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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. #31
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    Responsibility, a word with several meaning at several situations. Its not not only a word to present the bunch of acts what is entitled with the position or purpose, but also accepting own lacking too at term of making trade. We all go for trade in expectation of making some money out of it, but here to do so, we need to react to a variety of stimulus related to our business directly. Now the word responsibility comes here to present how carefully and how dedicate we are to do that. Even after completion of trade we are happy to get the credit for its success, if it successful. At the same time we suppose to take the burden of its failure, if it is as well.

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  3. #32
    Trader geem2000's Avatar
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    Of course, my friend, I guess that every trader in the Forex responsible for all the mistakes and do not blame the private market, brokers do not hang on the mistakes of others and also rolling in Forex is responsible for making a profit, and I agree with you in I can stop blaming on anything and second I can stop negative focusing when I trade and third I can work on self awareness

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  4. #33
    Trader lawners1791's Avatar
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    Quote Originally Posted by Value trader View Post
    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.
    shes so high i want to crawl all over her.
    yes that the work with the good manage with the good technicals with the basics of preference that the work shouldleft the longer with the scales with the relatives with the appeals of entries with the decision on spares to run with the compliance. also if you kept to stare with the chart everyday with the green fields of the blue grass (in the event of the impossible moment with the sessions of receiving the delivery of the reversing nuance)
    that was taken from the song of she is so high by the blur of the album of leisure by the 1992 that i was a little kiddies.

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  5. #34
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    To be important for your business and official of the decisions and do not blame yourself when you come loss and not be affected by loss and benefit from and is based on the conversion loss to gain and learn from the mistakes that led to the loss and learn to leave

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  6. #35
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    Your response is driven by your emotions so don't ever blame yourself too much if you made mistakes so it's important to prepare good money management and practice with demo account. so every trader in the Forex responsible for all the mistakes and do not blame the private market.

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  7. #36
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    Quote Originally Posted by AlwaysZoz View Post
    To be important for your business and official of the decisions and do not blame yourself when you come loss and not be affected by loss and benefit from and is based on the conversion loss to gain and learn from the mistakes that led to the loss and learn to leave
    clear if we make a mistake it is all we have to realize that it makes us have to lose in this trade so we have to do in this trade is how we fix ourselves for the mistake there because after the trade had to make ourselves better to continue to learn and practice in order to continue to increase in the analysis and increase our ability to learn discipline in regulating this trade

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  8. #37
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    i guess, trader need to start it at the beginning, we need to keep responsibility in the beginning and so on such as take forex trading is a business, not hobby, game or something else like it, and start to open mind and accept everything with gracefully because all the thing we have done adn accepted is the mirror for what we have done, never blame the mistakes to something

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  9. #38
    Trader taqiniazi's Avatar
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    Forex is very hard and tough business that can be only gave you profit if you can take the order by responsible means. if you are try to take greed and lust then the loss will be always yours. The responsible traders also helps newbies to gain profit as much as they can. So always take responsibility and never try to blame any other for loss.

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  10. #39
    Trader Hukam's Avatar
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    According to me positive thinking is very necessary term in this business i don't think that anybody should feel very sad or negative after loosing some money in this market loss is just a part of this business we should always focus a very good learning it will help everyone in this business

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  11. #40
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    Its a clear thing that we can't blame anybody in this business we loose our money in forex because of mistakes and its time to reduce our mistakes a daily learning within demo trading account is very necessary for everyone which can help us to reduce our mistakes in this market

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