100% responsibility
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  1. #1
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    100% responsibility

    Hi there! If I was asked, what is «number 1» quality, that trader needs to develop, I would answer – ability to be responsible for your actions.

    What does it mean?

    Responsibility is often wrongly considered as ability to blame yourself. Blaming yourself may be more important than blaming others, but in my opinion it’s not a reliable indication of responsibility. It can be a «blame game» - «oh, why have I done it? What a fool I was» e t.c.
    In this «blame game» we tend to feel sorry for our actions but in many cases, it doesn’t help to improve our future performance.

    So, what is the definition of responsibility?

    I like definition that was made by my mentor in field of trading psychology, dr. Andrew Menaker – «Responsibility can be split into two words – response and ability». In other words, it’s ability to choose our response.
    It looks very easy, but it’s absolutely not easy in application to real life, and especially trading. Do you think about your future as a trader when you send a market order with extremely large size? I don’t think so, you are so absorbed by the price action that your response is driven by your emotions.

    I think that it should be #1 in the list of desired internal characteristics – ability to choose your responses. How to do that?

    Stop blaiming «them»

    I have seen too much times traders blaming «them» for their trading losses. Some call «them» market makers, some call them «smart money», big market manipulators e.t.c. Of course, you should make some studies about possible activities of institutional demand and supply, but they are not responsible for your possible losses. That’s the way they make money – and it can include stop-running, yes. They have to execute orders of large institutional players, it’s a business.

    Stop negative focusing

    I’ve been writing about it several times, for example in article «Negativity bias», our brain very easily concentrates on negative outcomes, so we should balance this feature. You may blame dinosaurs, our ancestors for this feature that were helpful in their life (freeze, escape, fight), our brain has evolved this way – we tend to focus on possible harm much easier than noticing good. Read my article «Appreciating the good»

    Work on self awareness

    To take 100% responsibility for our actions, we should be aware of unconscious forces that can grab our attention. It may be unconscious traumatic experiences, or hidden emotional triggers or both.
    Read this article to improve your self-awareness

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    Rookie layigold's Avatar
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    You thread opened my eyes to see responsibility in another perspective and that is ability to choose our responses. I claim responsibility for all the outcomes of my trades because I am a such a trader that does not act immediately the situation calls for action in the market because there are lot of misleading forces in the market and if care is not taken, one becomes prone to being trapped and thereafter shift the blame on the market. I follow my mind and I follow the market in fact I allow the market to dictate what it wants me to do and whatever happen thereafter I accept full responsibility on it

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    Line started out my sight to see liability in another viewpoint and that is capability to choose our reactions. I declare liability for all the results of my deals because I am a such a investor that does not act instantly the situation demands action in the marketplace because there are lot of deceiving causes in the marketplace and if care is not taken, one becomes vulnerable to being stuck and thereafter move the fault available on the industry

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    Really a great definition of responsibility as response + ability and it has opened my eyes as here after the blame game will be stopped and it will put a break on emotional trading for which we do mistakes and blame the market and definitely I will go with your advice.

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    i often heard some traders who got some losing, they blame the mistake to something , some say that leverage is the causes of their losing, it is not good and not fair, and i guess this is the mirror if they do not take it with responsibility, too selfish,

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    there is very good idea in your thread . any trader must be responsable of his own mistakes. yes i do , i don't blame the market or the brokers , because when i trade well i make profits and in the other side when i make mistake or i become greedy i lose my money. we must be reasonnable when we want to blame anyone or anything .

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    Quote Originally Posted by Value trader View Post
    Responsibility is often wrongly considered as ability to blame yourself. Blaming yourself may be more important than blaming others, but in my opinion it’s not a reliable indication of responsibility. It can be a «blame game» - «oh, why have I done it? What a fool I was» e t.c.
    In this «blame game» we tend to feel sorry for our actions but in many cases, it doesn’t help to improve our future performance.
    the blame game i guess that is not as with the way with to mention the strategics with the manage to return goals projection with the use with the poper of technical ideals. that the entry to have with the good posession with the good system by the chalange put with those the utopian value with the arrange to left with the better options with the different works with the chance with the analytics to return the foremost with the shift with the shift of relatives to define the best of call.

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    often heard who certain operators managed to few loser blamed the mistake of a say that somewhat few leveraging are the causes of a loser, is no nice and it is wrong and was guess it is the mirror if will not accept with accountability from, too selfish,

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    Firstly I can stop blaming on anything and second I can stop negative focusing when I trade and third I can work on self awareness but sometime I cannot be patient with my trade, so I can ruin my day with those trade, I know it still bad conditions but I have to get out of this situation.

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  10. #10
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    Quote Originally Posted by jull View Post
    Firstly I can stop blaming on anything and second I can stop negative focusing when I trade and third I can work on self awareness but sometime I cannot be patient with my trade, so I can ruin my day with those trade, I know it still bad conditions but I have to get out of this situation.
    I agree with what you are saying is in this trade we have to learn to keep better in this trade with a better control of the market situation so that this will make us to be much better in this trade would be better because somehow we have to get more leverage in trade this is also to trade with better conditions on the mind and emotions

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