With the ever-increasing use of virtual currency and its volatility, cryptocurrencies are being adopted across the world for various transactions. Cryptocurrency derivatives trading is a new trading area that many daytime traders are interested in. Last time we give you a brief introduction of why a good record makes a good trader and how to realize this. While in this article we will tell you a useful point to be a successful trader How to take complete responsibility. For those who do not, we will give you the basics introduction of this, so you may have a deeper understanding of it.
Take Complete Responsibility
For the successful trader knows every action he takes, every decision he makes he is responsible for that action. It’s really difficult for you to meet a successful trader who is looking to blame someone else or something else for the consequences of the trading results. This seems unrealistic in our daily trading.
Never Make the Same Mistake Twice
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, what you need to do is to accept responsibility, note it down and vow never to repeat it again. Never make the same mistakes at a second time, you need to make this a motto of your trading career.
What’s the Top Trader do After a Losing?
Of course, you can accept you are going to make mistakes, but more importantly, you are going to learn and never repeat those mistakes. If you want to be a top trader, when you take a loss, the first thing you need to ask yourself is "Did I follow my rules?" If the answer is yes, then look at the rules. Is there something that could be changed to avoid this loss again? Many times the answer will be a resounding 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 myself from doing that again? Am I likely to do that again, etc?
But do you notice the wording of the questions? How can I, Will I, Why did I. Here the trader knows he takes total responsibility for every trade and is seeking reassurance that he will not break the rules again.
If your number one rule is"to follow your own rules" why will you need to ask the other trader what they think of your position? If you ever find yourself wanting to ask a third party about your decision, you need to take the following tips first:
* Close the position out.
* Review your plan and rules.
* Work out why you lack the responsibility to follow that plan
* When you are convinced you don't need a third party opinion to start trading again.
How Can a Trader Learn to Accept Total Responsibility?
Have a set of rules and realize the most important point in trading is following those rules. Once you have a set of firmly established rules you will find yourself not having to follow outside opinion. In fact, you need a great length
not to listen to outside opinion. Simply because I know by following my rules I will be on the right side of the market 95% of the time and I will never miss a big move. Those kind of figures are much better than any outside source can give you.
So from today, learn to take total responsibility for all your trading decisions. Strive to develop and then religiously follow a set of trading rules, knowing it is the importance of following those rules that ultimately determines whether you will win or lose in the long run.
Accept total and utter responsibility for every trade you take from today and you'll be amazed at how easy trading really is.
Thanks for your time, after reading this article, you may have a deeper understanding of how to take complete responsibility and how to accept total responsibility. It was an honor to share the experience of cryptocurrency derivatives trading with you. Next time, we will discuss how to find a system that fits you. For more information, please follow all of our newest articles on Bybit.
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