Avoid Confirmation Bias

Be aware of confirmation bias or the tendency of investors/traders to only read material which reinforces their present views. It is human nature to associate with people who agree with your point of view or who think much the same way you do. Unfortunately, all this does is confirm your own bias and this frequently prevents us from making sound investment decisions.

In my experience, the best traders and investors frequently do the exact opposite - they primarily seek out opinions from people who disagree with them in the hope that they will learn something. After all, the key is to not be correct in your opinions, but to make money. That's why I frequently like to read and post to articles to those people who I may not necessarily agree with, because I'm trying to challenge my own viewpoint(s) about the market in some manner. After all, if you don't understand the other side of the trade, chances are good that you don't have a clear understanding of your own position and market view.