Before I start the discussion, I would like to open the discussion How many people do you know that are as successful as they want to not take responsibility for their actions?
They always have excuses to succeed not fail.You know if something is not working do not go down with the sinking ship. Have a reason for everything you do so you can learn from it. Trading is hard because what is written in stone one day is thrown out the next.
Here is just one of the conversation with trader, which you never want youto be, sharing as its interesting too, here is how it went.
- What do you mean, give me an example?
- Trader : Well I was trying to be long at X price and it did not trade my price.
- Ok, so the market cared about your 1 lot order?
- Trader : Yes.
- So in a multiple billion dollar market your $200 matter?
- Trader : (Silence)
- Ok, so if you think it is rigged why do you put your money at risk?
- Trader : I am not sure.
- You should probably not trade. One because if you are playing a game you do not believe you can win you will never be able to take full responsibility for the outcomes you produce. Taking responsibility allows you to take the steps necessary to be successful. Trading is not easy but you are making it harder.
- Trader: But there are times when I don’t get filled or I get stopped out on the highs.
- This is part of trading. More over you are always going to remember the ones that did not work out. What about the time you played it perfectly, was the market rigged at that time? Why are you held by a single price anyways?
- Trader : That is what my strategy tells me to do.
- So you can’t adjust your strategy depending on market conditions. You take a trade the same no matter what else is happening?
- Trader : Yes.
- Trader :Because that is why the strategy says to do.
- How is that working for you?
- Trader : “Not very well.”
- So you are doing the same thing and not getting where you want to be and you keep doing it?
- Trader : “Doesn’t make sense does it?”
- It does not make sense but it is not uncommon. You have to take what is not working and either make it work for you or get rid of it. You have to stop looking at the market is rigged. It might not be fair but it is possible to make money. The market promises a playing field not the rules. If you are going to risk your money you better be able to improve and adapt.
- Trader: “You are right.”
You have to have a process to overcome this if you are going to have a career in trading.