"The Fear of being wrong"Gold FuturesCOMEX_DL:GC1!vk_com_goldenmooseThe fear of being wrong ranks first on the all-time list of trading fears. Yes, we're more reluctant to admit we've made a bad decision than we are to lose money, and the gaping proof of this fact are the losing trades we've sat out, the fat, well-fed moose that leave massive holes in even the most substantial deposits. Oddly enough, this fear most often and most often afflicts generally reasonable, highly intelligent people who value themselves, and are loved, above all, for their brain structure, the intricacies of which surpass even the simplest average zigzags in their intricacies. For such people, ending up in a losing trade is a failure, a deeply hurting defeat, an indicator that they're not smart enough, prepared, well-read, or educated enough; That everything they cherished so much about themselves is completely worthless to be proud of, because there it is, that little moose, staring at them with its eyes. And killing this little moose for them is like putting a huge wax seal on themselves, their own darling, smart-ass self: a moron, or even just an idiot. Fiasco, finita, loser. So they sit and watch, mesmerized, as the precious equity line repeats the unforgettable trajectory of the Titanic... What to do?.. Understand that a losing trade in trading—just like a profitable one—says nothing about your intelligence as a trader. Absolutely nothing. Both are simply a working moment, and will happen in the sequence required by the system. You made money—not because you're a genius—relax. You lost—not because you're an idiot—calm down. Both are the distance from point A to point B in points, percentages, or currency units, which have nothing to do with your intellectual or human worth, but rather the result of following a pattern that has—hopefully—a high expected value. Ideally, there's no room for personal opinion in this pattern—yes, I know this statement opens a Pandora's Box of potential debate, but from experience and observation, only large deposits can afford a strong personal opinion in margin trading. Getting out of a losing position opened based on deep personal conviction is much more difficult than from one opened due to a simple coincidence of pattern indications, because this brings us back to where I started - the fear of being wrong... (c) mirus-lana.livejournal.com/33290.html (Russian) Moose is a russian equivalent of "Loss".