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The Art Of Crypto argues that traders who cling to being right lose money. Markets change constantly, and profitable traders read what the market signals and adapt, rather than rationalizing old positions.
The Art Of Crypto argues that traders who cling to being right lose money. Markets change constantly, and profitable traders read what the market signals and adapt, rather than rationalizing old positions.
market conditions change, I'm ready to change as well. That is a very important skill that you need to have as a trader, which is cognitive flexibility. As a trader, you're always dealing with constant change. At any given moment, you're always maybe getting new information, and this new information sometimes conflicts with old information or like decisions that you've already made. Now, the bad traders, traders who lose money, is that they get way too bought into a certain idea and they look for every reason under the sun to justify what they think should happen in the markets. That's a completely wrong way to think about it. Even logically, as I'm saying this right now, you should already be like, oh yeah, no, that doesn't make sense. And yet everyone does it because everyone is looking to be right in trading. But the truth is, you often don't need to be right in order to make money in trading. You just need to have the ability to read what the market is trying to tell you objectively and then act accordingly to that.
