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Thread: 100% responsibility

  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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  2. #1011
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    Quote Originally Posted by Khimi234 View Post
    Better to go with your own style and if you are satisfy with short term trading then sure go with it mate, but personally I am a long term trader and I believe that in long term trading trader's have to open few positions and we have to give less time for trading in long time frames. I not want to compare short term with long term trading because forex trading is all about trading psychology and trading strategy and if they are strong then we can do trade in any type of time frame.
    Yes sir, I do not condemn all what any traders proposes to do, so far it is working for them, they should go on with it. And in my own trading understanding, the long term trading might be better in terms of trading security and less stress, but I am sure that the short term trading is better in the earning, it would give more money to traders that knows it well.

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  3. #1012
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    Quote Originally Posted by cozard007 View Post
    Yes sir, I do not condemn all what any traders proposes to do, so far it is working for them, they should go on with it. And in my own trading understanding, the long term trading might be better in terms of trading security and less stress, but I am sure that the short term trading is better in the earning, it would give more money to traders that knows it well.
    Long term trading can be better to manage well the risks but only when the trader can control his emotions and have patience. Forex is a good way to earn some money because know days every one wants to earn money so if the trader have good trading skills and knowledge then they easily earn good money by using this platform...

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  4. #1013
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    Quote Originally Posted by forexfighter007 View Post
    Long term trading can be better to manage well the risks but only when the trader can control his emotions and have patience. Forex is a good way to earn some money because know days every one wants to earn money so if the trader have good trading skills and knowledge then they easily earn good money by using this platform...
    Sure, there is nothing perfect in the market trading. The way the shorter trading system has its own challenges is the same way the long term trading systems has its own, but the truth is that it is very minimal in the long term system, and the trader should be well careful of the way they are monitoring it, and they should avoid anxiety.

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  5. #1014
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    Quote Originally Posted by forexfighter007 View Post
    Long term trading can be better to manage well the risks but only when the trader can control his emotions and have patience. Forex is a good way to earn some money because know days every one wants to earn money so if the trader have good trading skills and knowledge then they easily earn good money by using this platform...
    [lang=id]as long as the traders can control the emotion with well and so no matter for what methods is used for trading such as short term and long term will give them good resutls and even success, so this is not a thing that long term is the best one for success, but how good the emotion controlling that we have had to control them,[/lang]

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  6. #1015
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    Quote Originally Posted by samprazaan View Post
    [lang=id]as long as the traders can control the emotion with well and so no matter for what methods is used for trading such as short term and long term will give them good resutls and even success,[/lang]
    I have learned that from experience that emotional control is not just that simple. we need to be more patient and observe things that really makes us to get emotional. Therefore trading in forex market and taking responsibilities of the trades that we have taken is not that simple. But then one thing is for sure, learning builds in us more knowledge therefore making us more successful on the long run.

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  7. #1016
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    Quote Originally Posted by splash View Post
    I have learned that from experience that emotional control is not just that simple. we need to be more patient and observe things that really makes us to get emotional. Therefore trading in forex market and taking responsibilities of the trades that we have taken is not that simple. But then one thing is for sure, learning builds in us more knowledge therefore making us more successful on the long run.
    [lang=id]of course, it will not become something simple and easy to be done, because all depends to us who have the commitment for it, but if the traders want to change and have a good will and strong intention and commitment, i do believe they can change it step by step to be a wise trader where they can control the emotion with well[/lang]

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  8. #1017
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    Quote Originally Posted by samprazaan View Post
    [lang=id]as long as the traders can control the emotion with well and so no matter for what methods is used for trading such as short term and long term will give them good resutls and even success, so this is not a thing that long term is the best one for success, but how good the emotion controlling that we have had to control them,[/lang]
    At certain point I agree, if a trader has better control of his emotions chances are he will be successful soon, but having a battle tested strategy is also important so that you can make profits along the way, you can be calm all the time in your trading but if you have a bad strategy you will keep on losing. Good knowledge and strategy plus good control of emotions is important.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

  9. #1018
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    Quote Originally Posted by techboy View Post
    At certain point I agree, if a trader has better control of his emotions chances are he will be successful soon, but having a battle tested strategy is also important so that you can make profits along the way, you can be calm all the time in your trading but if you have a bad strategy you will keep on losing. Good knowledge and strategy plus good control of emotions is important.
    Emotion control is important part in forex business, it is right, but it must be combined with good analysis too because it will be useless if you can control emotion well but you can't make good analysis. If there is no good strategy and analysis in trading so good controlling emotion will only limit the loss only so it will slow down Margin Call when traders can't make profits too. So, traders need to have balance between good emotion control and good capability in making analysis.

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  10. #1019
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    Quote Originally Posted by samprazaan View Post
    [lang=id]as long as the traders can control the emotion with well and so no matter for what methods is used for trading such as short term and long term will give them good resutls and even success, so this is not a thing that long term is the best one for success, but how good the emotion controlling that we have had to control them,[/lang]
    True, whether we use long term or short term strategy it is important that we are discipline to stick to our trading rule,it we are emotional in our trading it will be difficult to be a discipline trader, success in this market may take years of practice and experience.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

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    Quote Originally Posted by Value trader View Post
    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.
    yes those to leaves of chance with the traders preference on working of the good appeals on approaching with the use of system and strategy as referring decision on leaving secure on ways to gain with the good completion on returns with the submission of order with the market.

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