{"id":40239,"date":"2015-03-18T14:37:59","date_gmt":"2015-03-18T18:37:59","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=40239"},"modified":"2015-03-18T14:39:52","modified_gmt":"2015-03-18T18:39:52","slug":"when-should-a-trader-say-i-was-wrong","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/when-should-a-trader-say-i-was-wrong","title":{"rendered":"When Should a Trader Say \u201cI was wrong?\u201d"},"content":{"rendered":"<header class=\"entry-header\">\n<p class=\"entry-title\" style=\"text-align: left;\"><strong>If you are one of those traders that doesn&#8217;t\u00a0<span style=\"line-height: 1.5;\">like to admit when they&#8217;re wrong&#8230;\u00a0<\/span>I have good news for you!<\/strong><\/p>\n<\/header>\n<div class=\"entry-content\">\n<p>When you have a system&#8230; and you have a predefined reason to change your mind, then you don&#8217;t have to live with that feeling of being &#8220;wrong&#8221;.<\/p>\n<p>Instead, you can live with the freedom of knowing that you have a plan that allows you to change your mind and get back in sync with the market.<\/p>\n<p>Here are a few tips and one practical example.<\/p>\n<p>Don&#8217;t waste your time sharing your\u00a0<em>opinion<\/em>\u00a0about what will happen in the future. Instead, share your\u00a0<em>plan\u00a0<\/em>for the various scenarios that could play out.<\/p>\n<p><em>Pre-define<\/em> your reason to set a new course of action. Make it a simple reason&#8230; a very simple reason. If you have too many criteria, then you can find too many reasons to delay making critical adjustments.<\/p>\n<p>Example.<\/p>\n<p>I was watching my three core indicators closely over the past few days as the RUT (Russell 2000) was approaching a new high. Some of the broad indexes were relatively weak and the long signal was not showing up.<\/p>\n<p>I took this as a reason to be net short. I was looking forward to being &#8220;right&#8221;.<\/p>\n<p>However, yesterday, the one simple reason I was willing to change my mind happened. That reason was the <a href=\"http:\/\/lessthanrandom.com\/tea-indicator\/\">TEA indicator<\/a> on the Daily RUT.<\/p>\n<p>Even with the short term weakness this morning,\u00a0I have my\u00a0reason to change my bias and I&#8217;m going to follow that reason&#8230; Until my pre-determined reason to change back to bearish comes around again.<\/p>\n<p>To get more updates from Andrew on Systems Trading&#8230;\u00a0send an email to afalde@smbcap.com<\/p>\n<p>No relevant positions.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you are one of those traders that doesn&#8217;t\u00a0like to admit when they&#8217;re wrong&#8230;\u00a0I have good news for you! When you have a system&#8230; and you have a predefined reason to change your mind, then you don&#8217;t have to live with that feeling of being &#8220;wrong&#8221;. Instead, you can live with the freedom of knowing that you have a plan &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/when-should-a-trader-say-i-was-wrong\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":1039,"featured_media":40244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1937],"tags":[144,782],"class_list":["post-40239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-systems-trading","tag-trader","tag-wrong"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>When Should a Trader Say \u201cI was wrong?\u201d | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/when-should-a-trader-say-i-was-wrong\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When Should a Trader Say \u201cI was wrong?\u201d | SMB Training\" \/>\n<meta property=\"og:description\" content=\"If you are one of those traders that doesn&#8217;t\u00a0like to admit when they&#8217;re wrong&#8230;\u00a0I have good news for you! When you have a system&#8230; and you have a predefined reason to change your mind, then you don&#8217;t have to live with that feeling of being &#8220;wrong&#8221;. Instead, you can live with the freedom of knowing that you have a plan ... 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