“Really good traders are also capable of changing their mind in an instant. They can be dogmatic in their opinion and then immediately change it. If you can’t do that, you will get caught in a position and be wiped out.” -Steve Clark
The greatest traders have a huge conviction about their edge and trading method after confirming its ability to create long term profits. It is hard for many new traders to grasp that great traders are able to change their opinion about a trade in a manner of minutes for many reasons. Unlike other professions that are paid to be right,it costs traders if they will not admit they are wrong quickly. In a mechanical system stops must be taken when they are hit, in a discretionary system price movement is the dictator and the trader must be the slave. If you are short a stock and resistance is broken through and closed above with power, then you are wrong, you are now short a break out. If you buy support and the stock plunges far below where you expected the bounce then the stock has broken the range and may be in a down trend.
Amazingly many of the most successful traders are slaves to prices, buying only break outs, selling short break downs, trailing their positions with stops as they become more profitable. They trade prices not their opinions and they win in the long term. The shorter the time frame the quicker the change can happen. So the question in every trade you enter is where does it have to go now to prove I was wrong about the entry.
Be Bullish in Bull markets, be Bearish in a Bear market, trade what the market gives you and give up your predictions and opinions and then follow price.