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    פורום

    Taking responsibility

    5/4/13 01:27
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    דרג את התוכן:
    פורסם ב: 2013-04-05 01:27:11
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    [ responsibility ]

    Hi you all,

    Today I would like to open for a decision a very important aspect of life:

    Taking responsibility,

    Any coach you will ever meet will tell you the first step in getting anywhere is to take responsibility over your life, any biography of a successful person you will read you will hear him saying, I decided to take responsibility over my life.

    And if you we think about it most of the people that are not successful always have some else to blame for that, it was never their own problem.

    So I truly believe that the first step to getting anywhere in life , doesn't matter if it is personal progress ,professional anything you must start by taking responsibility over your actions, you need to know you are the one and only one to blame for any wrong doing also for any good ones we are not just wrong, without this first step whenever the problem the difficult will rise you will find yourself blaming others instead of learning  from your mistakes which is the most normal thing  to do ,to be wrong ,it is a human quality and this is the only way to same day be right.

    What does it mean to be responsible in trading?

    Trade only when you are focused ,don’t drink and trade ,you need to be fully alert to trade ,don’t trade if you are dead tired there is always tomorrow and if you will protect your capital you will be there tomorrow.

    Be prepared to any network/electricity problem that can occur and have well known plan to deal with it, you don’t want to find out in a middle of a trade that you or out of internet/electricity and you have no backup plan, prepare yourself to each possible scenario and have a plan to deal with it with minimum loss.

    Those were the basics but now come the real things:

    Accepting risk: when you place a trade you should accept the risk that come with any trade and with any business transaction, you should know that you are the only one to be blamed for placing the trade, if you placed it be accountable for it, remember there is no such thing sure thing, always there is risk especially in the market ,if you place a trade you should know and be willing to lose money ,if you get in with the mindset of this is a pure winner no losing chance you are not accepting risk you are ignoring it. Always remember that you will need to explain to yourself why did you took that trade at all? And that you are the only one to be blame if you have no idea, or it just feel like, if you work with feel like I wish you all the best because most chances you are on perfect way to blow up your account.

    Knowing that the outcome is not in your responsibility only the managing of the trade: one of the most important phrase that I have heard about trading is : “trading is about knowing what i will do next ,not what will happen next” we cannot tell the future when we place a  trade we must know and accept the fact that we can lose and it is O.K. and it doesn't tell nothing about ourselves ,it is just one trade that we thought have better chances for win and we took it simple as that (actually I think this is the hardest part of trading disconnect yourselves from an error but be sure a casino is not crying each time someone take profit), this is why we should be responsible only for the way we managed the trade ,did we moved the stop loss when we should ,did we took profit when we could ,did we got bigger/smaller any aspect of trade management is under our responsibility but only this not the outcome.

    This are the points I find important as a day trader  I would love if you all can add whatever you find to be important steps in taking responsibility

    Make the odds in your favor DayTrade

    Eldad Nahmany

    To become a DayTrader

     

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