When most others oppose a very strong conviction of yours

[sva31855]

This insight, IMO, will apply mainly to those who aspire to become great (vs. good).

There might be matters on which you strongly hold a view that most others are totally opposed to. My insight is about this very situation:

If one aspires to become extra-ordinary, one must always test one's strongly-held views that most others are totally opposed to.

Why?

Because if one is proven right, then that will be a tremendous confidence booster. For example, Steve Jobs made many such decisions. Even Dhirubhai. Even Rockefeller. Don Bradman too. Recently Elon Musk.

And, if one is proven wrong, then one would be able to identify as area where one is quite "off"--due to perhaps too much subjectivity. Examples: n/a yet.

In betting terms, high-conviction high-opposition areas have a very high Risk:Reward ratio.

 

[PuffQueyFantastic]

It only works if you have enough expertise in that. There are so many people who trade against the market and fail because they are strongly convinced that they are absolutely right and people around them are idiots.

 

[Shanrad]

This thread reminded me of the situation which happened to Isaac Newton as he also invested his money in the stock market. So, he got rid of some stocks in his portfolio, but the these stock prices kept on rising. People around him said that this company is going to keep on growing but Newton had his own opinion about it and he thought that the price will drop. However, he couldn't resist such social presuure on him and he bought these stocks and in a week their priced dropped dramatically. After this case, Sir Isaac Newton prohibited everyone in his family talking about that company.

 

[sva31855]

This thread reminded me of the situation which happened to Isaac Newton as he also invested his money in the stock market. So, he got rid of some stocks in his portfolio, but the these stock prices kept on rising. People around him said that this company is going to keep on growing but Newton had his own opinion about it and he thought that the price will drop. However, he couldn't resist such social presuure on him and he bought these stocks and in a week their priced dropped dramatically. After this case, Sir Isaac Newton prohibited everyone in his family talking about that company.

Great anecdote! Thx for sharing

 

[billi]

Eventually when something is going higher greed comes in which can lead us to loses so whenever we make profits i guess do not enter again and let the market go where it aim to reach for.

 

[Santosh Mehrotra]

I think your opinion matters. Every entry you make is dependent on how much profit you expect in the long term.

 

[Ananda Gulati]

Greed can be a tough nut to crack. I have suffered through it and lost most of my capital. I suggest you create a list and avoid everything that takes you down that path. Try to control and stick to your plan no matter what.

 

[HirendraRamamuthe]

That’s correct but it won’t work unless and until you’re an expert. We often get greedy and that’s where we go wrong.

 

[MahindraSatrujit]

I think you made a valid point here. You can act upon your will and take up the risk if you are comfortable. We cannot deny the possibility of success just because an opinion or idea is opposed by the majority. Remember there was a time when people were opposing the idea of earth being round. So with time the ideas that are opposed may become valid and true. It is better to follow your own trading style instead of joining the bandwagon. After all you will be the one putting efforts and reaping benefits or bearing losses in the end.

 

[Kanwal Badakar]

Those people who think that if they follow famous people, they will also achieve success like them. But, this isn’t true. Your dreams and aspirations are different from others. So, keep your mind open for learning because there is so much left to learn even if you may be the best at trading. Adapt to change and watch the wonders that follow.