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Accountability for Trading

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In a recent article we spoke about the isolation that can come through
trading for a living.  So, how can isolation lead to accountability issues? Glossary

Beginners

In a normal day job, most people are accountable to their immediate

manager and may have KPI’s to meet. As a minimum the manager is
keeping a watchful eye over what you’re doing.

Yet for traders, who generally work from home alone, the situation is very
different.

Do we need to keep ourselves accountable as

traders?
YES. 

Improving and succeeding in our trading must be combined with record

keeping methods that measure our success.

If we can’t measure what we’re doing, then we can’t objectively assess

whether we are progressing or regressing as a trader. 

When working solo, it is easy to become complacent. Yet daily report

cards or documenting results through share trackers can become
extremely important. 

Some traders keep a diary or thought journal. They track their internal
data such as thoughts, emotions and behaviours associated with their
trading day.
 This daily routine takes discipline. And being accountable to yourself is
never as powerful as being accountable to someone else. However
without this discipline you will find it difficult to achieve your desired
trading goals. 

Why is accountability important?

1) Accountability will improve your performance at an accelerated rate

2) Accountability helps you measure your success and therefore your

progress

3) Accountability keeps you focused

4) Accountability will help validate the systems and strategies you are
employing

Mastering the markets means you have to take control and start holding
yourself accountable for your results, good and bad. 

Keeping a daily journal can weed out negative issues, limiting beliefs, and
destructive emotions that may be leading you to violate your trading rules
and systems.

Want to bring your A-game to the table every day that you trade? Then
hold yourself accountable by tracking your trades and keeping a daily
journal.

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