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Traders and investors share a common blind spot. This trap eats away at the very thing that matters most - profitability.
Strong opinions could be your financial downfall and they are irrelevant in trading.
In today’s 24/7 digital landscape, opinions are amplified dramatically and often skinned as fact. You can be a young conservative, fiscally progressive, prefer Jordans over Adidas and think that Endless Love is the great movie of all time and still easily find like-minded individuals. You can also find people who vehemently disagree or think that Endless Love was an overdramatic chick flick. Everyone has an opinion on everything.
Next time you’re in a taxi or a barbershop, ask for an opinion on COVID, inflation, interest rates or Ukraine. Opinions are cheap , but holding on to them as a trader can come at a steep cost.
As the famous adage goes - “Opinions are like assholes. Everybody has one.”
Within a sea of opinions, traders and investors face a tough choice. To be right or to be profitable.
There is a time and place where being right matters. But trading isn’t like electing an official, measuring sugar for a soufflé or following the law. Being right as a trader doesn’t matter much at all. A good trader can be wrong 7 or 8 times out of 10 and still make a living by managing their position properly - small losses cut early, big wins that require patience. This is the result of caring about being profitable, rather than being right.
We have all seen traders on twitter that are publicly bullish or bearish and emotionally tied to their positions. They refuse to adapt when price goes the other way, because they have publicly planted their flag and refuse to admit that their prediction failed. They lose money because they are afraid to pivot publicly. It’s hard enough to trade successfully as an individual, but nearly impossible with an audience.
Being a good trader is all about being flexible. That means following your system, managing your trades appropriately, and following your thesis until it is invalidated. Don’t get caught in up in a web of opinions.
Many traders will blow up their portfolio waiting to be right. Don’t be that guy.
In This Issue:
- The Trader’s Trap
- Bitcoin Thoughts And Analysis
- Legacy Markets
- Elon Musk Strikes A Deal
- Instagram Hacker Steals Bored Apes
- The Wolf Of All Streets Podcast Ft. Jimmy Song
- My Recommended Platforms And Tools
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