UPDATED FOR 22.03.2016

How many guys do you know who can accept being wrong?

How many guys do you know who can be wrong and lose money?

How many guys do you know who can be wrong. lose money and not feel bad?

How many guys do you know who can be wrong, lose money, not feel bad and reverse their position?

How many guys do you know who can be wrong, lose money, not feel bad, and reverse their position quickly?

Don’s point is that trading requires an unusual combination of emotional resilience (the ability to tolerate being wrong) and mental flexibility (the ability to use losses as information and quickly change one’s position in the markets).

Many people have a need to be right. That makes it difficult to quickly accept losses, and it makes it especially difficult to flip one’s views. The best traders don’t have a need to be right, and in fact they readily admit that there’s many times they’re wrong.

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