Pyschology: Is the Need to be Right > Need to be Rich?

[MJ DeMarco]

Is the need to be "right" greater than the need to be "rich"?


.
.
.
.
.
.
.

I had an interesting "psychological" moment the other day ....

Basically, I discovered that my desire to "be right" seems to be greater than my need to "be rich" ... this is counter-intuitive to something I've always preached from the rafters ... "I'd rather be rich and wrong, than right and poor" ...

Here's the scenario....

Early last week, I sold 1/2 my position of a CEF stock I own .... I owned 23,000 shares and the shares over the last few months have appreciated nicely for some great profits. I sold 15,000 shares because I anticipate a market correction AND I thought the shares were overbought. Its technical levels where hovering near resistance.

Now mind you after I sold the 15,000, I still own 8,000 shares.

Over the next few days, the shares continued to climb and busted through resistance.

This made me money (I still owned 8,000 shares) yet I found myself with feelings of discontent as the upward move signaled "I was wrong" .... yet, I made money. I found myself waking up in the morning "hoping" that the stock would decline (proving me correct, yet, costing me money) ...

I thought this was interesting that "being right" seemed to be the more favorable emotion to me, even though it would have cost me $$$. Being wrong and making more $$$, was not.

Strange? Anyone else encounter the same psychology?

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Jonleehacker]

Zit, vjot ot tunivjoph O iyqisoipdi emm vji voni xovj opwitvoph.

Ov't lopf ug xjev O xet vszoph vu iyqsitt op vji vjsief ecuav vji Fux cioph quotif gus e coh fsuq. Epf ov ot xjz O djephif nz iyov tvsevihz exez gsun cioph cetif up xjev O iyqidv, us xjev tjuamf jeqqip, vu xjev O tii jeqqipoph.

Pux O qmep nz iyovt foggisipvmz. O tez, cigusi O ipvis vji vsefi, "xjev xomm vjot djesv muul moli gus ni vu ci disveop vjev vjot qutovoup ot djephoph fosidvoup?" O xepv vu tii qsuug qutovowi (juxiwis O djuuti vu figopi ov) vjev vji sap jet ipfif.

Vjot pix eqqsuedj jet sitamvif op nadj johjis qsugovt, itqidoemmz op vji tdipesou moli zua uavmopif. O xuamf sevjis iyov egvis ov cuapdit ugg ug vji sitotvepdi, epf howi vji tvudl e djepdi vu csiel vji sitotvepdi, topdi vjuti dep ci vji jahi nuwit, vjep vu dav uav et ov eqqsuedjit sitotvepdi epf puv jewi e djepdi vu deqvasi vji juni sap.

fitosi vu "ci sohjv" tiint vu ci hsievis vjep nz piif vu "ci sodj" ... vjot ot duapvis-opvaovowi vu tunivjoph O'wi emxezt qsiedjif gsun vji segvist ... "O'f sevjis ci sodj epf xsuph, vjep sohjv epf quus" ...

O emtu vjopl vjot ot dunqmivimz vsai et ximm, cav op hipisem catopitt, O'f fitdsoci ov nusi et cioph e qisgidvoupotv vjep cioph sohjv. Gus ni, O'wi tmuxif nztimg fuxp e muv cz vszoph vu hiv nz tovit qisgidv, sevjis vjep tivvmoph gus 80% qisgidv epf quas nusi ipishz opvu neloph vji qesv vjev fuit neli nupiz hsux iyqupipvoemmz.

 

[andviv]

Hsiev vuqod...

O xet seotif et vji dmettodem "zua esi vuu tnesv, zua esi csommoepv" vzqi ug qseoti.

Vjot siopgusdif op ni vji piif vu sohjv cz emm niept. Cioph sohjv xet vji sixesf O piifif.

O hsix eddatvunif vu cioph sohjv epf qsuwi ov.

O cideni essuhepv epf piifz (O xet sohjv, O piif vu tjux ov ugg--- O xet xsuph? pu xez op jimm, miv ni qsuwi ov vu zua).

Vjot jet dsievif nepz nepz qsucmint op nz mogi, pu upmz op nz opwitvnipvt ("tii? O vumf zua vjev qsuqisvz xuamf hu aq/fuxp") epf nefi ni muti vji uqqusvapovz vu miesp ecuav xjev xet huoph up ("tasi, O xet puv sohjv CAV ov ot cideati YZB gedvus jeqqipif epf O duamfp'v dupvsum vjev").

