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Why your need to be “right” in stock trading is more expensive than your losses.
In trading, the most expensive mistake is not always the losing trade. Sometimes it is the need to prove that your original idea was right. This episode looks at why ego, loss aversion, regret and revenge trading can cost traders more than the loss itself.
Why being right gets expensive
Every trader wants confidence, but confidence becomes dangerous when it becomes attachment. Once you see a trade as a test of your intelligence, discipline or identity, the loss is no longer just financial. It feels personal.
You move your stop loss because you do not want to admit the trade failed. You hold a…
The skinny
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