Economic Calendar


Live Economic Calendar Powered by the Forex Trading Portal Forexpros.com

Currency Strenght

Wednesday, 1 May 2013

Make your self accountable

Alert!!! Alert!!!Must 💨read b4 👊you trade 🌟today 🌞very very important all the way to the end so lend me your eyes 👀and ears
.........................................
Lesson 15

Unlike structured social activities that have defined beginnings and endings and rigid rules to guide your behaviour, the market environment is more like a river constantly flowing, with no beginning or ending with almost no structure. Once you jump in the river, it can change direction at any moment. It may have been flowing north but then start to flow south. It's unstructured to the point where you make up a your own rules to play by. With a great deal of latitude to do so.
You have to decide if and when you will jump in and with how much force.
In an unstructured and unlimited environment, it is essential that you establish rules to guide your behaviour. You need to create definition and give yourself direction. Otherwise, you will feel overwhelmed with too many possibilities.
With out these rules you will create devastating losses for yourself. Remember the psychological issues/ battle here is that if you make up and play by your own rules, you also have to take total and complete responsibility for your action as well as the outcome of your actions.

The typical trader will do almost anything to avoid creating definition and rules because he does not want to take responsibility for the result of his trading.
Do not keep your relationship with the market so what mysterious to yourself it is as it is plain and simple
Make your self accountable by creating structure with accountability
The truth is in this unlimited environment the less structure you create for yourself, the less accountable you are, the more eaiy it is for you to be swept away by the force of events and the less control you seem to have over your life.

If you can't learn to define your own behaviour and that of the markets, you can't learn how to repeat your wins or prevent losses.

No comments:

Post a Comment