From social media on Wednesday…
Ok, I’m not going to argue whether it is or is not the MOST important part.
Let’s just accept that it’s an important part.
And that it MUST be a part of your thinking if you want to operate most effectively in the markets.
There was a brief discussion following last week’s Metagame Trap Entry article about why our analysis doesn’t work ALL the time. And a question: “I just wonder what your explanation would be if the trade had gone South?”
Really? What do you think?
Clearly it’s a sign that either I was wrong in my analysis or my timing & execution. Or something caused a shift in sentiment after my entry.
Recognise it. Accept it. Reassess with this new information. And move on.
If your ego is so invested in it’s “need to be right” then this is not the game for you.
The market will destroy you.
YOUR FRAGILE EGO will destroy you.
Let’s look at the market leading into Tuesday’s session.
The following was sent out by social media.
It’s still the metagame, but on a much larger scale than last week’s article.
Everyone LONG is WRONG.
As they scramble to exit their positions, it helps to drive the market lower. And it helps to drive my trade to profits.
IN THE BACK OF MY MIND…
“How will I know if I’m wrong?”
There are no certainties.
And by asking, “How will I know if I’m wrong?”, I have opened my mind to the potential that I could be wrong.
This allows quicker recognition, quicker acceptance. And if fortune smiles upon me, the possibility to adjust my plan and adapt to the actual market context.
Can I say here… seriously… you will NOT be successful in this game until you’re absolutely 100% comfortable being WRONG.
And keep those losses small.
So that you’re still in the game when the market sets up the next opportunity.
You don’t have to win on every trade. So why do you expect to?
You don’t have to get every trade idea right? So why do you expect to?
Master the art of being wrong.
Finish your analysis by asking yourself a question: “How will I know if I’m wrong?”
Then recognise it. Accept it. Reassess with this new information. And move on.
- Wrong Wrong Wrong Right
- Wrong Wrong Wrong Right – 2
- I Was Wrong Again
- Everyone Short from the Open was Wrong – Including Me
- Caught on the Wrong Side of the HTF Trap
- Sometimes You Get It Wrong Before You Get It Right