Accountability

[FTSE Beater]

Hi all

I was reading a post by Helenqu over on eurostoxx in which she was talking about Alex Elders book - "Come into my trading room"

Helen wrote:

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Also he raises the issue of accountability, who one answers to when trading.

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This got me thinking about a thought I had ages ago about current work structure, in terms of accountability.
No matter who you start with in a company, someone one is always accountable to someone else.

Worker -> Supervisor -> Manger -> Director -> Shareholders

So the only people who aren't really accountable to anyone is the shareholders.

As traders we face the same problem - Who are we accountable to :?:

The answer is ourselves, which creates it's only dilemma in that if we are only accountable to ourselves then lack of discipline is sure to follow, and as we know a lack of discipline in trading will kill an account very quickly.

Therefore we must set rules down, become our own bosses and that is the person we answer to, our "inner voice." This is where I believe keeping an accurate record of your trading will enable you to move forward in trading.

These are just my thoughts, and it will be interesting to see what others think about this subject

 

[TBS]

Its part of 'The Holy Grail'

 

[kevwils]

This is the problem you see.

I ended my last paid IT contract in Jan 2002. I sat down to trade, but it has taken me over a year to get up the nerve to risk cash.

All this despite the fact my paper trading has netted 100-150 points per day on the DOW for the last six months.

I was amazed that, having run my own City company for over 6 years, I still lacked the back bone to trade.

Interesting the demons this profession calls forth.

 

[Helenqu]

Interesting the demons this profession calls forth.

Sure is, another quote from the new Elder book:

Whatever your psychological flaws and fears, whatever your inner demons, whatever your hidden weaknesses and obsessions, the market will seek them out , find them and use them against you".

Sounds like the Despair Squid episode of Red Dwarf