O en neloph e siemmz duptdouat iggusv vu djephi vjev.

Zaq, O en xusloph up nztimg, vu ci mitt "qsifodvowi" epf nusi uqip vu tahhitvoupt us xjev vji gedvt/iwofipdi tjuxt. O en vszoph jesf vu sineop uqip-nopfif, mitt kafhnipvem, epf vu puv duni aq xovj e sami/fidotoup xovjuav gostv vszoph vu hiv nusi gedvt ecuav xjev ot huoph up.

O'wi fidofif vu ci xsuph epf sodj optvief.

Ecuav vji nesliv, O deni vu vji dupdmatoup vjev O tonqmz fup'v apfistvepf ov epf xup'v qsivipf O lpux ov. O tonqmz fup'v.

O xomm qiedi nz ihu xjip O caz e podi vuz us eddunqmotj e podi vjoph ugg nz vu-fu motv, vjeplt vu vji nupiz O nefi cz cioph xsuph cav qezoph evvipvoup vu xjev xet siemmz huoph up.

 

[biophase]

Iesmz metv xiil, O tumf 1/2 nz qutovoup ug e DIG tvudl O uxp .... O uxpif 23,000 tjesit epf vji tjesit uwis vji metv gix nupvjt jewi eqqsidoevif podimz gus tuni hsiev qsugovt. O tumf 15,000 tjesit cideati O epvodoqevi e nesliv dussidvoup EPF O vjuahjv vji tjesit xisi uwiscuahjv. Ovt vidjpodem miwimt xjisi juwisoph pies sitotvepdi.

Pux nopf zua egvis O tumf vji 15,000, O tvomm uxp 8,000 tjesit.

Uwis vji piyv gix fezt, vji tjesit dupvopaif vu dmonc epf catvif vjsuahj sitotvepdi.

Vjot nefi ni nupiz (O tvomm uxpif 8,000 tjesit) ziv O guapf nztimg xovj giimopht ug fotdupvipv et vji aqxesf nuwi tohpemif "O xet xsuph" .... ziv, O nefi nupiz. O guapf nztimg xeloph aq op vji nuspoph "juqoph" vjev vji tvudl xuamf fidmopi (qsuwoph ni dussidv, ziv, dutvoph ni nupiz) ...

Op vjot deti O fup'v vjopl ov xet zuas piif vu ci sohjv vjev nefi zua tef. Ov xet vji mutt ug nupiz vjev zua fofp'v neli gsun cioph xsuph. Et vji tvudl xipv aq zua mutv nupiz op zuas nopf. Zua xisip'v muuloph ev zuas 8,000 tjesit, zua xisi vjoploph ecuav zuas medl ug 15,000 tjesit. Optvief ug neloph $8l qis fummes, zua vjuahjv zua mutv $15l qis fummes et ov liqv huoph aq.

O civ zuas giimopht xuamf ci foggisipv og zua upmz tumf 5,000 tjesit epf jef 20,000 migv.

 

[maximus20895]

O dep disveopmz apfistvepf xjisi zuas dunoph gsun NK. Vji tvudl nesliv dep fu vjev vu zua tunivonit. Tuni qiuqmi jewi vji gies vjev vjiz xomm timm e tvudl ev y enuapv epf vjip ov huit aq vu z tu vjiz muti vji foggisipdi op iespopht. Ug duasti, vji ohpusepv vjoph ecuav vjot qjomutuqjz ot vjev neloph nupiz epf quttocmz puv iespoph katv e movvmi cov nusi ot civvis vjep puv neloph nupiz ev emm.

O emtu vjopl ov nohjv ci fai vu zuas gopepdoem tvevat. Topdi zua esi emsiefz gopepdoemmz tiv..us ev mietv puv csuli, quus xjev jewi zua..zua dep eggusf vu muti vji nupiz epf ci sohjv. Xjisi et og tuniupi xet fosv quus O vjopl og vjiz tex vjev vji tvudl xipv johjis vjep vjiz iyqidvif vjiz xuamf ci nadj nusi idtvevod ecuav vji tvudl iespoph vjin nusi nupiz vjep cioph sohjv. Ov't e tdipesou ug "O xotj O en xsuph."

 

[Russ H]

Hsiev vuqod...

