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Showing results for tags 'accountability'.
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Trading can be a lonely game. Especially when you are trading on your own. Moreover, the lack of accountability to others, for many traders is a particularly difficult hurdle to overcome particularly in the early days and before consistent profitability is reached. Not only can a trader be less compelled to do what they really know they should, but also they're more likely to convince themselves that highly questionable tactics are reasonable in the pursuit of profits or evasion of loses. Just ask Jérôme Kerviel once of Soc Gen, or Nick Leeson of the now non-existent Barings Bank. Hell, if Nick can bring down Britain's oldest investment bank, a retail trader is more than capable of bringing down their relatively tiny account right? Once that objectivity is lost and trading the 'right' way is thrown out the window, it's a slippery slope to dollar zero hour. The harder the trader fights, the worse it can get. No accountability to anyone but yourself and your broker- who in most cases won't give a monkey's unless you get a margin call. It is my opinion that it is every right minded trader's duty to ensure a reasonable amount of accountability. My question to you is, how do you do this?
