What separates winning traders from losing traders can be narrowed down to just one simple trait: Accountability.
So how can you develop this to become a more profitable trader?
Professional, full-time traders enjoy such a profitable, long term career is because they are extremely disciplined, accountable for their actions, and take full responsibility for their missteps.
The power of accountability goes such a long way in the trading industry. Humans will make bad decisions as traders because they do not have enough self-discipline to control their emotions and actions, especially when they are alone just clicking buttons with nobody else there to tell them what’s right and wrong.
Most people in their professions are used to a boss holding them accountable. In trading, you are the only one who can keep yourself accountable for all of your actions.
This video lesson from Kunal Desai, a veteran trader with over two decades of experience, will define exactly how accountability and self-discipline is one of the single most important factors in creating profitable traders, and how you can develop this trait yourself:
How To Develop Accountability to Become a Better Trader
Find a Trading Buddy
Having another person to trade alongside, bounce ideas off of, talk through losses, and be open with as a trader is all you need to become more accountable. Having a like-minded trader whom you are completely open with about your trading journey will give you different perspectives on things you are doing right/wrong. This ultimately will cause you to make less mistakes than you would have just trading alone because you know you will have to ‘report’ your mistakes to someone else later in the day.
No secret trades. If you know your trading buddy will find out you are making the same mistake over and over again, you will be less likely to make the mistake.
Find a Trading Coach
Just like having a trading buddy, a trading coach can be even more impactful. While a trading buddy is someone typically on the same level as you, a trading coach is someone who has had more experience than you and has been in your shoes before.
A trading coach will teach you a step-by-step process of what you need to do to be successful and will hold you accountable for sticking to one path to success and one path only. The second you deviate from that path and the advice of your coach, the second your results will taper off.
Your trading coach will ask you certain questions, check in with you, and make sure you are developing good habits and staying on the path to success. This is what we provide in our Live 60-Day Trading Boot Camp to help out students become more consistent.
Share Your Progress
Stop being afraid to talk about your wins or your failures. Put your pride aside and be honest about your trading losses. Being open and honest with your trading buddy, a community, your coach, or yourself is how. Write down your mistakes and your successes, share them, and review them frequently.
Share your metrics with them. Don’t hide anything. Share your results with anyone, even your family and friends. You never know who might be willing to hold you accountable and make you a better trader.
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