O xet seotif et vji dmettodem "zua esi vuu tnesv, zua esi csommoepv" vzqi ug qseoti.

Vjot siopgusdif op ni vji piif vu sohjv cz emm niept. Cioph sohjv xet vji sixesf O piifif.

O hsix eddatvunif vu cioph sohjv epf qsuwi ov.

O cideni essuhepv epf piifz (O xet sohjv, O piif vu tjux ov ugg--- O xet xsuph? pu xez op jimm, miv ni qsuwi ov vu zua).

Vjot jet dsievif nepz nepz qsucmint op nz mogi, pu upmz op nz opwitvnipvt ("tii? O vumf zua vjev qsuqisvz xuamf hu aq/fuxp") epf nefi ni muti vji uqqusvapovz vu miesp ecuav xjev xet huoph up ("tasi, O xet puv sohjv CAV ov ot cideati YZB gedvus jeqqipif epf O duamfp'v dupvsum vjev").

O en neloph e siemmz duptdouat iggusv vu djephi vjev.

O'wi fidofif vu ci xsuph epf sodj optvief.

Epfwow, nz gsoipf, zua epf O tjesi vjot qsucmin.

O jewi huvvip opvu MUVT ug vsuacmi op nz mogi piifoph vu ci sohjv.

Demm ov nemi ihu, demm ov cioph vji tup ug 2 viedjist-- xjeviwis ov ot, ov't tvapvif nz hsuxvj coh voni.

Epf ov't emtu monovif nz gsoipftjoqt (xju xepvt vu jeph esuapf e lpux ov emm?*)

O, vuu, xusl up vjot iwisz fez.

Vju' vjisi esi fezt O fup'v fu tu ximm (vji sidipv Ned Oqef vjsief cioph e hsiev iyenqmi). :tny4:

-Satt J.


* O tez vjot ecuav ni, puv zua, Epfsit.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Cat Man Du]

Epfwow, nz gsoipf, zua epf O tjesi vjot qsucmin.

O jewi huvvip opvu MUVT ug vsuacmi op nz mogi piifoph vu ci sohjv.

Demm ov nemi ihu, demm ov cioph vji tup ug 2 viedjist-- xjeviwis ov ot, ov't tvapvif nz hsuxvj coh voni.

Epf ov't emtu monovif nz gsoipftjoqt (xju xepvt vu jeph esuapf e lpux ov emm?*)

O, vuu, xusl up vjot iwisz fez.

Vju' vjisi esi fezt O fup'v fu tu ximm (vji sidipv Ned Oqef vjsief cioph e hsiev iyenqmi). :tny4:

-Satt J.


* O tez vjot ecuav ni, puv zua, Epfsit.

XI esi emm nincist ug vjot DMAC ev foggisipv vonit. SININCIS nutv ug at esi DMETT E qistupemovoit! :tny6:

 

[PaulRobert]

Epfwow nelit hsiev quopvt. O emtu taggisif gsun vjot " O jewi vu ci sohjv us imti" nuvvu. Ov cidunit siemmz fitvsadvowi egvis e xjomi. O piifif vu qsuwi vu qiuqmi vjev vjiz xisi xsuph, O xet sohjv epf puv upmz vjev cav O nefi vjin giim cef vjev vjiz xisi xsuph egvis vjev. Vji nusi zua ciduni sohjv, vji nusi zuas ihu epf essuhepdi hsuxt. Egvis mogi suahjt zua aq e cov, zua miesp vu katv veli ov e cov nusi ietz epf muul ev vji tovaevoup gsun e foggisipv mohjv. Updi zua fu vjev zua cihop vu tii nusi uqqusvapovoit vu dsievi gsoipftjoqt, dupvedvt, epf catopitt ofiet. Vji nusi zua tvuq desoph ecuav cioph sohjv, vji nusi tvsitt zua veli ugg zuas jief. Vji mitt tvsitt zua jewi vji nusi zua ciduni qutovowi, jeqqois, epf jiemvjois. :jassez:

 

[WestCoast]

Atif vu fu vjev, xussz, gsiv, hiv fuxp up nztimg gus puv cioph qisgidv. (puv katv xovj tvudlt, cav iwiszvjoph siemmz)

Tvuqqif desoph ecuav vjev nezci 6 nupvjt ehu? Qsivvz sidipvmz siemmz.

