Making money tends to trump being right. Benjamin Cowen, a seasoned trader and investor, makes that point clear, and he thinks investors would be better off prioritizing profit over pride. He argues that all too often it’s our personal pride that gets in the way of being financially successful.
Cowen’s Approach: Profits Over Pride
On a recent episode of his channel—actually just a normal conversation with his audience—Benjamin Cowen made a pretty stark point about making money vs. just being right about the market. He stressed that if you’re an investor, you should be focusing on actually bringing in some real cash, rather than just proving your point. “I’d rather be rich and wrong than poor and right,” Cowen said, with a bit of a grin—in effect saying that it’s the latter situation you should really be worried about. He made the case that clinging to the need to be ‘right’ all the time is just going to end up costing you money in the long run.
Cowen’s take on things shakes up that common way of thinking among traders that they get really attached to their market calls. By keeping an eye on what’s actually happening with results rather than how it looks for their own reputation, investors can be way more rational about things and change course a lot quicker when market conditions start shifting.
The Dangers of Ego in Trading
Cowen gives the ego of investors as one of the biggest obstacles out there. And according to him, if you let your ego get in the way of making investment decisions, you’re going to have a hard time admitting when you’re wrong and grabbing opportunities to make a profit. He says the real risk is when your own personal feelings about the market start to cloud your judgment, and you let your attachment to a particular view get in the way of just making money, plain and simple.
This piece of advice still holds a lot of weight in the crazy world of crypto trading, where the market can turn on a dime and make even the best-researched guesses worthless in a split second. Cowen’s warning is a nice reminder that you really need to keep your wits about you and focus on getting results rather than trying to be right all the time.
Letting Go of Convictions for Financial Gain
Benjamin Cowen urges his investors to remain flexible and open-minded—even if that means chucking out some cherished preconceptions. He reckons it’s more important to make a profit than to be right, and is telling his audience to be prepared to switch up their point of view if it’s going to make them more money in the long run.
Cowen’s guidance is very clear on this—don’t let your opinions or convictions stand in the way of profit. In his view, you have to be humble and willing to change your mind when new information shows up. For those trying to be successful in trading, adopting that kind of mindset could be the difference between raking in extra profits or getting left behind.
Source — Benjamin Cowen: https://www.youtube.com/watch?v=zyPPtwewGaQ