About being right

Investing is not so much about being right, it is all about being ready.

  • Being ready to be right, and being ready to be wrong.
  • Being ready for the expected and the unexpected, and for the unexpectable.
  • Being ready to walk alone with an opinion, and being ready for an agreeing crowd if that’s what crosses your path.
  • Being ready to change your mind, and to change your mind about changing your mind.
  • Being ready to take 10 losses in a row and still put on that 11th trade.
  • Being ready to take 10 wins in a row and not feel like you have figured out the market when you put on the 11th trade.
  • Being ready to abandon your favorite method if it becomes too popular, and to pick it back up when the crowd has moved on to the next fad.
  • Being ready to forget about the news and to remember the market’s reaction to it.
  • Being ready to keep calm when the market gets excited and to get excited when the market becomes unusually calm.
  • Being ready for market craziness as well as for market sense.
  • Being ready to stop trading when the market offers you no edge.
  • Being ready to take a loss after 1 day and to take a profit after 10 years.
  • Being ready to see very different outcomes emerge from very similar situations. Yes, it can rain without clouds.
  • Being ready to keep quiet about your profits. Don’t jinx yourself.
  • Being ready to negate advice and stock tips, especially if you have paid for them.
  • Being ready to examine the three sides of a coin, as well as the one side of a dice.
  • Being ready to act decisively when you feel very uncertain, and to pause yourself when you feel very certain. The best opportunities come amidst great uncertainty.
  • Being ready for the fact that our readiness will always be incomplete.

There is the old adage that you are only as good as your last trade. I think that’s totally wrong. You are only as good as your next trade. Are you ready?

By Dan

Author of LunaticTrader and Reversal Levels method. Stock market forecasts based on proprietary indicators, seasonal patterns and moon cycles.

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