Don't let your ego get too close to your position, so thatThe psychology of the market, as well as the psychology of the investor-speculator-trader, is of equal if not greater importance, than any market indicator.
if your position gets shot down, your ego doesn't go with it.
According to a recent survey 97% of people feel they do not receive the praise, approval, and appreciation they deserve. Likewise 98% of people said they would perform better if they received more praise, approval, and appreciation. The government and business executives alike worry about low profits, inability to compete, and lack of initiative. You and I are concerned about how we get better cooperation from customers, employees, and family. How can we get other people to help us win our goals?
Your ego is your self. It is the most personal self-oriented part of your mind. Your ego is your underlying spiritual substance and regulates your mental state and self-esteem. It is by far the most sensitive part of your psychological and philosophical structure. A broken leg may heal in weeks; a damaged ego may never heal.
Just as the body needs food to sustain itself, ego food is mental nourishment that makes you feel better about yourself. Ego food takes the form of praise, encouragement, appreciation, and respect. It enlarges ones sense of self-worth makes them and you feel important. It also makes you and others feel useful and needed. Ego poison is the direct opposite of ego food. Ego poison consists of comments and actions that make you and others feel self-deprecated, unimportant, useless, "bad","stupid", and "small".
What happens when we feed ego food? Ego food, when sincerely dispensed, will help you win friends, win employee cooperation, gain love and support from people closest to you. In short, help you succeed. In the business of risk taking, there are so many times you will temporarily damage your own ego, and create self-doubt. It's not you; it is the nature of the beast. If you practice giving sincere ego food to others, they in-turn will feed your ego at the times it is most needed.
At work, at home, in community environments people perform second rate because they feel scorned, overlooked, belittled, taunted, or punished. The result, they defend their egos by acting the role of saboteurs. Think about that for awhile, then the next time the opportunity presents itself decide whether you will feed ego food or ego poison? And also think about which you would rather receive, from your spouse, co-workers, friends, and fellow risk-takers?
There are two ways to own the tallest building in town. One way is to tear all the others down!