Why is it so hard to simply come out and admit you were wrong?

Discussion in 'Psychology' started by retaildaytrader, Sep 11, 2009.

  1. I never see anyone on CNBC or in any of the rags having a coming out day to say they were wrong on their stock picks and market direction. I never see anyone on here come out to admit they were wrong.

    I have lived enough years for me to simply not care about the need to be right.

    If you were wrong about a position or market direction, who cares, it happens to ALL OF US. Yesterday, I really wanted to get into AXL, but decided not to. Boo-hooo I was wrong and missed an incredible up-move. Shame on me.

    If I can admit that I was wrong, why cant you? Why cant the guys on CNBC come out and admit they were wrong? If only a small percentage of trades are lottery winners with the rest stinkers why is it so hard to say that you just didnt get this one right?
  2. nobody will hurt their own credibility, especially if they represent a firm, sponsors, the channel, etc...

    We can ask this of most sports "experts".

    Their mortgage is on the line, future hedge funds they want to run, newsletters, etc...

    If they don't say they suck, hopefully nobody remembers.

    i have no idea how many cramer got it wrong.

    but i will still never buy his book.

    remember, all the value they offer is their brain. if they say they suck, all their value is gone.

  3. FB123


    Because the average person watching these guys is a clueless moron who can't understand that it's impossible to be right all the time. They expect the analyst to tell them for certain what is going to happen next... so if they start openly admitting that they were ever wrong, the dummies will stop listening to them. Nobody with a brain listens to these idiots on TV anyways.
  4. Redneck


    Because they don’t trade for a living – IMO

  5. They take there cues from the weatherman. Not much of an uprising/back lash against the weatherman when it rains on your parade.

    Secondly, it is yesterday's news.
  6. Would that include your latest trade call in your thread to short the SnP futures about +100 pts below where it traded today?





  7. Its not only the guys on CNBC, but every guy on a message board and in real life. It seems so difficult for guys to come out and say that their method or system failed and they were wrong.

    I tend to think a person is less credible when they cant come out to say they were wrong when its obvious they were indeed wrong.

    We all make mistakes in our life and the analysis isnt always perfect. Its a shame people cant come out to say they were wrong.
  8. FB123


    That's exactly why so few people make it as traders. In the normal world people can live in personal fantasy-land all they want and pretend that they're right about something when they're not... but the market doesn't care what anyone thinks. If you are wrong on a trade, it will show up immediately in your account balance, and unless you can admit the truth and reverse your position, you will have a big problem very quickly.
  9. what is the personal advantage to public admission that you got it wrong? what, you want his next pick?? you arren't really this stupid, are you :D
  10. Alexis


    Also, they will not admit they are wrong because they think being wrong is due to a lack of knowledge.

    They don't see markets from a statistical point of vue a we traders do.
    #10     Sep 12, 2009