Letting Pride Dictate Your Trading Decisions
The problem of trader pride has been made much worse due to the Internet and social media. In the past, bragging about a trade to your brother-in-law was enough to keep you holding onto a winner that turned into a loser, but now I see legions of amateur traders trying to save face due to the predictions they made public on the Internet.
Theyre so scared about hurting their self-proclaimed reputation as a market expert they forget that true market experts suck up their pride and cut their losses fast.
Drop the ego and stop showing your account on social sites unless you trying to sell something. All traders have losing trades. Winning traders cut those losers quickly.
The problem of trader pride has been made much worse due to the Internet and social media. In the past, bragging about a trade to your brother-in-law was enough to keep you holding onto a winner that turned into a loser, but now I see legions of amateur traders trying to save face due to the predictions they made public on the Internet.
Theyre so scared about hurting their self-proclaimed reputation as a market expert they forget that true market experts suck up their pride and cut their losses fast.
Drop the ego and stop showing your account on social sites unless you trying to sell something. All traders have losing trades. Winning traders cut those losers quickly.