Keys to Successful Day Trading
By Toni Hansen and Brandon Fredrickson
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7. Accepting Personal Responsibility
Great traders accept personal responsibility for everything they do, even to an extreme. If I loan you $100 and you never pay me back, yes you're a jerk, but I'm also an idiot because there is something I should have been able to pick up and if I didn't know you well enough, I shouldn't have loaned you money. I loaned the money. I made a choice and now I am paying for it, so it's on me. The same deal goes in a trade. I don't care who may have told you ABC or whatever was a great buy, whether you heard it in a chat room, message board, the Wall Street Journal, CNBC or just from your local mailman. No one holds a gun to your head while you are trading, telling you what you have to take or not take. You're the one pulling the trigger. Great traders know that all trades they take, good or bad, it's on them.
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