Admit when you’re wrong… and profit (Jesse Livermore)

In trading, it’s best to quickly admit when you’re wrong. 

If you can keep your losses to a minimum, you will be able to preserve your trading capital (along with your mental capital) and improve your odds of profiting from future opportunities.

As Jesse Livermore once said, “I have long since learned, as all should learn, not to make excuses when wrong. Just admit it and try to profit from it.

Can you think of a time when admitting you were wrong saved you from prolonged agony or bigger trading losses? Did you ever turn the situation around or even go on to profit from it? Share your story with us in the comments and on Twitter.