If being profitble comes from being right then who wants to be wrong? after all being wrong hurts The Ego right?. Often when traders find their positions running in drawdown the ego fails to admit to having got the setup wrong. What becomes apparent on the chart The Ego refuses to admit and there on ensues a battle between the market and The traders Ego. The primary objective of the trader shifts from wanting to be profitable to wanting to be right just to appease and validate The Ego.
Many traders loose their accounts on a daily basis due to some of the pyschological traps the ego pushes them into. I truely believe the only edge a trader has over the markets is controlling their loses by "cutting the loosers" sooner rather than later with a good risk to reward ratio traders will always find their investments and accounts in good shape. I have learnt the hard way. But once you learn to Control that ego the market is your oyster.
Many traders loose their accounts on a daily basis due to some of the pyschological traps the ego pushes them into. I truely believe the only edge a trader has over the markets is controlling their loses by "cutting the loosers" sooner rather than later with a good risk to reward ratio traders will always find their investments and accounts in good shape. I have learnt the hard way. But once you learn to Control that ego the market is your oyster.