Why is it that most traders lose money? Statistics claim 90% of day traders fail; but what makes the other 10% successful? There are differences, and although some of those differences may seem small, they make all the difference.
What most people fail to understand about day trading is that 90% of their success depends on their individual psychological perspective of the market, and only 10% depends on how much they know about the market, news, and the strategy they are using. All too often people feel like they have to study different strategies, research the latest news, buy different indicators for their charts, and spend time reviewing reports. However, they would trade better if they focused more on how they personally interpret the market psychologically.
I like to compare the difference between a “reactive” and a “proactive” trader. When a person is reactive, that person tends to blame other people or circumstances for their obstacles or problems. When trading live money, there are many different psychological beliefs and attitudes that come into play, and it becomes easy for a person to blame the market for their losses. On the other hand, a “proactive” trader understands that with every action he takes and every decision he makes, he is ultimate the only one responsible.
When you learn to accept 100% responsibility for all your actions, you close the door to excuses and open the door to learning. When something goes wrong, instead of looking for someone or something else to blame, you accept responsibility and learn not to repeat the same mistake again. Blaming others for our failures is an easy trap to fall into, but no matter what happens, you are the one that put yourself in the situation, therefore you are responsible for the ultimate results.
To be a successful trader, you must learn to take full responsibility in all aspects of your trading. By doing so, you are empowering yourself to learn from your mistakes and never repeat them, which is vital to a winning trader’s success. By accepting responsibility for your decisions, you are learning from your experience and learning not to repeat your mistakes, which will progressively make you a better trader.
Author Resource:-
Jared joined KISSystem in 2007 learning how to successfully trade futures. He now spends his time helping others learn about the KISSystem Opportunity and sharing how they can build their own home business trading. KISSystem has taught hundreds of students, even beginners, how to successfully trade futures using their simple, time tested program. To learn more, visit www.LearnToWinTrading.com Check out more on Learn to Trade Futures: Master the Mind, Master the Markets
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