It has always amazed me how upset traders get when it comes to their views on the market or on a stock being opposed by someone else. 

Holding dear to a viewpoint that you have on either a stock or the market in general is not going to yield you a single dime in profits. Nope, instead it is your willingness to adapt to an ever-changing market environment. On Monday I was short, and came into the market Tuesday morning short. I saw that the market wanted to rally so I covered my short and for the rest of the week I have been long and profitable. Holding on to that view point that I had on Tuesday morning would have been a killer to the portfolio as it continued to rally for the remainder of the week and in a very significant way. 

But what I often seen when I post a chart or an opinion on StockTwits or on Twitter is people taking offense to an opinion contrary to their own. This is especially true in the biotech area. I remember when I made a few comments about AMBA being a quality short setup months ago or at the very least being bearish on the stock. I was blocked, mocked and puked on by those who were long the stock. In the end though, what does it matter if I have this view point (I was VERY much correct for being bearish on the stock). In the end what does it matter that I have view on a stock that is different than yours. If you think I am wrong, take the opposite side of the trade. That’s all – that is all you have to do.

As traders though, the trade is so much more than just being profitable. We have to be right. As a result, this type of mentality causes us to hold out on losing trades longer than we should and to cut winners early, all because we want to have that exhilarating feeling of being “right”.  Being right though is not a profitable trading strategy. Instead you aim should be to capture profits on a consistent basis. So cut those losers short and let the winners ride because at the end of the day, holding on to a losing position because you need to be right will only limit your ability to succeed in the stock market.