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If you’re like most people (myself included) you hate to make mistakes.
But, take it from someone (me) who’s made more mistakes than you could imagine, it’s easy to turn a mistake into a profit.
In fact, this is one of the great secrets all legendary investors practice. It’s how they became legends.
Their secret is simple and it starts with having a certain mindset when investing.
Great investors are not afraid to take a loss and admit they’re wrong.
The problem most of us have is knowing when to take a loss.
Too often we become emotionally attached to a stock. The result is we continue to watch our losses increase while we secretly pray for it to turn around.
We become paralyzed and do nothing.
Let me ask you something: Have you ever seen a 10% loss turn into a 20-30% loss and agonized while watching it?
If so, then welcome to the club.
But, if you have a back-up plan (like the great ones) you won’t feel the pain. Instead you’ll act.
This process all starts with a mindset that’s easy to implement…you just have to be willing to change how you think.
Be sure to see the January Issue of Simplifying Wall Street in Plain English where we give you many examples to follow.
Stop worrying about making mistakes and find out how to profit from them. (HERE)
You’ll Thank us later.
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