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:
- Seeks reality – seeks to understand what is happening as distinct from he would like to be happening.
- Acknowledges reality – accepts that is the way it is and works within the boundaries.
- Own the problem and solution – accepts bouquets and brickbats of his actions.
- Looks for by trying different solutions.
- 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.
FIGURE 1 COYLE Model