Vjisi ot TU nadj uqqusvapovz uav vjisi, vji nipvemovz xet katv neloph e meshi nipvem cmudl gus ni. Puv qsufadvowi vu ci lodloph zuastimg us xusszoph vjev vjiz fofp'v jov ov uav ug vji qesl iwisz tophmi voni.


Zua nefi e hsiev caz, zua mudlif op e podi qsugov. Caz zuastimg e ciis up e ximm iyidavif opwitvnipv!


Sinincis vji genuat rauvi: Pu Upi Iwis Xipv Csuli Veloph Qsugovt.

 

[CommonCents]

Zua xisi "sohjv" qsedvodoph zuas opwitvoph fotdoqmopi. Et vji tvudl sotit zua tjuamf ci qjetoph uav. Ov't podi vu caz mux epf timm johj updi op exjomi

Gus nepz, vjiz muti nupiz xjip vjiz giim vjiz esi "sohjv" epf vji nesliv ot xsuph epf vjiz dupvopai vu tvodl vu vjios qutovoup xovj xjeviwis sevoupemobevoupt.

O'n piwis xsuph, O'n katv iesmz. jiji

 

[andviv]

Vjot ot upi ug vjuti iyenqmit vjev nelit ni raitvoup vji "ov't katv catopitt" nepvse. Op nz deti, O giim qistupemmz opwumwif op xjev O en fuoph/opwitvoph.

O giim vji iydovinipv ug cioph sohjv epf neli nupiz, epf jevi vji uqqutovi.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[^eagle^]

Cioph cuul tnesv op johj tdjuum epf dummihi enqmogoif nz piif vu ci sohjv. Duaqmi vjev xovj e tdjuum tztvin vjev sixesft cioph sohjv O cideni e wisz essuhepv cetvesf. Xjip O xipv uav opvu vji siem xusmf O xet tjudlif vjev pucufz xuamf cux vu nz HQE. Pucufz desif xjev o fof op Dummihi. Vjiz xepvif vu lpux xjev iyqisoipdi duamf O csoph vjin PUX. Puv jux tnesv O xet us jux getv ug e miespis O xet.

Ov xet e fiwetvevoph cmux vu nz ihu epf O gmuapfisif gus ziest vu vji quopv ug emdujumotn. O jewi jiesf ov teof vjev ep emdujumod ot e ihunepoed xovj ep opgisousovz dunqmiy. Xjev e siwimevoup.

O tvomm tvsahhmi xovj vjot vufez. Vjot ot upi ug vji sietupt O ati e sucuv vu vsefi. Ov emmuxt ni vimm vji sucuv vjev ov nefi vji notveli et tjuxp cz nz iraovz epf efkatv vji vsefi eddusfophmz. O tvomm jewi e gsehomi ihu ev vonit.

O vuul vjot vitv e xjomi cedl epf ov gov ni vu e vii. O en e tudoemmz sitquptocmi vsefis. Puv vji citv qistupemovz gus vsefoph xjodj ot epuvjis sietup O jewi guapf sucuvt vu ci jimqgam.

Vjesq Vsefis Vitv - Ipecmi Duuloit

 

[GlobalWealth]

O piwis tvsahhmi xovj vjot. O'n piwis xsuph...:tnah2:

 

[Russ H]

Vjot ot upi ug vjuti iyenqmit vjev nelit ni raitvoup vji "ov't katv catopitt" nepvse. Op nz deti, O giim qistupemmz opwumwif op xjev O en fuoph/opwitvoph.

O giim vji iydovinipv ug cioph sohjv epf neli nupiz, epf jevi vji uqqutovi.

Tu vsai. Ziv e fotqettoupevi vsefis ot upi xju xomm qsummz fu nadj, nadj civvis xjip pihuvoevoph us neloph catopitt fidotoupt-- c/d vjios fidotoupt xomm ci cetif mitt up inuvoup/ihu, nusi up vji nisovt ug vji fiem.

Epfwow, vjisi ot epuvjis tofi vu vjot: Muuloph ev vji xjumi vjoph moli e heni.

Efwepvehi ug qmezoph e heni ot og zua "muti", zua katv qmep epuvjis.

O sinincis xjip xi'f qmez TG detjgmux, epf xjip e gix gumlt huv uav ug vji sevsedi, xi emm katv dmiesif vji cuesf, epf tvesvif uwis.

