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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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  2. #21
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    there is great concept with your carefully thread. almost any broker should be responsable associated with his or her own mistakes. indeed i actually do, i will not blame the marketplace as well as your brokers, since when i trade properly i make profits as well as inside the various other facet when i make mistake as well as i become money grubbing i shed the cash.

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  3. #22
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    yes that is the chance with the initialyzing values to return the use with the further analytics with the makes with the good occupation with the different media to work with. later we will makesup the good ones of proto to severe with the extend pseudo persistancy...

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  4. #23
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    Quote Originally Posted by sandaraolson View Post
    there is great concept with your carefully thread. almost any broker should be responsable associated with his or her own mistakes. indeed i actually do, i will not blame the marketplace as well as your brokers, since when i trade properly i make profits as well as inside the various other facet when i make mistake as well as i become money grubbing i shed the cash.
    all the mistakes that we did in the business associated with our own mistakes and when we are wrong in our trade and resulted in the loss of trade then we should realize that all the result of our error and we have to fight in this trade to continue in developing better this trade better on our analysis and especially also fix how to trade with better risk management

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  5. #24
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    We have comfortable with our trade, we don't have to follow or trade because of people analysis but we have to do our self analysis and then trade it. If we don't know what will happened next so they are, it will be better to follow our mind and strategy not to follow others, but other just for second opinion.

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  6. #25
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    Thank you for sharing such a insightful post ,I learnt a very valuable lesson reading your post. I myself on some occasions blame myself or the market for not favoring me, its quit challenging to compose ones self while trading in the market, taking charge and having confedence in ourself and in our trading plan would help a trader take a better decisions,and its also important to acknowledged every result we experience, it might be positive or negative, what matters is not to blame ourselves but rather to learn from each of our experience as a trader.

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  7. #26
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    Good traders must be responsible with their decision no matter it caused profit or loss because there is no one who can make sure to gain profit so trader must prepare the possibility of loss too. Don't ever blame yourself too much if you made mistakes so it's important to prepare good money management and risk management to prevent big losses in single transaction. Responsible in trading could be done if we can responsible with profit or loss condition.

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  8. #27
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    with the noise of turnulence i guess as with the communication lanes of delivering and receiving good focus with the distros projection i guess there lefts the uses with the makes with the good excess with the compile of the calls of the returning requests with the extent to delimiting objection of to focusing on the approach of considering the shift of returns.

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  9. #28
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    Sometime it’s absolutely not easy especially in trading when you send a market order with extremely large size . Do you responsible your future as a trader with that ?. Your response is driven by your emotions so I can say it's not good, but we have to be more better.

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  10. #29
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    i believe this is why proper analysis is highly needed in this business,the kinda understanding we have on the market determine the kinda analysis we do when trading,we need to take responsibility for every of our action when doing this business and this is why making time to learn all that it might takes for us to be come a better trader in this business is highly important.becasue any mistakes will always affect our trading account

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  11. #30
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    100% responsibility

    Quote Originally Posted by Value trader View Post
    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
    this is a very good piece, mate. in fact in the forex trading business, there could be nothing so important more than having a deep sense of responsibility. i have seen traders put blames om the forex broker because they could not exit a trade in times of high volatility in the market. they forget they should have set their stop loss and target profits while placing the order. it look human to want to pass the blame our failure onto others

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