Is it ok to be wrong as a trader? Can you still find consistent profits if you are consistently wrong??

Why does being wrong (or right) become so important for traders? Is this part of what makes consistent, profitable trading so difficult?

Is this *the critical* mistake that ends up road-blocking traders from success??

What do the “Three Wise Men” have to do with being wrong?

All this, and more in this episode, about being wrong…

http://media.blubrry.com/2traders/content.blubrry.com/2traders/2Traders_-_EP22_Being_Wrong.mp3

Download (Duration: 23:25  / 26.8 MB)

In this episode:

01:27 – the psychology about children

03:21 – the three wise men mix up

05:36 – one of the key problems traders face

08:10 – that’s what schooling is all about

12:06 – trading is never black and white

13:49 – uncertainty

16:03 – Denise Shull

17:02 – the entrepreneurs

18:33 – losses are a teacher

21:36 – get a pen and a paper

Tweetables:

Being wrong is going to teach you a lot. [Click To Tweet].

It’s all about success and not mastery. [Click To Tweet].

The Traders that get paid the most are also wrong the most. [Click To Tweet].

Download The Full Episode 22 Transcript Here

Walter: Being wrong shouldn’t be a problem, and in fact, if you really look at the math behind it, what you’ll notice is that the traders who get paid the most are also wrong the most.

Announcer: Two traders, Darren and Walter, pull back the curtain on profitable trading systems, consistent money management, and profitable psychological triggers. Welcome to the 2Traders Podcast.

Walter: Welcome to the 2Traders Podcast. I’m Walter Peters, and we’ve got Darren on the line, and Darren and I today, are going to look at this idea of being wrong and whether or not this is something that we should try and avoid, or if there are some hidden side effects to being wrong and what this may do for your trading. Here’s the idea. Part of this goes back to what I learned in psychology about children, so Darren, obviously as you know, got a little bit of a background in psychology, and I went to school for a long time to get these psychology pieces of paper and one of the things I learned when I was doing my PhD was about how children, and we’ll probably get more into this in the later podcast, but the main thing I learned from studying children was that children are okay at taking a stab at things.

Whereas by the time we get to adults, we sort of have this idea that we don’t want to be wrong, and we do a lot to avoid being wrong. What this means is, we often stop ourselves from success and I’ll give you an example of something that I heard on a TED talk and I thought it was just brilliant.