first post i ever plussed without the intent to troll. Good one animefreak64. I find that explanation quite good.
Also another explanation a friend gave to me is that Bruce Wayne is the only person who managed to stop Martian Manhunter into reading his actual brain activity, so Bruce Wayne can even trick the ring into thinking that wayne still is afraid of things even though he is not anymore. So I guess the two explanations combined together explain why batman did not get the ring. Also the ring is very weak compared to batman's power. Batman would never paralyze himself with a weakness induced power source.
A common theory is that Batman incorporates a lot of fear into his character, and the ring, sensing the fear, decided not to pick him. The same goes for why a yellow ring won't pick him, he has too much will.