Accountability for Trading Success

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?

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.