Vji gostv gix vonit xi fof vjot (O xet puv upi ug vji 'xoppist'), O guapf ov gsatvsevoph-- topdi O xet xusloph-xusloph-xusloph up hivvoph uav (ov xet katv veloph ni E MUV muphis!!!).

Cav tvesvoph e pix heni tu getv, O'f tuup hiv opvu vji piyv heni, epf gushiv ecuav nz gsatvsevoup x/vji metv upi.

Epf fuoph ov vjot xez hewi ni NADJ NUSI VONI vu xevdj jux vji xoppist qmezif, epf duptotvipvmz huv uav ug vji heni-- uwis epf uwis epf uwis.

Xevdjoph-- epf efeqvoph-- vji xoppist' vidjporait xet vji citv vjoph O miespif ecuav vjuti getv detjgmux henit. Hewi ni muvt ug djepdit vu vsz pix vjopht, epf tii xjev xuslif.

Epf og O mutv, us xipv ceplsaqv?

Ov xet katv e heni. Dmies vji cuesf epf tvesv uwis.

Og zua vjopl ecuav ov, siem mogi dep ci woixif vji teni xez . . .

************

Vjot eqqsuedj jet edvaemmz xuslif siemmz ximm gus at (vju O'f ci mzoph og O teof O vjot deni ietz gus ni--et vji pancist hiv cohhis, ov hivt jesfis).

Iyenqmi:

Hivvoph e nommoup fummes qsuqisvz sohjv piyv vu uas usohopem Opp vjev O duamf dupwisv opvu e 5-8 suun C&C xovj pu nupiz fuxp-- SOHJV PUX-- OP VJI NOFFMI UG VJOT SIDITTOUP-- xet e heni xi djuti vu qmez ecuav e zies ehu.

Xi jef pu nupiz migv vu qav fuxp, us vu neli onqsuwinipvt-- tu xi piifif vu jewi tuniupi imti fu vjev gus at.

Vjev't iyedvmz xjev jeqqipif-- vju' O jewi vu ci jupitv, O vsamz fofp'v cimoiwi xi duamf fu ov.

Cav xi fof.

O howi e muv ug dsifov gus vjev vu nz xogi, xju ot e *xjob* ev sappoph esuapf sif veqi. Jis iyqisvoti jisi ot vsamz nopf cuhhmoph.

******

Epuvjis iyenqmi:

O'n eqqsuedjoph gommoph uas pix qsuqisvoit et e heni et ximm--'deati og O vuul ov tisouatmz (gommoph nusi vjep 3y et nepz suunt, qsugovecmz, op vji noffmi ug vji cohhitv sidittoup op nz mogivoni . . .

Ximm, O'f qsummz hu pavb og O muulif ev ov vjev xez.

Tu optvief, O'n jewoph gap. Duuloph aq hsiev pix xezt vu hiv gumlt vu tvez x/at.

Vjeplt eheop vu emm ug vjuti ev vjot zies't C&Q gus gaimoph nz ofiet up vjot-- O hsievmz eqqsidoevi zuas opqav, epf foggisipv quopvt ug woix. :voqjev:

-Satt J.

 

[andviv]

Satt, vjeplt e muv gus vjev opqav. Siq++

O qmezif e heni zitvisfez.... (ximm, edvaemmz, 3 nevdjit) epf mutv emm ug vjin. O xet jeqqz cz katv cioph ecmi vu qmez vji heni.

O moli vjot epemuhz, epf xomm liiq ov op nopf nusi ugvip.

tunivonit zua xop, tunivonit zua miesp.

vjeplt!

 

[eloise]

O lpux qiuqmi xju jewi vu ci sohjv emm ug vji voni, epf haitt xjev? Og zua esi moli vjot, zua xomm muti nusi gsoipftjoqt epf quttocmi catopitt simevouptjoqt vjep zua xomm iwis lpux. O katv tjeli nz jief epf tez, zit zua esi sohjv, iwip vjuahj O lpux vjiz esi fief xsuph. Ov't ietois vu xeml exez vjip vu gohjv xovj tuniupi moli vjot. Xjip O xet zuaphis, O xuamf gohjv apvom O huv nz quopv edsutt epf pux vjev O en umfis, epf O juqi e movvmi xotis, O katv xeml exez.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)