What defines an F1 racing winner? The car or the technology? What about the engineering that was used to build the engines? It’s the driver. A champion is a driver who has the courage to turn around and shows patience even when other drivers challenge him. In the same way, it’s the trader Quotex Login who makes a difference when trading stocks and options. Confidence in one’s chosen method, as well as patience to deal with the price volatility that can be daunting are the traits of a successful stock trader or options trader.
Trading confidence and trading discipline are two of the most crucial aspects that make millionaire traders. They also are the major reason for why stock and option traders who lose all their money often fail.
Trading with Confidence
Trading Confidence is a confidence bank account that each trader holds. Your trading discipline dictates whether you can deposit into it or withdraw. Trading confidence enables stock and options trader’s to make confident decisions and execute the chosen method. They can also stick with their game even if they lose, because they know that eventually there will be more gains than losses. Trading confidence can be viewed as a type of bank account, which allows you to deposit and withdraw funds. When you make money you add it to your tradingconfidence. Your trading confidence will be zero or bankruptcy when you are hesitant to make any trades. If you are not confident in your trading, it will cause sleepless night and make you lose money. Then, go back and write down your trades. It is not necessary to go bankrupt on your trading account to be unable to trade. Every time you are successful with your method of trading, add money to your confidence bank. This will make you feel more confident, happy, and secure when making trades.
Factors that affect trading confidence
You trading confidence can be greatly affected by your money. You will have a higher level of confidence in trading if you are able to risk more. Most stock and options traders, who are only able to afford a minimal amount of loss in their account, have a low level trading confidence. Every single loss can take a huge bite out from the bank of confidence. There is no need to completely lose all of your savings in order to be unable trade. If your account falls by 30% you may no longer be confident enough to continue trading, but if it drops by 70% or more then some traders will go bankrupt. How much money you start with will also affect your trading confidence. You will have a high level of confidence if you’re trading with surplus money. Your trading confidence might be high even though you lose the entire amount of money. In contrast, if trading is done with borrowed funds that you must pay back over time and at interest, you will have a low level of trading confidence.