The Seven Secrets of the Highly Successful Trader! - 1) TAKE COMPLETE RESPONSIBILITY

Tuesday, August 7, 2007

The successful trader knows that every action he takes is his/her action. You will never meet a successful trader who is looking to blame someone or something else for his or her losses. This is a critical step in understand how to become a successful trader because until you take complete responsibility for all of your trades, you will never feel comfortable with your system and you will never reap the rewards. Additionally, when something goes wrong with a trade or an investment endeavor, the traders who take complete responsibility for their actions will look at those "failures" as learning experiences. The trader who takes responsibility will try and determine what went wrong and what needs to be done in order to avoid similar mistakes in the future. The trader who does not take complete responsibility will simply say "the market wasn't right" or "my broker is an idiot". That trader will likely make the same mistakes again and will never understand why he/she cannot win in the stock market. This step is critical. Before all else, you must accept everything that you do as your responsibility. The game can only be won out of luck if you don't follow this first step.

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