<cite> Psychology âºâº Why is it so hard to simply come out and admit you were wrong? </cite>
Since this thread is entitled Psychology, then the most appropriate answer deals with insecurity and lack of confidence.
But as far as the mass media and mass marketing goes, there ain't no upside to bringing negative attention yourself.
As for me personally, it ain't nobody's business if I admit that I was wrong because I ain't going around selling myself or anything else.
Ultimatey, a trader's mistakes are a matter between him and his BOTTOM LINE.