Barriers to Trading: Fear of Admitting a Mistake

Success in completing a job or task gives a person a kind of self-esteem and self-esteem, and success in trading is not only financial success, but it also reflects the trader's ability to predict the future. Which increases the trader's feeling of his abilities and can sometimes lead him to arrogance... Linking self-esteem to the degree of success in trading and to the correctness of the decisions made by the trader makes him makes it difficult to accept the idea that he has made an analytical error or that he has failed to make a profit and leaves him in a state of denial and stubbornness.

Mistakes a trader makes out of fear of admitting the mistake

Move the stop loss as it gets closer to the trigger.

Cancel the stop loss and trade without it.

Stay in the agreement even if there are strong signs of a reversal.