« 3 Tips To Make You A Better Trader | Home | EUR / AUD - I’m Not Blaming “Them” »
If you lose, don’t blame “them”.
By Tom Long | October 25, 2007
If you take the time to read any trading forums or listen to many new traders who are losing, you will hear one concept over and over again. These traders all lost because of “them”. You know….the ones who make sure you are going to lose your next trade. Sometimes another group is responsible for their losses…those who go by the name of “they”. “They” knew where my stop was and moved the market down to hit it….I lost because “they” told me to buy just before the market went down….“They” don’t want me to win because when I win, “they” lose. However, ask a professional trader why their last trade was a losing trade and you might hear something different….”I” didn’t anticipate the trend changing when it did….”I” underestimated the influence of that news event…”I” moved my stop up to quickly to the breakeven level. Notice the difference? Professionals accept responsibility for everything that happens in their trading account, while many losing traders prefer to blame somebody else. From experience, I know that in order to move up to the next level of trading, you have to quit blaming others. You are the one who hit the buy or sell button and placed your stop where you did. “They” had nothing to do with it. If you find yourself continually blaming “them” for your losing trades, then you will never be motivated to improve your trading approach. After all, if you are not responsible for your losses, then there is nothing you can do to change that around. But if you are honest with yourself and accept responsibility for your own actions, you will have the strength to change your approach and start to become a real trader. Don’t let your ego get in the way of becoming a successful trader. If you lose, don’t blame “them”.
noneTopics: Don't Trade Like This |
October 26th, 2007 at 5:21 am
Presumably nobody credits “them” if they make money on a trade or do well in the market.
I don’t do a great deal of investing although I would like to do more. I do accept the blame and the credit on my own.