Do You Know What is the Single MOST Critical Mistake in Trading the Stock Market??

Well maybe that's overstating it a little, but it's certainly one of the most important.

It is?(drum roll please)? "the need to be right"!

Now that probably wasn't what you were expecting. You might have thought it was going to be something like not picking the trend or putting too much money on a single trade or one of a dozen other things.

But I can assure you, from bitter experience, that this one attitude causes more problems than most other things you might do as a trader. And it's worse for men! Something to do with ego or testosterone?

You see our whole society is based on the importance of being right. The need to be right.

Your parents rewarded you when you are right and told you off when you were "wrong". They probably still do this now that you are grown up!

From your earliest days at school you are taught that being right is the most important thing. Isn't that what tests teach you? And this is reinforced through the rest of your life. Your boss probably reminds you of this just about every day!

But some of the best things occur when we aren't right. Like the time you take a wrong turn. Either in your travels or in your life. And you end up at this amazing place or with this amazing person that you never would have, had you done the "right" thing.

Plus there's not a lot of point beating yourself up when you aren't "right". Because, as we all know, it's going to happen pretty regularly!

Coming from Australia, I don't know a lot about baseball. But I do understand that batters get paid a lot of money to miss hit the ball an awful lot! Think about that. Top baseballers step up to the plate every day knowing that they are more than likely not going to get it "right". Yet they are confident and successful because they know that over a season they are going to get it right often enough.

Don't Beat Yourself Up or the Market Will join In!

I went to a speed-reading course many years ago. I didn't learn how to read faster (!) but I did learn an attitude that has stuck with me ever since. It is ? "Focus. No attachment to the outcome."

This guy was telling us about how he taught elite sportsmen to achieve their best (hope he was better at that than teaching people how to read fast!). He explained that the trick was to get them to keep taking the shot (or making the jump or whatever) without getting upset with themselves if they got it wrong.

The key was for them to focus on what they had to do in that moment, not on the outcome.

Maybe I have lost you? But the point I'm trying to make is that you need to go into each of your trades with your focus - not on being right - but on following your trading system.

And then the key is to not beat yourself up if you "get it wrong". Because if you have followed your system and you know the system works over time, you have done the "right" thing.

Once you have confidence in your trading method your only focus is on following the signals.

"Focus. No attachment to the outcome."

By the way, try this approach in other areas of your life. It really works! My golf was much better once I stopped getting angry at myself for every lousy shot.

Deadly Attitude in the Market

In the stock market you can't afford to hold onto the need to be "right"!

When trading, you cannot be right 100% of the time. In fact, you can be right only 50% of the time and still make lots of money. But this means you have to be wrong an awful lot!

The market will do what the market will do - no matter what your opinion might be. If you are holding a stock and you expect it to go up in price but it starts to go down, what happens?

If you are like me, a little voice inside says something like "?but this wasn't meant to happen!?it can't do this to me!? I know I'm right ? it's just a temporary set back; it will come right, I'll just wait it out?

This "voice of reason" is your ego. You can't bear to be wrong, so you justify your decision to yourself. You must be right! You tell yourself that you know what's going to happen?the market's just confused?it's just got it wrong! (totally illogical reasoning ? the market can never be "wrong" - but it makes sense at the time!).

This deep-seated, primordial need that we have to be right can destroy you in the stock market. It will make you put too much money on one trade. And it will make you hold onto stocks that you should have sold days or even weeks ago.

It will mean you will miss opportunities you should have taken because your view was the opposite of what actually happens. And you can miss getting extra profits from a trade because you were convinced that "?it couldn't possibly go any higher?"

By being aware of this "need" you can overcome it ? over time! You need to get to the point where you "want what the market wants". Not what you want.

Just remember.

"Focus. No attachment to the outcome."

David Chandler

Ordinary People Making Extraordinary Profits!

For a free mini-course on stock and options trading click the following link:

http://www.stockmarketgenie.com

Or visit our blog at:

http://www.stockmarketgenie.com

The above comments are offered for educational purposes only. We are not providing you with financial advice. We are simply sharing with you what has and hasn't worked for us personally. If you wish to trade or invest in the stock market you should obtain advice from a registered licensed advisor.

executive chauffeured services Bradford .. Madison to Airport car
In The News:

