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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. #1181
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    traders need to understand about the risk at this business, it means, the risk does not come from this business, but from themselves who manage the business, so good or bad for the results, all was caused by the traders itself and take them with responsibility, stop blamming the others is a good thing to make the traders grow up to be a mature trader

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  3. #1182
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    Quote Originally Posted by Darkhorse View Post
    Take responsibility and pick corrections.
    This is so true friend.But sometimes after we have learnt our lessons the hard way,it is only then we tend to take responsibility for all our trading decisions.From my personal experience it is the normal attitude by every trader whether experts or novice.

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  4. #1183
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    yes i also agree with you it is important for us we work in market with our good responsibilities and we work hard in market and we make our trading like that expert trader and we make our trading experience better and we understand all trading right methods and we make our trading with good planing and we use good trading skills in market and we work hard in market then we make good profit in forex

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  5. #1184
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    I agree, being responsible on our actions will make us a better trader, if we accept that we are wrong we can find ways to make adjustments to our trading, it is important that we have an open mind in understanding our actions. Blaming your self will only lead to frustrations that can transform to more bad trade decisions. Trading is a constant learning until you become a professional trader.

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  6. #1185
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    Yes It is bad for any trader to say they will not take responsibility in this market, it will not make them to go far in the doing of the things of the market successfully. Responsibility is mainly about how the traders is making his works to be specified, it is in the best interest of the trader to have this and take the blame where applicable.

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  7. #1186
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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. 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.
    It's a funny thing when a trader blames the market makers for their losses, while this market is their habitat where they can earn money with their games. I do not really understand the reality of smart money and the market maker, but at least we have to be prepared for the risks that we will face when we make the decision to enter the market, we are just small traders who has to accept the consequences. By the way thanks for this thread about responsibility (response and ability).

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  8. #1187
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    well your post is very much good there are alots of trader who want short way to earn profit so they copy other trader trade and loss their money and claim that other trader washed my account some people trade on signal if you donot believe in your self so how can you believe on others ???

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