When in doubt, stay out

Discussion in 'General Forex Discussion' started by mumuy, Jan 7, 2014.

  1. mumuy

    mumuy Active Trader

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    You should be confident about what you are doing; otherwise fear and greed might grab you firmly. When you are confused about any trading decision, then it is better to stay out. There is no point of opening a trade when you are confused about it. Whenever you think that you are in any sort of doubt then do not go for the trade as you will not be comfortable while trading and will find yourself depressed. So it's better to not trade than to face a loss.

    Being sure about the trading signals which we are taking our trading decisions and trading according to it so as a solution in case of we gets confused or the trend wasn't clear yet we can multiply our trading analyzing among the fundamental and technical analyzing as well so we can watching TV channels to being connected to the latest political and economic statements and events that's have a great effects on the price movement in the markets because market reality is the basic and the market charts are just repainting for what is already happened.
     
  2. miles

    miles Banned

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    If you are having self-doubt about trading in forex there's no way you will be able make it because it requires confident and commitment. Not only that, you also need to believe in what you are learning and put them into practice with a strong faith that you can do it no matter how hard it is.
     
  3. John_Davy

    John_Davy Confirmed 1LotSTP Representative

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    Well I totally agree. We have the same outlook in life. It should always be mind over matter. Let us always have faith.
     
  4. Fxpipper

    Fxpipper Master Trader

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    LOL, being confident is one of the necessary requirements when it comes to any job. Moreover, this is especially true when trading online, and of course, the only way to build up the confidence is to build up one's skill and trade effectively..kind of a double edged sword but most of us get there..
     
  5. Rambo35

    Rambo35 Confirmed PaxForex Representative

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    Placing a trade for the sake of placing a trade usually ends up with a loss. You need to know why you took your position and not just press buttons in your trading platform because they are there.
     
  6. fx abser

    fx abser Trader

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    confusion is a harmful for any kind of business.in Forex it's very much important to know what you are going to be done.so if you are face in any doubt during your trading it's better to stay out
     
  7. Fxpipper

    Fxpipper Master Trader

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    Kind of reminds you of a kid with his truck, doesn't it - the part about pressing the buttons just 'cause it is there. Most newbies often find it hard to work out the countless indicators - which only leads to more confusion and yup, the first few trades would probably end in the red. So do the research, learn how to trade and for god's sake, go easy on the buttons - esp if you're new.
     
  8. Rambo35

    Rambo35 Confirmed PaxForex Representative

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    I agree, but most traders lack the patience and the wonder why they could not cut it.
     
  9. Fxpipper

    Fxpipper Master Trader

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    LOL, I know..reminds me of the nostradamus thingy that gain capital come out with, years back, which FYI was a flawed indicator at best. Soon, a series of reviews began to pop up, and you can figure out the er..message. It is often easy for new traders to blame brokers, accuse government agencies of some form of conspiracy to the weird..but more often than not, newbies need to analyze what went wrong and make sure they do not repeat the same. And yes, patience would go a long way to help transform a newbie into a skilled trader..
     
  10. lowe

    lowe Confirmed ProfiForex Representative

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    Really nice post here, that would be the right thing to do. It is better that way to prevent any miscalculations. So it's better to follow your advice.
     
  11. SailFX647

    SailFX647 Trader

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    Good advice all round. I limit myself to only a couple of trades max per day. This means that if there is any doubt on whether this will be the best trade of the day I keep out
     
  12. saud100

    saud100 Banned

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    I think having confidence about our trading is compulsory thing. If we have not confidence and loose our hope very quickly then it will be very difficult to trade.
     
  13. lee.belisar

    lee.belisar Confirmed Gdmfx Representative

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    Our on the spot action when we are in doubt is to stay out. But if we are more clever and we have some questions in our mind, we should not stay out. We have to stop for a while, take a deep breath and analyze the reasons and the events why we are in doubt.
     
  14. saud100

    saud100 Banned

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    Confident about trading is the key of success. If you have any doubt about your trade then you should stay away from Forex for some time and when you will confident about Forex then you can start trading again.
     
  15. lowe

    lowe Confirmed ProfiForex Representative

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    Good idea, there is no need to linger around. Just be out for a moment to think over!
     
  16. dodo

    dodo Confirmed ProfiForex Representative

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    I think you are right. Because there is every reason for us to have confident and boldness in whatever we do in the forex world. Forex needs commitment, believing that you can do it and come up with a strong trading strategies and skills that will bring your winning in the market.
     
  17. KennyMill

    KennyMill Trader

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    One more: when it doubt - get out!

    If a trade stops looking good, we should definitely close it. I find it amazing how bad we think while we're in a trade, only to resume logical thoughts after we get rid of the bleeders.
     
  18. bablogfx

    bablogfx Confirmed HotForex Representative

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    But on the flip side excess confidence may result in neglectilng the risk or overtrading which would also cause losses. So one should find a very balance, where staying cool should alternate with risk explosives.
     
  19. KennyMill

    KennyMill Trader

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    Well there's no point in going to extremes where emotions rule over thinking and the actions you take, that's for sure. :D
     
  20. Fxpipper

    Fxpipper Master Trader

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    No doubts about that, when in doubt stay away. As far as emotions goes, a trader needs to have a cool level head at all times, when trading.
     

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