Actuary.Net Actuarial News Site AnnouncedWritten by Claude Penland, ACAS, MAAA
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| | Accountability In TradingWritten by Harvey Walsh
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to stand watch over them, what can a trader do to overcome this lack of accountability in their trading? One method I recommend is to give a running commentary out loud throughout trading session, as if talking to a mentor. Explain what you are seeing on chart, where you think a trade is setting up and why, how you will enter, how you will manage trade, and where you will be exiting wherever price subsequently goes. When talking out loud you use a different part of brain than when simply thinking to yourself, and that can have surprising consequences; it’s easy to talk yourself into a trade that you want to take even though you know it’s not quite right, but talk through it out loud and you’ll hear yourself making excuses and quickly see error you are about to commit. I know talking to yourself sounds a little odd, but it really works. Another option for making yourself more accountable for your trades is to join a chat room. There are loads of them about, plenty of free ones as well as some paid ones which call trades in real time (I wouldn’t recommend those by way, they are often run by people front running their own calls). If you find a decent room and commit yourself to calling your trades in real time, knowing that you will have to explain to room exactly why you just took that really stupid trade will really make you think twice about taking it in first place. These are two simple ways of making yourself more accountable for your trades and therefore enforcing more discipline. There are many more interesting ways of increasing discipline as a personal skill, and I hope this article will have given you some ideas to start developing your own methods.
Harvey Walsh is a full time day trader and part time trading tutor. He can be contact via his website www.day-trading-freedom.com
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