Trader's responsibility and 4 methods of future success in trading
One of the key qualities possessed by people who are successful in a wide variety of fields is the ability to take full responsibility for all actions, actions and results, for every step in life.
It is well known that only a very small percentage of traders actually become successful. To be among them, you have to work hard - on your discipline and psychology, risk management and trading plan, overcome your fears and greed, and learn to manage your emotions.
All this requires an enormous desire, a willingness to keep moving forward after defeats, a desire to change one's old habits. And this is impossible without learning to take responsibility for the process of trading and for its results, for every decision made in life, no matter whether it is successful or not.
Trader's responsibility for profits and losses
All beginning traders are happy to take responsibility for profitable trades, but very few are willing to accept responsibility for failures. For some reason when they earn, they don't talk about what happened because of the broker's fault or market makerthat the market behaved strangely and that's why the deal was successful.
However, when we fail, everything suddenly changes, and completely different reasons come to the forefront. Here it immediately turns out that "it's all Chubais's fault! When something goes wrong, there is a tendency to blame everyone else for the failure, but not the one who pushed the button.
Accepting responsibility means accepting that there is no distinction between the culprit of success and defeat. In either case, it is ourselves. You have to decide if you are willing to challenge yourself to learn from your mistakes, or if you will continue to make excuses and blame others for everything.
How do you learn to take more responsibility?
Define the goal
First, it is necessary to have a goal. It must be concretely defined, and it must have a clear direction of travel from point A to point B. Once the trajectory is clear, we can immediately take concrete steps toward the final goal.
But all along the way, we must understand that we are responsible for the result.
Make a list of weaknesses
Ask yourself, what aspects of your trading are you most irresponsible about? What do you pay the least attention to?
Most likely, these will be your weakest points in trading, which you need to develop first. If there are several such points that you need to pay special attention to, then make a list.
Think about your list
How does all of this affect your trading? What do you want to change and improve, what skills do you need to develop in yourself?
Remember that having weaknesses always has a negative impact on the results. It is awareness and acceptance of responsibility for your actions that will help you achieve your goal and build your own pyramid of success.
Obstacles from the subconscious
The only thing that can prevent you from moving forward is your long-held beliefs. Those that live in your subconscious mind and appear at the most inopportune moment, out of nowhere, like real monsters. They can relate to many different aspects of life. They may or may not be related to commerce. Either way, they relate to your mind, and they are what stand in your way of success.
4 methods on the way to defeating yourself
What motivates you?
To begin with, think about what makes you constantly strive to improve your trading results, why you want to reach the next level, what motivates and impels you to constant learning, self-improvement, obtaining new knowledge and information? What thoughts, feelings or emotions underlie this, and how can you use them?
Looking for the weakest link
Next, ask yourself what is the "weakest link" in your training that needs the most attention? It could be:
- Risk management
- Trading Psychology
- Discipline
- Maintaining trader's diary
- Following the trading plan, and so on.
Make a list and then think about what you can do to change your weaknesses? How should you work on it?
Then, every day do what you have planned. You don't have to roll down mountains and drain the seas. Of course, there is always room for a feat in life, but it's much more important to just follow the path to your goal. In this case, the most important thing - it's consistency and methodology, day after day, week after week. Turn your shortcomings into your virtues.
Making a plan of action
While in a calm and balanced state of mind, think about a particular aspect of your trading for which you are willing to take more responsibility. You can start with your least favorite, the one that has the worst effect on your trading results (most likely the same thing). Remember, your decision can cause a lot of internal resistance.
Then think about the steps you are willing to take in order to realize what you want to do. It is important to understand not only WHAT to do, but also HOW to do it. Write an action plan and try to stick to it as precisely as possible. Be sure to mark your successes. This will give you extra motivation.
Meditation on Trading Success
One last thing. Try to put your mind in a relaxed state and dream. Imagine some well-known businessman or athlete. It should be a person whose image naturally and easily comes to mind. Now mentally try to be in his place, in his role. Think about the fact that each decision you make determines your development, failures and successes, is the result of the inner integrity and responsibility for the final result of the appropriate scale. Concentrating on the images that arise, try to realize what thoughts, emotions, and feelings you are having at that moment. What is going on inside of you?
Write it down. Be especially aware of your negative reactions, such as jealousy, resentment, fear, anger, frustration, or anxiety. It may mean that you are not actually experiencing these emotions toward an imaginary person, but directly toward yourself in their place. Pay close attention to them, for they will be a kind of beacon for you, pointing out specific aspects to work with. They will mark the way to inner understanding and awareness of which particular ingrained images of your subconscious mind are interfering with your trading and, ultimately, your success in all areas of life.
99% of success in any endeavor is personal qualities and knowledge and only 1% for luck.
Absolutely right. Except that mostly people hold exactly the opposite view. There has been a lot of talk about it lately. Maybe things will start to change for the better soon.)
A trader learns responsibility as soon as he switches to trading on a real account.
Adolph! That would be great! Except that practice shows that this is not always the case...
You have to watch the indicators and candlestick chart, as well as the news, and stick to your trading plan.
Indicators show only one of the possible options, you can't keep track of all the news, but the plan is the cornerstone of trading.
Discipline, and in the early stages - making a plan and keeping a diary, that's what will help avoid losses, but do not insure against them.
Andrew, I agree, but why only in the first stages? Is it no longer necessary to keep a diary and make a plan with experience?
I don't have enough self-discipline to be a successful trader. A plan and keeping a diary is the right thing to do. But I agree, you can't give it up with experience.
Tatiana, of course, self-discipline alone is not enough. In this case, we would have all the military (in the broadest sense of the word), would be the best traders. And it's very good that you understand what you need for successful work. What else do you think you need, what exactly is missing?
You should never rush to enter a trade, being out of position is also a position. It is better to wait for a good signal to enter and enter, but not the entire volume, but part of it,
Everything is determined by experience, but first you have to try, there will be successes somewhere, but there will also be failures.
Unfortunately, it is not as easy as it seems. There are no universal recipes. Each person is unique and the roads to success, improvement must have its own, individual.
NN23, yes, that's how you can become a professional, and not only in trading. In fact, you offered a universal recipe in general: find your way to success, and move along it constantly improving and overcoming difficulties).
Responsibility in any business is the key to success and trading is no exception.
In addition to responsibility, you need to see clearly where you want to go. There shouldn't be any floundering.
Yana, that's right, and that goes to the question of goal-setting. However, goals can be very difficult, too!
The main thing is to have a goal and gradually implement it in trading.
Artem N, this is the universal recipe for success! Set a goal and systematically implement it. And so from goal to goal, from success to success. This is a great strategy, especially if you know how to set goals correctly.
The most important thing is to learn to control your emotions, and then you will overcome fear and greed.
Vanya, this is practically the Grail and a confirmation of the fact that all the answers to all questions must be sought within oneself! However, this is usually the most difficult thing to do...