Responsibility: Take It

The dictionary meaning of the word responsibility is the state or fact of being responsible, answerable or accountable for something within one’s power, control or management. Taking responsibility for your trading and learning the traits of success in trading are inextricably connected. Taking responsibility, ownership and accountability of your trading will allow you to join the community of successful professional traders.

Develop a new and responsible version of yourself. Ultimate goal of all traders is to consistently make money. If you are like most traders, the novice traders, you will not realise the potential of the opportunities available to you. To realise the potential, your primary goal has to be to learn and understand how to think like a professional trader.

Successful traders have built on mental strength that allows them to trade without fear and at the same time, keeps them from becoming impulsive. The mental state has a number of components, but the key is that successful traders have to a large extent eliminated the effect of fear and recklessness from their trading. This will allow you to achieve consistent results. When you acquire the mindset you will also be able to trade without fear.

As a trader, you should develop restraint. Professional traders have realised that it is essential to have the internal discipline to overcome the negative effect of overconfidence and emotional trading. Overconfidence comes from a series of winning trades. You should learn to control and monitor yourself. The consistency you seek is in your mind and not in markets.

Taking responsibility means accepting that it is you and not the markets that are completely responsible for your success and failure as a trader. You have to learn for yourself how to get what you want out of your trading in the financial markets. The major step in the learning process is to take complete and absolute responsibility for your decisions.

It is important to evaluate your attributes to assess how you may react to a winning or a losing trade. Your attributes and preference will also determine what style of trading will be best suited to you. You are more likely to achieve success when your trading suits your natural style and requires the skills and attributes that are your natural strength.

Many traders take so much responsibility for negative outcomes and become pessimistic. Always take a balanced approach and be realistic. Make a note of things you can control and things which are beyond your control. Work on things which are in your control. This will help to be logical and balanced and trade decisively.

If you want your experience of the markets from fearful to confident, if you want to change the outcome of the trading, the outcome from an erratic experience to consistency in your winning trades, then the first step is to accept the responsibility and stop fighting with the markets. Taking responsibility is the key to a winning attitude.