: If the forex trader is not disciplined to apply good trading rules, his self-confidence might be lost as he falls into mistakes and eventual losses. Self-confidence will be boosted with a disciplined forex trader.
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                          • #14 Collapse

                            Hello everybody good afternoon one thing many profitable traders seems to have in common is a powerful same sense of self confidence that cannot be shaken easily even if they are doing a few losing traders in addition having a high degree of confidence in their ability to adapt and news situations enable them to be more flexible as traders which can be a very useful trade when dealing with the frequently changing forex market traders with the higher degree of self confidence of an appear to be more daring because they are able to make mistakes in order to learn from the them and return the initial loss into future profits not only are some traders of unable to find new ways of making money from the market but they are willing to make the request series to do so having a low self esteem and a lack of confidence in your abilities as a Forex trader on the other hand can impede successful risk-taking finally a law degree of confidence can lead a trader to affirm that attitude by losing money thank you so much

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                              THE REASONS FOR NOT BEING SELF-CONFIDENT IN THE TRADE OF FOREX.

                              Confidence means the absolute trust and belief in oneself or others because of some reasons such as acquisition of skills, ability or otherwise. In forex trading, one can have confidence in oneself or in the trade. It is the knowledge and skills which is got through analysis only which can make a trader of the business have confidence in it and for success to be made in the trade. That can be caused, developed and solved by the following measures.

                              1. Not Listening To Negative Utterances About Forex: The opinions of many people about the trade of forex is that it is such a monstrous market which is so difficult to comprehend and making money from it is just a dream. It is downright untrue. The truth is once the adequate knowledge of it is got, it becomes so simple and easy to make money from.

                              2. Not Studying By Mind: Confidence will be lost in a trader who does not learn by heart but only by sight. Forex trading is not the same as any ordinary trade or business which requires but shallow or mere knowledge to learn and trade it. Confidence in the trade is got through acquisition of skills, strategies, plans and constant analyses by the trader of the market.

                              3. Doubts, Fears And Conjectures: Confidence will be lost in a trader who entertains fear, guess and doubt in his mind whenever he intends to trade any of the pairs in the market. It is good to stay aloof and continue watching for clear signals, clear the mind of any form of anxiety before deciding to trade the market because it does not respond to guessing but perfect knowledge.

                              4. Being Obsessed With A Certain Pair Of Currency: Lack of confidence sneaks in to the mind of any trader who has allowed himself to be consumed by too much interest in a particular pair of currency. It blindfolds one to reality of the others when indeed they are filled with opportunities.

                              5. Indecision And Anxiety Of Making Choices: It is the attitude of some traders in being lost among different pairs of currencies which they would like to select, add and trade among many available options at a time. This can cause lack of confidence leading up to failure and loss. Definiteness of purpose which is got only by deeper analysis of the market trends of the pairs to trade will save one from this problem.

                              6. Trading News: This is of two positions, first is when placing positions while anticipating a strong and high-impact potential news. That can make confidence of the market becomes lost in the trader especially when the news does not agree with his analysis. Second is when the trader has witnessed series of losses in trading the market.

                              The presence of confidence in a trader of forex earns him much more profit than imagination in the trade. Without mincing words, confidence comes mainly through acquisition of perfect knowledge of the trade. Know that ignorance is the direct opposite of knowledge and it must not be in place for confidence to take root.

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