Taking Responsibility of your Trades

If there is one big difference between professional traders and

amateur or novice traders, that is the aspect of taking responsibility. Taking responsibility of our actions is one that separates us from losers not only in trading but in life. Everytime we fail, it is easy to blame others and to point fingers. However, a successful person checks himself, know what is lacking in himself or herself and corrects it. Successful individuals have no time to blame others. Taking responsibility especially in forex trading is very uncommon to most that is why we see lots of novice traders ask for trading signals from others, buy a trading robot software, and all other means which decides the trading for them and when they lose, they know where to put the blame into when they blow out their account.

In the arena of Forex trading, the best way to succeed is to take responsibility, or in other words, have accountability. Winning or losing in a trade is just normal, but accountability makes one still a winner in the long run. One big reason is that, when you are accountable, you have more room of improving yourself.

What does accountability or taking responsibility means in Forex trading? Here are some points to consider. Taking responsibility means a trader is:

1. Treating his Forex trading as a business. If you put up a business, you monitor everything in your business: from manpower, supply, cashflows, marketing and sales all that affects the operation of the business as a whole. You have an “Inventory”. The outcome of the business depends on the decision-makers and decision makers are the ones accountable if the business is profitable or losing. Forex trading is just the same. You need to have an inventory of your trading edge, your favorite currency pairs to trade, your trade plan and trade journal as record-keeping. Your Forex trading is your business, you need to keep that in mind. And with that, you need to be swift in the quality of your product, that is, the quality of your set-ups. You need to trade only when it is a high quality and high probability trade based on your trade plan. You need to patient just like a business patiently waiting for a price to go down so he can have a great deal of price.

2. Focus on the controllable- In Forex, we win or we lose. We even encounter series of losing trades. The markets has no emotion. The markets do not care about you, or your opinion nor your emotion. If you lose, you cannot blame the market. Blaming the market is just like blaming the water when a swimmer drowns. It does not make any sense. Responsible traders check themselves, they track their trades, record them and learn from them. They believe that nobody is responsible for their winners or loses but themselves. They focus on what they can control - themselves -- YOURSELF! Losing trades does not mean the market is mean. It means that you still need to develop an effective strategy, a good trading habit, apply a money management strategy and stick to your trading rules.

3. Believe in his Strategy, does not concern himself to other's opinion - As a trader or businessman trader, you should not base your trading decisions from other people. You need to create a system that fits you or at least develop an established system, study and understand it and trade it based on your own understanding. I understand sometimes newbies ask for trading signals from a mentor or a market expert, but that should not be a long term strategy if you want to be a long term forex trader. You should have your own system based on your understanding of the markets and trade it, be confident with your own logic. What I always advise is, just learn the basics, understand price dynamics and with that you can create your own strategy or trading edge. Mentors can only lead you to the door, you will be the one to go through it. You need to discover or experience you "Ah ha!" moment!

4. Invest in Learning. Many people thinks that learning is just like a classroom instruction. Lessons are given first before you learn and then you take the exam. Well that is what I knew before. But the truth is, life does not teach us that way. Learning starts when we take action. In life, we take the exam first and then we learn the lessons afterwards. In Forex, the best way to really learn is to do it! TRADE THE MARKETS! And with that, you will experience loses and loses teaches you lots of lessons. I cannot say that I learned Forex when I was reading, or watching forex videos. I totally learned Forex when I started trading live account! Taking responsibility means you are willing to pay the price of learning, accept it, embrace it. Top Forex traders lose, and the truth is, losing is just normal, because in reality, nobody loses - it is either we win or we learn.

Conclusion

Success in Forex trading is just the same with success in any areas of life. In my own experience, taking responsibility helped me a lot to become a better trader. The goal is not money, but to become a better trader each and every day. Money is just a result, a grade. If you manage your account properly, you will have a positive equity; and that means more money! You can earn hundreds of thousands in a month in trading, and that is no joke. Successful traders earn 7-digits of money every month. But that does not grow overnight. You need to be responsible first with small before you can have big amounts. If you cannot manage small, how can you manage big money? Another truth is, never measure your success in Forex by the amount of money you trade, it is not! Even if you have a small trading account, but you managed to grow it little by little, you are successful!

My advocacy in Forex trading is not only to teach people or guide them to become successful but to grow with the- to become better person every day. In reality, success in the markets is just in end result of developing oneself with positive and productive habits, proactive way of thinking, overcoming fears and having faith with oneself. The champion is just sleeping inside us, we will just have to awaken it!!

Cheers!