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Thread: The blame game

  1. #1
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    The blame game

    Each time we lose money, we tend to play the «blame game». Every trader knows it – you've given away some money back to the market and start blaming yourself – «how stupid could I be»? «Omg, how foolish this trade was» and et cetera.

    At the first sight, blaming yourself may look like you accept 100% responsibility for your losses, but in reality self-blame is counterproductive state of mind. You push yourself in distorted image of reality where everything was done wrong. It’s well known fact in psychology and coaching that if you try to overcome your weaknesses and have no strengths to rely on, you will not succeed. Energy to move forward, to change some unwilling behavior and get better results, will be produced as a result of relying on your strengths not overcoming your weaknesses.

    I can provide you small example: in your trading you have executed potentially good breakout trade, had good entry point, then your profit started to increase: +10… +15… +25 pips, but you’ve missed the time of news announcement and eventually you gave all the profit back to the market.
    How would you feel in this situation? Of course, it will be difficult to find positive features in this situation. But think about it – your trade location and timing was almost perfect, your analysis was also correct, but you failed in just one thing – in protecting your profits. That’s trading – overall profit will depend on every step executed in a right manner. For every trading style there are actions that may be more or less important – for example, for momentum trader it will be more important to take profits in timely manner than for trend-following trader or counter-trend trader.
    But if you start playing the «blame game», you won’t be able to learn important lesson from this situation and move forward. You will just focus on the fact your trade was not a winner (or a «loser» in case result was negative).
    The better thing is to focus your attention not only on things that were done wrong, but on things that were done right as well. I was writing about it in article «Appreciating the good» some time before.

    Also, «blame game» is dangerous thing because it can launch the «Stockholm syndrome». Some of you may heard about it. In a nutshell – it’s a psychological phenomenon when victimized people start to feel sympathy to aggressor, feeling that they must fall victims for the sake of some great goal.
    In trading it means that trader will produce harmful actions over and over again. Level of blame is so great that it is easier psychologically to start view situation in a distorted way. People lose responsibility for their actions – they look attentively to the face of aggressor (market), trying to understand – what he (market) will do in a very next minute?

    How do you think – why in the field of trading there are so many forecasts, so many opinions, everybody wants to know where the MARKET will go, but the very few people think of what THEY will do?

    Level of uncertainty and trauma is so great that traders are paralyzed. They would rather try to predict the price action than to develop their own responses. That’s why results are so frustrating for most traders.

    Be responsible for your trading and good luck!

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    Last edited by Value trader; 11-24-2014 at 07:14 PM.

  2. #791
    Trader sniper007's Avatar
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    The losses is common in all business and if every one are to start playing the blame game then we all we will on blaming so many people for the mistakes we have made. Best thing is that we own up to the mistakes we have made. In a nutshell, learn from it. Have a trading journal so we can avoid such in the future.

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  3. #792
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    One unfortunate fact that majority of the traders can’t ensure the desired success as they expect to. Many reasons can be behind this fact. Nevertheless, when it comes to the matter of “blame game” I personally think it is wise to take the charges of loss on me when I am genuinely wrong in my strategy selection or executing trades. Otherwise I favor to find out the basic reasons without blaming me.

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  4. #793
    Trader jamey's Avatar
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    Forex is not any game, if you think for it is a game then you will loss in Forex definitely. Always remember that forex is not a game, there is no shortcut to success in Forex you have to do much more work for success here. Many traders Losing hair and blame Forex as a game, you have to concentrate for your trading skill and discipline.

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  5. #794
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    it not right or safe to think anything is responsible for our losses,it important we review our trading when we make profit and losses.though we there are bad brokers in forex business that might make us blame the market and this is why it important we make time to learn and understand how to analyze and choose the good broker as well,because when we understand trading properly we can surely reduce losses.

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  6. #795
    Trader xauyuro's Avatar
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    Quote Originally Posted by Value trader View Post
    Each time we lose money, we tend to play the «blame game». Every trader knows it – you've given away some money back to the market and start blaming yourself – «how stupid could I be»? «Omg, how foolish this trade was» and et cetera.

    At the first sight, blaming yourself may look like you accept 100% responsibility for your losses, but in reality self-blame is counterproductive state of mind. You push yourself in distorted image of reality where everything was done wrong. It’s well known fact in psychology and coaching that if you try to overcome your weaknesses and have no strengths to rely on, you will not succeed. Energy to move forward, to change some unwilling behavior and get better results, will be produced as a result of relying on your strengths not overcoming your weaknesses.

    I can provide you small example: in your trading you have executed potentially good breakout trade, had good entry point, then your profit started to increase: +10… +15… +25 pips, but you’ve missed the time of news announcement and eventually you gave all the profit back to the market.
    How would you feel in this situation? Of course, it will be difficult to find positive features in this situation. But think about it – your trade location and timing was almost perfect, your analysis was also correct, but you failed in just one thing – in protecting your profits. That’s trading – overall profit will depend on every step executed in a right manner. For every trading style there are actions that may be more or less important – for example, for momentum trader it will be more important to take profits in timely manner than for trend-following trader or counter-trend trader.
    But if you start playing the «blame game», you won’t be able to learn important lesson from this situation and move forward. You will just focus on the fact your trade was not a winner (or a «loser» in case result was negative).
    The better thing is to focus your attention not only on things that were done wrong, but on things that were done right as well. I was writing about it in article «Appreciating the good» some time before.

    Also, «blame game» is dangerous thing because it can launch the «Stockholm syndrome». Some of you may heard about it. In a nutshell – it’s a psychological phenomenon when victimized people start to feel sympathy to aggressor, feeling that they must fall victims for the sake of some great goal.
    In trading it means that trader will produce harmful actions over and over again. Level of blame is so great that it is easier psychologically to start view situation in a distorted way. People lose responsibility for their actions – they look attentively to the face of aggressor (market), trying to understand – what he (market) will do in a very next minute?

    How do you think – why in the field of trading there are so many forecasts, so many opinions, everybody wants to know where the MARKET will go, but the very few people think of what THEY will do?

    Level of uncertainty and trauma is so great that traders are paralyzed. They would rather try to predict the price action than to develop their own responses. That’s why results are so frustrating for most traders.

    Be responsible for your trading and good luck!

    thank you for giving enlightenment and description of the habits of traders at this time and this is really happening.
    your writing reminds us to be more disciplined, patient and careful and the importance of learning.
    awaken us to really prepare a trading plan well, both technically and fundamentally and our mental readiness.
    and certainly, it makes us aware to stop blaming ourselves, the market and other people when the price in the market goes not like what we think and expected

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