Many people find excuses about their losses in Trading? Are You one of them?
Do You Play The Blame Game?
This article will discuss what you need to discover about yourself to move forward with trading.
One of the several reasons many people have trouble trading consistently and successfully is that they play the Blame Game. When they do poorly they always blame everyone else except themselves.
For example how many times have you said this to yourself or to others?
“My broker really does a bad job of executing my orders, if I could just find the right broker I would make a fortune in the Forex Market.”
“As soon as I start to move my trading forward, they get me.”(When I here students say this I always wondered who the proverbial They are.)
“If it were not for bad luck in trading, I would have no Luck at all.” (trading Forex or any trading for that matter is NOT Luck!)
Professional Trading is not unlike professional gambling. (We have greater odds in trading because of the positive expectancy of our systems. Gambling is a negative expectancy system. They don t build those huge hotels in Vegas by losing money.) Professional Gamblers(Black Jack, Poker) who are successful have determined their edge. They develop a plan to asses how that edge can be used to win. Then they follow it and stick to Money Management.
If You want to make money in the markets trading, you must take the same approach. You must determine what your natural biases are that prevent you from your goal of trading success. Once you determine them, you need a sound Trading plan to steer clear of your own pit falls.
So your first step is to realize that you are responsible for all your trading. You must take personal responsibility for your trades. Even If You are following someone else. They are still your trades. You made the decision to follow, no one put a gun to your head.
Once you take personal responsibility for your trades an amazing thing happens, you get to learn from your mistakes, and become a stronger and more efficient trader.