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Take Complete Responsability When Trading

All successful traders will take complete responsibility for their trading actions.† You will not find a successful trader who blames others for losing their money in the stock market.† This is the first step to becoming a great trader.

All successful traders will take complete responsibility for their trading actions.† You will not find a successful trader who blames others for losing their money in the stock market.† This is the first step to becoming a great trader.

This step is very important because until you take responsibility for your trading, both profits and losses, you will not feel comfortable enough to place trades yourself and follow your own rules, which is necessary if you want to make money in the stock market.

Even more important a trader who takes responsibility for their actions will be more likely to consider their mistakes learning experiences.† If you hold yourself responsible for losing a trade you will be more likely to review bad trades and figure out what you did wrong.† From that you can learn how, not to make the same mistakes again.

People who blame their brokers for giving them bad advice, or their friends for giving them the wring hot stock pickFree Articles, do not have that luxury.† They may never find out what they did wrong.† As a result they are likely to keep making the same mistake over and over again without understanding why they canít seem to make money in the stock market.

Taking responsibility can also help you when developing your trading strategy.† If you try to trade everyone elseís strategy it may work against you as you try to make their strategies work for you.† The only way you can make money is by developing a strategy that you feel comfortable about and if you trade based on others opinions you may not feel comfortable with it and make mistakes such as exiting to early or holding on too long.

In the end the most important thing you can do is to take responsibility for your own trades.† If you donít you are just counting on lady luck to come and save the day.† And if you have ever gambled you will find that is a terrible long term strategy.

For more information visit http://www.stocks-simplified.com

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


When I was young I wanted to learn how to trade the stock market.† So I traveled around the country listening to professional traders talk about how they are making money in the market.† After trading for a while I understand how easy it is to make money in the stock market and started a site http://www.stocks-simplified.com to help others learn.



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