“Overconfidence precedes carelessness.” ― Toba Beta
Overconfidence can be devastating to traders. That’s why you see a lot of new traders when they first start out going great win streak and then they get overconfident and they lose it all.
And yet even though overconfidence can be dangerous if you don’t have confidence that is equally as dangerous. So the bottom line is you have to maintain a firm confidence in yourself, your trading abilities, and your strategy. Yet still maintain respect for the markets and understand that as soon as you start believing you’re the greatest trader that ever lived the market will quickly teach you a lesson.
So on today’s video I talk about:
- Eurodollar analysis and possible trade setup.
- My terrible trading day yesterday.
- How I plan to respond to yesterday’s trading.
So after watching the video please leave a comment and share number one how do you deal with overconfidence and number two how do you bounce back from a bad day?
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Winner’s Edge Trading, as seen on: