Some traders and investors think that when trading with crypto currency, one must be bold and confident and make quick decisions. Is excessive confidence in cryptocurrency trading better than doubt and fear, or is it a big drawback?
To be honest, I don't understand what kind of confidence we're talking about. If these traders mean to buy cryptocurrency confidently, without analyzing the market at all, then I do not agree with their point of view. I believe that cryptocurrency trading should be conducted as carefully as mine clearance in a minefield.
What confidence are you thinking?
I am taught that all of the things that are too much is bad.
Confidence is a good thing but being over-confident is not. There are a lot of people that are so over-confident and almost all of them fell from those great heights. I just hope they learned their lesson from that. The market we are dealing with is unpredictable, that is why we should not be over-confident since that will be our downfall.
And that is the issue with overconfidence, all of those people that feel overconfident about their skills feel that they cannot do wrong, that everything that they do is right and that everyone else is wrong so they have a tendency to disregard the opinions of those that disagree with them, and it doesn't matter your level of skill at some point you are going to be wrong and the person that is overconfident is never going to realize it and he might end up being bankrupt never understanding how he got there.