Take Complete Responsibility:
For the successful trader knows every action he takes, every decision he makes he ,and only he, is responsible for that action.
You will never meet a successful trader who is looking to blame someone else, or something else for the consequences of his results.
It just will not happen.
You see, when you accept 100%, no questions asked responsibility for all your actions you close the door to "excuses" behind you.
When something goes wrong instead of looking for someone else to shoulder the blame, you will accept responsibility, note it down and vow never to repeat it again.
Simply, you are willing to accept you are going to make mistakes, but more importantly, you are going to learn and never repeat those mistakes. A vital component of any winning trader.
Could you imagine Warren Buffet losing a few million $$$'s on a share trade and then blaming the general conditions of the market.
Or blaming his broker for giving him dud advice? no way! Just not going to happen. I will guarantee when top traders takes a loss the first thing they will ask them-selves is "Did I follow my rules?"
If the answer is yes, then they will look at their rules. Is there something that could be changed in their rules to avoid this loss again? Many times the answer will be a re-sounding no.
On the other hand, if after asking the question "did I follow my rules?", If the answer is NO. Then some deep self explanation will be called for.
Why did I fail to follow my rules? How can I stop my-self from doing that gain? Am I likely to do that gain, etc..
