November 12th, 2018 | 3 minute read (Repost from We The Market)
Trading is a lot like this. Being able to create a routine is one thing but being able to follow it is another. When you’re only accountable to yourself, having the resolve to push through even when times are tough can be difficult.
There is a reason why personal trading is a $10 billion industry – people do better when they are accountable to someone else.
The American Society of Training and Development (ASTD) did a study on accountability and found that you have a 65% of completing a goal if you commit to someone. And if you have a specific accountability appointment with a person you’ve committed, you will increase your chance of success by up to 95%.
My second reference is Joseph James video, Trading Success Strategy #1 | Trading Psychology. Around time 3:06 He mentioned finding an accountability partner.
I mentioned in one of my daily recaps that I reached out to Bear Bull Trader’s chat room and asked for an accountability partner. Ray A, nickname stepped up to the plate. We have had one day of reviewing our charts. I need to specifically tell him one goal I am working on. As of this writing, my goal is a green day every day. Wait, what? I know, we all want to be green every day. More specifically, I have made money so many times in the morning only to lose it after 10:00am EST I am so tired of this behavior. The goal stated again, as soon as I make any positive money I close out the day. Yes, this can drive me absolutely NUTS. I first have to conquer F.O.M.O. Second, I have to preserve capital. Put another way, up until now, I have a negative cash flow. I have only lost money over the long haul.
You have to evaluate yourself and make drastic changes until you get the results you are looking for. My old way of thinking was that I would have a successful trade and then I would be emotionally hijacked and be in a state of euphoria and take sub optimal trades. I would then be in the red and transition to the very dangerous HOPE phase. This stops NOW! I can tell you last Friday I was going crazy keeping myself out of the market after a profit. When the day ended I was very happy to know I ended green.
Trade well my friends.