Taking Responsibility For Your Trading
It’s pretty useless to start finger-pointing or looking for someone else to blame when you’re in the middle of a trading rut. At the end of the day, as much as it hurts, we can’t hold anyone else accountable for our market decisions except ourselves. So this week, the Topstep coaches discuss taking responsibility for your trading and offer some friendly advice to help keep you on the path towards long-term success.
Don’t Play the Blame Game
It’s good to find a community of like-minded traders to bounce ideas off and collaborate on trade setups. But unfortunately, this also makes it easy to blame other people when your trading losses start to add up.
While social trading is a valuable tool, it shouldn’t be used as a crutch to hinder you from doing your own work. Instead, your trading community should be used as a catalyst to strengthen your own convictions and validate the research you have already done. Blindly following the advice of others is definitely NOT the way to get ahead as a trader.
Accountability Starts With Preparation
The more prepared you are for the trading session, the less likely you will be to seek out the advice of others. So, accountability starts with preparation, and preparation begins with a routine. Did you get enough sleep last night? Are you doing your pre-market research? Have you been journaling your trades? These are all essential and relevant questions that can profoundly impact your bottom line.
Personal growth comes from self-awareness and holding yourself accountable for your actions. This is as much true in trading as it is in life in general. Try not to look for shortcuts, because you’ll probably find one and you won’t learn anything from it. However, if you’re serious about finding success as a trader, there’s no substitute for taking the time to do the work.