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June 15, 2006 at 9:05 am | | Comments 7

Be Honest With Yourself

Being honest with yourself on the golf course means accepting that you made a bad stroke on that last short putt rather than blaming it on a heel print in the green! Remaining objective will help you improve over time, because you then work on your shortcomings rather than pass the blame on something else. Trading presents us with the same decision: place blame on something else or accept responsibility for our own actions. A bad earnings report might cost you money, but you accepted that responsibility when you held the position into scheduled news. The great UCLA basketball coach John Wooden said, “Winners and losers are self-determined. But only the winners are willing to admit it.” When evaluating your results, be mature about it! Stay objective and take responsibility. If your system needs more work, then get after it.

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Jeff White
President, The Stock Bandit, Inc.
www.TheStockBandit.com

[tags]Golf, Trading, Trading Psychology, John Wooden, UCLA, Winners[/tags]