Getting virus alerts on your iPhone? Tech expert Kurt “CyberGuy" Knutsson helps you learn how to handle fake scam alerts and boost security.
Tech expert Kurt “CyberGuy" Knutsson says opening emails is safe, but risks arise from interacting with links, attachments or HTML content.
Tech expert Kurt “CyberGuy" Knutsson reveals four signs of compromised Social Security numbers and offers five steps to protect yourself.
Tech expert Kurt “CyberGuy" Knutsson discusses how MAB Robotics' Honey Badger 4.0, a versatile robot, now walks underwater with amphibious skills.
An updated Android trojan called FakeCall hijacks bank calls. Tech expert Kurt “CyberGuy" Knutsson says Android phone manufacturers and Google need to step up their game on security.
The Massimo Modular E9 is a sleek, smart and comfy tiny home in 409 square feet. Tech expert Kurt “CyberGuy" Knutsson takes a closer look at what the future of housing might look like.
Every stock trader should consider a virtual private network to safeguard their trading, according to tech guru Kurt "CyberGuy" Knutsson.
Apple recently announced its new lineup of Macs and rolled out Apple Intelligence, its latest artificial intelligence-powered feature for its products.
A Swiss-engineered robot can climb ladders, showing why it's at the cutting edge of autonomous robotic solutions for harsh industrial settings.
Kurt "CyberGuy" Knutsson presents the cities targeted most by robocalls, why this is happening and what you can do about it to protect your privacy.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents
Kurt "CyberGuy" Knutsson shares tips and suggestions for how to get the best use out of the updated Calendar app available with the latest iOS update.
Your Social Security number, your unique identifier used for many purposes, has likely been leaked on the Dark Web; here are some steps you can take to protect yourself.
Researchers have developed a new technology that creates strong, sticky fibers capable of lifting objects and capturing things from a distance.
Smart rings track the same things that smartwatches do, including steps, sleep and a general overview of your overall health, and they tend have more battery life than smartwatches.
Researchers have developed a robotic finger that can perform routine medical exams like those conducted by doctors, helping to address the growing shortage of trained professionals.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
Insurance administrative services company Landmark Admin reported that a data breach from a May cyberattack affected over 800,000 people.
Sotheby's will auction the first artwork created by Ai-Da, the world's first robot artist created in 2019 by British gallerist Aidan Meller.
More than 250 million users of the Verizon Messages app will have to switch to another app. Verizon is shutting down Messages in the next month.
Tech expert Kurt “CyberGuy" Knutsson provides a list of 10 celebrities who are the most targeted by deepfake scams, including Tom Hanks.
Tech expert Kurt “CyberGuy" Knutsson discusses how Vast's Haven-1, launching in 2025, transforms space living with human-centric design.
UnitedHealth confirms over 100 million Change Healthcare users had their data stolen. Kurt “CyberGuy" Knutsson reveals what happened and what caused the breach.
Tech expert Kurt “CyberGuy" Knutsson explains how iOS 18 brings new text formatting and animated effects to the Messages app.
Whether you're a social media veteran or novice, Facebook friend request scams are common. Kurt the CyberGuy provides tips to keep your account safe.

The Right Mutual Funds For Baby Boomers

If you are a baby boomer, time is not on... Read More

Investing in the Stock Market

From the book 'The Stockopoly Plan' by the author Charles... Read More

Commoditizing the world

Let's discuss commodities; with the latest Enron situation, it is... Read More

Inertia

One of the basic laws of physics is that a... Read More

Your Job

There are so many kinds of work that needs to... Read More

Managing Investing and Stock Market Risks

Reduce your investing and stock market risks by:Setting your sights... Read More

Investment Attorneys and Garbage Stocks

How is it possible that trash Companies are posting less... Read More

Some Good News for A Change

Before we get into all the good news out there,... Read More

Diversification

Wall Street's watchword has always been diversification, but what does... Read More

How Much Money Can I Make With Trading? What Account Size Do I Need To Start?

What account size do I need?How much money can I... Read More

Stops Make Money

During the day I watch CNBC-TV, the stock market channel.... Read More

Nest Eggs and Omelets

Do you have a nest egg? You know, a place... Read More

Stock Options Trading Strategies - Lean

Professional stock options traders use the term lean to refer... Read More

Stock Valuation using the SMP Model

Disclaimer: Please note that I do not necessarily purchase, own,... Read More

Buy Low - Sell High

Now where have I heard that before? I know. It... Read More

Whos Calling?

Its dinnertime and the phone rings. It's Joe Noname with... Read More

Stock Insurance

You have a lock on your house. You have a... Read More

Boiler Room 7/17/00

On Friday or Saturday evening my wife gets a movie... Read More

Staying Sane While Wall Street Crashes

Everybody is riding the Wall Street Roller coaster. Even if... Read More

Shadow Bull

As one of my regular readers you know I have... Read More

Why Is The Macedonian Stock Exchange Unsuccessful?

The Macedonian Stock Exchange (MSE) is not operating successfully. True,... Read More

What is the Most Important Indicator of All?

Most stock market traders have a favorite technical indicator.The one... Read More

A Penny for Your Stocks

According to Investopedia Inc. the penny stock market has seen... Read More

Lies, Damn Lies and Mutual Fund Returns

How many times has this happened to you? You're at... Read More

Hold Em and Fold Em

When most analysts, financial planners, fund specialists and investors try... Read More

O'Hare Chicago prom limo ..