Trading 101: Blaming Others

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We like to blame others for our shortcomings. This absolves ourselves of the responsibility that goes along with failure. Unfortunately, in the markets, this is akin to blaming oxygen. There really is no point.

In this video I discuss how it market success means overcoming the urge to blame and take responsibility for all that happens. We choose when to enter and exit trades.


▶️ 3Speak



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Summary:
In this video, Task discusses the tendency of traders to blame external factors for their trading failures, emphasizing the importance of taking responsibility for one's trading decisions. He stresses the need for establishing parameters and rules for trading, highlighting that trading systems can work but won't guarantee success all the time. Task emphasizes the need for traders to own their decisions, avoid blaming the market or external factors, and learn from both successful and unsuccessful trades to improve.

Detailed Article:

In this video, Task delves into the topic of trading accountability, highlighting how traders often seek scapegoats when trades go awry instead of taking responsibility for their decisions. He underscores the idea that trading success is inherently tied to the individual trader, conflicting with the popular notion of faulting external entities for one's trading failures. Task acknowledges that while there are numerous trading systems available, success ultimately hinges on the trader's ability to manage risk and adhere to established guidelines.

Throughout the discourse, Task stresses the importance of implementing sound money management principles. He advocates for letting winning trades run while cutting losses short, emphasizing the need for traders to have clearly defined rules and exit strategies. By elucidating that markets are unpredictable and illogical entities, Task underscores the necessity for traders to establish a robust foundation based on their trading strategies and risk management protocols.

Task goes on to debunk the myth of external influences dictating market movements, asserting that markets essentially function based on the fundamental principle of supply and demand. He dismisses the tendency to blame market fluctuations on geopolitical events, economic indicators, or other external factors, attributing market movements to the basic dynamics of buyers and sellers.

Furthermore, Task emphasizes that successful trading necessitates a deep sense of accountability. He refutes the notion of faulting politicians, market pundits, or other external figures for trading setbacks, underscoring the essence of traders taking full ownership of their actions. Task emphasizes that entering the trading arena requires individuals to exhibit maturity and readiness to accept the consequences of their decisions.

In closing, Task advocates for a forward-thinking approach to trading, highlighting the importance of learning from past trades, whether profitable or not, to refine one's strategy and decision-making process. He encourages traders to view losses as valuable lessons and applies the acquired insights to future trading endeavors. Task's overarching message underscores the significance of personal accountability, continuous learning, and adaptability for long-term success in the trading landscape.

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