Partner Center Find a Broker

As with any other endeavor in life, as a trader, you are the only one responsible for your decisions and actions. You’ll not only have to live with the consequences of the decisions that you made, but they may even affect others (e.g., family, friends, trading partners, etc.)

It doesn’t matter as much whether you end up being right or wrong (profitable or not), what matters is that you understand and accept the consequence of the decision, and how you react to it.

When I trade Forex, I know that there are only two outcomes: a gain or a loss. And I’m mentally prepared for both beforehand.

If you can’t accept the responsibility for your own actions then you should not be in the market to begin with. Trading isn’t for irresponsible boys and girls, but for disciplined men and women.

Put in the work, rely on your own effort and draw your own conclusions as to how you want to engage the market. There’s nothing wrong with listening to other peoples’ advice, but you–and only you–will make the final decision. Never let someone else make your decisions for you.

Now why do some traders instantly turn to someone else when their trades go bad?

It’s human nature to shift the blame to someone, or something, else to relieve some of the psychological pain caused by a mistake or loss. Don’t do it because pain is good. It lets you know when something is wrong, which will hopefully force you to adjust, adapt and avoid the mistake that caused the pain in the future. Surviving the pain will make you more focused and resilient.

So, don’t be afraid of your losses and mistakes–accept, own and learn from them. Review and reflect on your performance through the most important trading task of trade journaling. Through this process, you’ll make your own decisions and accept 100% responsibility for them. Only then will you become a real trader.

Forex
Forex News
Forex Reviews
Forex Trading Journal
Pips À La Carte