Why can't you just admit that you were wrong?

R

retaildaytrader

The title says it all. I think the best traders have a unique ability to admit when they were wrong...and admitting sooner rather then later. I think many people out there have a mental block when it comes to these admissions of being wrong. I dont think their failure to admit wrongful trades is about looking good in front of their "clients", but about arrogance and a mental block.

I think everyone should make a list of their wrongful calls...wrongful traders and make a wall in their office where they are posted for all to see. The first step to success and enlightment is to air your failures.

For all of the "clients" who believe that no one ever makes a bad trade or a mistake...who dont understand about losing trades...to those lemmings... you deserve to lose your cash.
 
Quote from retaildaytrader:

The title says it all. I think the best traders have a unique ability to admit when they were wrong...and admitting sooner rather then later. I think many people out there have a mental block when it comes to these admissions of being wrong. I dont think their failure to admit wrongful trades is about looking good in front of their "clients", but about arrogance and a mental block.

I think everyone should make a list of their wrongful calls...wrongful traders and make a wall in their office where they are posted for all to see. The first step to success and enlightment is to air your failures.
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That's a great point. You also need to get beyond any mental block in this area in order to effectively dwell on your wrongful calls enough to analyze what they had in common so you can improve in what you were doing wrong.
 
Quote from retaildaytrader:

The title says it all. I think the best traders have a unique ability to admit when they were wrong...and admitting sooner rather then later. I think many people out there have a mental block when it comes to these admissions of being wrong. I dont think their failure to admit wrongful trades is about looking good in front of their "clients", but about arrogance and a mental block.

I think everyone should make a list of their wrongful calls...wrongful traders and make a wall in their office where they are posted for all to see. The first step to success and enlightment is to air your failures.

For all of the "clients" who believe that no one ever makes a bad trade or a mistake...who dont understand about losing trades...to those lemmings... you deserve to lose your cash.
More...

we are human-nature, so we can't make any mistakes and errors, who admit what he did were wrong, he can have more help oe support LOL :D
 
Bad juju to admit you're wrong.

If you are working toward success, then your failures are examples of what doesn't work.

Hence, the trade worked or it didn't.

Too much emotional baggage associated with "right - wrong".
 
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