If You Are Wrong, Don’t Stay Wrong

Sometimes it can take a long time to learn the lessons from the mistakes you make. You will or already have repeated them and question yourself. Pay attention to the clues left behind.

It starts with reflecting on the start of the decision you made, the bias you developed, and the emotion that came with it.

For example, ask yourself questions like:

  • Why do I care this time that I must be right?
  • Why won’t I just exit the position and wait to see what happens?
  • Why don’t I join the trend?

Do you know when you are wrong?

The easy answer is… when you are losing money.

Don’t keep at the things that are making you lose money. It is ok to be wrong as that is a part of trading but staying wrong is not necessary.