GxE for Success? (IV)

BarroMetrics Views: GxE for Success? (IV)

Today I’ll consider the ‘accountability cycle’ – an essential element a budding, successful trader brings to the Coyle Model (Figure 1).

A trader adopting an accountability mindset exhibits the following:  

  1.  Seeks reality – seeks to understand what is happening as distinct from he would like to be happening. 
  2. Acknowledges reality – accepts that is the way it is and works within the boundaries. 
  3. Own the problem and solution – accepts bouquets and brickbats of his actions. 
  4. Looks for by trying different solutions.
  5. Acts
  6. Reviews the outcome and corrects

Contrast this mindset to what I call a victim mindset. where the ‘trader’:

  • Avoids reality e.g. believes that success is attainable without expending any effort, time or money; or in some ‘magical indicator that never fails’.
  • Fights reality e.g. (as one attendee told me): “you are wrong. Risk management has nothing to do with trading success. I have a method that works 100% of the time. I don’t need to know about risk management.”
  • Blames others, the markets etc for his failure. 
  • Keeps hoping that his fortunes will change without taking the action necessary for change.

In the next blog, I’ll look at some of the characteristics in some detail.

coyle-model.jpeg

FIGURE 1 COYLE Model

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