You’re 100% Responsible For All of Your Trading Profits and Losses:
Complete accountability for your trading results is required if you want to become a consistently profitable trader. Stop blaming individuals on Twitter for hyping up a stock just for you to get caught in a large downward move. Stop thinking it’s a smart idea to blindly mirror the trades of any guru in the industry, no matter what their track record is. The only way to become consistently profitable over time is to take accountability for all of your own trades, develop a proven process, and become entirely self-sufficient.
Don’t get me wrong, there’s a ton of value in learning from other successful traders, having mentors, and being a part of interactive communities/chat rooms. Such individuals, groups, and programs can help you understand different trading strategies available and the mindset required to be successful. But if you’re not committed to becoming an accountable, self-sufficient trader, then DO NOT join any trading program or service. Too many people think that they can join a service that will send them trade alerts and they’ll become rich in no time. Meanwhile, they have no understanding of the technical patterns being played, any potential catalysts involved, and no exit plans at all. They think they’ll just enter after they receive the alert and sell when the stock goes up. But at what point? And what if it doesn’t go up? No plan for that? This ignorance is the type of approach that ultimately blows up accounts and results in a high percentage of new traders failing within short periods of time. So don’t be an irresponsible trader. Understand what you’re doing and be accountable. Blaming others won’t put all that lost money back into your trading account. Knowledge and accountability will.