Automatically Expecting to Be “Right” When Trading

I had an interesting exchange with a colleague who is improving his trading. He is not found the magical indicator nor system…rather he examines himself. Automatically Expecting to Be “Right” When Trading & Trend Following was the core of the dialog. Part of the conversation is below. I feel this is the key to traders success!

I automatically think I know and therefore since I automatically think I know, I automatically expect to be right. It’s impossible to be carefree and relaxed when you expect to be right. Quite a dilemma. Most interesting. So I have tried to focus on the truth, which is as i said, I don’t know shit.

I compare this to myself in which not thinking I wanted to be right…rather I thought several weeks the ago the Stock market was finally heading into a correction. Well, my thinking was wrong…the trade did not work…took my small loss and moved on to actually reversing and going long. This is what successful traders do. No opinions.

More so I recorded the trade in my journal and actually printed it and put on my wall as a reminder that I do not know ANYTHING also.

I compare this to a conversation I had with a potential student who wanted to better his trading. He told me where virtually every market was going. More so, he was adamant about it. This is not what successful trading is. This potential student could not be one of my students. It would not work for him or me. This is the reason that 95% of all traders fail in trading. Opinions and bias. This brings me to Soros’s large short on the Stock market. They are expecting to be right and maybe they will be, however in the meantime the market is going up and there is pain there.

Expecting to Be “Right” When Trading & Trend Following are complete opposites and not compatible!

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