I will be completely honest with you…
I wanted to write something helpful this weekend but I haven’t found much time this to really think through a powerful concept to dive into.
So, I thought I’d make it pretty simple. Pretty quick. Pretty straightforward.
Here’s the lesson I want to share with you…
Don’t trust yourself.
Yep, that’s it. I say this because I hear all this nonsense about “going with your gut” when trading the market…
And I just don’t buy it (pun intended).
Investing and trading should be planned. It should be objective and data-based.
Going with your gut or trusting yourself sounds good to the ear, but the fact of the matter is that for every story you have heard about someone trusting their gut and making it big, there is a hundred more stories of people who went broke thinking they were on to a sure thing.
If you want to be a consistent, successful trader my suggesting is that you simply don’t trust yourself. In fact, be critical of your feelings. Make yourself work to provide strong logic and data that leads to an intelligent, measured decision.
For me, this is a key to investing. It is SO easy to get emotional (especially with money always on the line) and the last thing you want to do is follow your emotions.
With markets raging and tons of potential on the line, your “gut” can often mislead you (if your gut is like mine, it tends to be greedy).
So my tip for you is don’t trust it. Trust what you know not what you feel.