Had a long talk with friends about ownership this week. Ownership of responsibility and acceptance of consequences.
Shunning ownership is a blatant avoidance of responsibility. It’s an excuse to be soft. An excuse to be lazy. An excuse to not execute. What’s even more infuriating is poor ownership. Owners who fail to take the responsibility and act accordingly. They’ll go a step further and pass responsibility on to others and shirk their ownership. Sure, they’ll own it but when the tide turns, they run.
How does this relate to trading? Traders have to own their trades. Own their process. Admit when they’re wrong.
Accept the fact that the market is not wrong. The trade was not stopped-out because you were “early”. I love that one. The cop-out excuse that the trade was right, but timing was wrong and the market went against me right away before reversing. That’s garbage. You were wrong. You know the expression of close only counts in horseshoes and handgrenades? Trading is all about handgrenades. Close can blow you up.
Admit you were wrong. Take the loss. Learn from the trade and move forward. Don’t lament. Learn.