Had a bad month with the markets? The devil was out to get you? Maybe you were fed all the wrong info? Well, I’m going to be upfront with you and say that you should stop pulling the wool over your own eyes. It’s all too easy to dream up a hundred and one excuses rather than accept responsibility for our actions. This is the exact reason why it’s fundamental that you learn a meaningful trading psychology. Not only will it teach you how to be responsible, but it will also allow you to see things for what they are.

Yes these silly notions will present themselves from time to time but at least there is something we can do about it.

Considering you have everything at your fingertips, such as information regarding the various trading systems and trading plans, huge amounts of data and etc, you have no excuse at all as to why you should not be responsible for your trading. Likewise, it was you who decided to get started with trading.

Sure it’s not your fault and I’m not saying it is. After all, you more than likely only heard the good stories about trading.

Stroll into a casino with a suitcase full of cash when you’ve never gambled in your life and the chances are stacked against you that you’ll leave empty handed. Well, trading is much the same to some extent. Sure you can walk right in but be warned because you’ll lose everything. The only way you’re going to cope, is if you arm yourself with a solid trading psychology.

We all need a reality check from time to time and those who have been around the block a few times will even ask for it on occasions.

So, what’s the good news? The good news is: if you’re struggling then it’s your fault.

The reason I say its good news, is because by acknowledging your faults, and by accepting responsibility for the way you’ve been trading; you’re far better equipped for making things right. Unless one can admit to one’s mistakes, there’s simply no chance of not repeating them again. So’ now you can see why I say this is good news.

Had your problems stemmed from factors beyond your control then I would have called it bad news. On the other hand, by being able to acknowledge your mistakes, you inevitably take control of yourself. This is vital if you are to succeed!

No it’s not the market’s fault and neither is it anyone else’s fault. When things go awry, it’s your own fault so rather than waste your time trying to shift the blame; make a firm decision to take control right now.

I think now would be the perfect opportunity for me to share something with you with regards to a key element involved in almost all trading failures:

For the most part, trader’s under-estimate what it takes in order to be successful as a long-term trader!

Considering that this one single mistake can lead to so many others, it’s hardly surprising it’s at the top of my list.

Providing you’re aware of what it’s going to take, you’ll be able to navigate around the vast majority of pitfalls. While there’s certainly no magical solution, keep in mind that to maximise your trading profits, you need to view your trading as a proper business and you’ll already have won half the battle.

Your trading is a business and should be treated as such, so I have no hesitation at all in saying that this is the key to a sound trading psychology.