Who keeps you Accountable?

At work, your boss holds you accountable to what your position is to produce. In marriage you are accountable to you mate. You make sure each of you are pullin your own weight in the relationship (unless she wears the pants) keepin each other accountable to the vows that you said to each other. As a parent you stay on top of your kids making sure they follow the house rules, disciplining them when needed so that they can grow up to become productive adults.

Who keeps you accountable to your trading? Hope you don't say no one, or worse: myself.

There are life coaches, personal trainers and mentors for a reason. They keep you focused and make sure you are following the rules that will make you a better.... whatever you do. So Im going to ask you again: Who keeps you accountable to your trading?

Mine, TRADERCISCO. Love the guy to death. We started trading around the same time. I started about a month or two before him, loved it so much I wanted him to learn, so we made it happen. We would study trades together and study the same way. The trust we have in each other is in my opinion like no other. If I where not around charts and he called me and said "Get in EURUSD now!" all I ask is "Where's the stop?" I get in blindly cause I have that much faith and trust in his ability as a trader, and I know he would do the same thing if I called him.

So how do we keep each other Accountable? Most important way is callin each other "Stupid" when it applies. LOL. I can't tell you how many times we both have jumped the gun in getting in a trade before every rule for that trade has finished lining up. While the other sits on the side line saying "Duh, this rule hasn't happened yet, what are you doing?" Establishing rules and sticking to them is a key way to becoming a successful trader.

Or how about the "I hate you!" LOL. There have been so many times we both will be in a trade and one may take profits to soon. Of course whenever you TP too soon 3 seconds later it runs 100+ pips. That's when TRADERCISCO tells me he hates me. I cry one little tear cause it hurt my feelings, but the 100+ pips I catch more then make up for it. (Love you TRADERCISCO) You need to have an idea about where the market is going so you can maximize your profits.

That brings us to the "What the hell are you doing!!!!" We risk the around the same % on the trades we enter. So when one of us tells the other how many lots we have going, if it is over the risk level we are suppose to be at, it is our duty to remind the other how important risk management is. Without proper risk on every trade, it is very easy to treat the market like vegas, double down and lose an account in one day. (Been there done that, learned that lesson)

And finally we come to the "What was that?" A failed trade. Because we trade the same trades we have four sets of eye looking at the charts, plus the eyes of those we mentor. When TRADERCISCO and I have a failed trade we BOTH are looking to see what happened, where did we go wrong, what rule did we break etc. Learning from a failed trade helps us to string trade (I beat him in string trading though. That is a fun game to play) but more importantly helps us to know when NOT to enter the market. Just like every trade has a rule for getting in, you should just as many rules for knowing when not to.

I hope you where able to catch the four points that you and your Accountability partner should focus on so both of you can and will become successful traders. I have an accountability contract that I used to have. It breaks down the trades I trade, their rules and proper risk for the trades. It is signed by both me and my accountability partner. I would have it sitting on my desk as a constant reminder of what Im suppose to be trading. Keeps you from revenge trading after a loss. If you would like to see or want a copy let me know. I will have to dig it up, but it helped me stay focus enough to string 50+ trades in a row with no loss.

Real American trader

We Salute you TRADERCISCO.
Your tweets come to my cell phone at all hours of the night.
(Tweet Tweet Tweet)
We talk so much, both our wives tells us to get a room.
(Who is that on the phone, let me guess Scott?)
We just talked on Skpye and then texted each other 2 minutes later
But we don't care. We are here to make pips and that all that matters.
So here's to you TRADECISCO, keep them tweets and pips comin.

Thank you Scott, you da man!

Pip T
pippin.tee@gmail.com