I don’t know. What kind of an answer is that? I believe this is one of the worst things you can say whenever it relates to something that you have control over that you might want.
Click here or in the video below to consider a different way to communicate that will serve you better.
I always recommend to avoid saying or thinking “I don’t know”.
It is much more powerful if you put a probability on something happening rather than saying “I don’t know”, even if that probability is 50/50.
Or if you don’t feel you have enough information, instead of saying “I don’t know”, say I need to collect more information before I give an answer.
Waiting to make a decision or allowing yourself time to collect additional information or gain experience, is a decision. You are not out of control. You are not in confusion. You have intentionally decided to allow yourself time so that you can purposefully and consciously research the question.
What if you already have all the information currently available and you still don’t know?
In these cases, “I don’t know” is very often an indication of insecurity.
When it relates to trading, I hear a lot of different statements that indicate that the trader is insecure like “I can’t lose this trade.”
Many traders who make these statements require near 100% certainty of an outcome before they make a decision. That kind of thinking is an indication that there is insecurity somewhere. It is important for your trading career to figure out what it is and resolve it. So instead of chasing the fictional trading strategy that can’t lose, come back to reality and get coaching or training to resolve it.