I often hear people say things like “once I make up my mind about something, nobody can stand in my way” as if it’s somehow a good thing. As a domainer, it’s not. Quite the opposite.
If you’re never willing to change your opinion (not even when confronted with overwhelming evidence), you’ll inevitably end up losing money for one simple reason: because you’re not allowing yourself to think rationally and, instead, are letting emotions take over.
I’ve said this on DomainingTips over and over again: if you’re not able to make rational as opposed to emotional decisions (most people aren’t), domaining is probably not for you.
Investing in general might not be for you.
An investor who lets emotional thinking take over is and will always be at a competitive disadvantage compared to investors who are able to make rational decisions.
It’s up to you.
If you’re not willing to change your attitude and embrace rational thinking, you will fail.
Let me tell you this much: in order to start making rational decisions, you’ll often have to be brutally honest with yourself and possibly with others. A lot of times, it won’t be pleasant.
Admitting that you were wrong is never fun.
It’s a humbling experience and most people are too proud to do it.
Those people will unfortunately not do well as domainers/investors.
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