Wednesday, July 23, 2014

Forex Traders Taking Responsibility

All good traders understand that every trading decision and action made, is his own responsibility. You'll never meet a successful trader who blames someone or something else for the consequences of his trading results.
 
You see, it's only when you begin to accept full responsibility for your results, that you'll rule out the convenient possibility of using excuses. After all, it's much easier to TALK about why it's not your fault when you make a losing trade. It's easier to say "hey, I didn't know there was an important economic announcement coming out tonight" rather than to go and check out the actual schedule of economic announcements for the week.
 
You can just blame bad luck, or even blame it on the weather. But whatever your "reasons" are, they're not going to help you trade better at all. Once you finally realize that the only way you'll make money in Forex trading is to look out for yourself, you'll never be a successful trader. I'm sorry for being so blunt, but it's the truth.
 
No one's going to fight your battles for you. The moment you realize that you are solely responsible for your trading results, you'll soon start looking into ways to improve it.
 
Let me ask you: Do you actively monitor your trades using some sort of trading journal or trading log? Do you spend time looking over failed trades and whether they could have been avoided? If you answered "yes" to both questions, great! If you're not already a consistently profitable trader, you're going to be one soon enough.
 
But if you answered "no" to either question, you might want to think about how serious you are about Forex trading... there's no middle ground here: You either work hard at it and succeed, or you continue to give "reasons" for losing your trades.