Holding Yourself Accountable

[brownsfan019]

I realize this is a redundant thread of something I started awhile back, but after the discussion in this thread, I realized that maybe part of the issue at hand here for me is having a lack of accountability.

I have a great significant other that is very supportive and willing to listen, when I am willing to talk... In other words, our conversations about my day range from me talking for awhile to "good". Usually "good" is code for, I just don't feel like talking about a bad day.

And it's easy for me to leave it at that as she doesn't push too hard.

I can't be the only one in our TL community thinking - I could really use some more accountability here... Maybe I am, who knows.

But we have such a good core group of traders here that I thought I would toss this out there and see what is hit back at me...

The real question is - how/who/when/where/etc do you make yourself accountable so that you stay on track and keep pushing for more (if you do at all)? And if you don't, why not?

I just recall my days a broker where being accountable and knowing that you would be singled out was enough motivation for me to always be in the top part of the class. I simply did not want to be 'that guy' that is always struggling...

So what are some ideas for accountability then? I mean, we live in a world where technology makes just about anything possible, so what are some ways that myself (and others here if interested) could be more accountable?

My ideas:

1) A "How was your day thread". This is the question that is asked by our loved ones, but we don't always feel like opening up. This thread could go anywhere... your thoughts, comments, charts, P&L captures, etc. etc.

2) A straight, P&L thread as this elitetrader thread has. Simple, easy and quick to maintain. Of course, requires some dedication and honesty to work.

3) Something bigger... maybe something with videos, youtube, etc... Camtasia makes recording vid's so easy that maybe there's something here...

4) Blog. I know this could work, but I also don't know that I want to maintain one...

Some ideas...

Maybe James has an idea or two on the programming side that could work if there was interest.

I guess it just boils down to being accountable to the point where you are motivated to do your job and do it consistently...

Let the discussion begin.

[james_gsx]

I like this idea, but I think the ideas can range greatly depending on skill and various other things.

For example a newbie probably shouldn't be held accountable on p&l, but instead he should be held accountable on his trading plan. I have a meeting every Friday with the guy who funds me and I make him hold me accountable. We sit down and discuss what trades were taken and why, and if they were apart of my trading plan. You can grade each trade, and then sum up the total of the day. An example of this would be.

4 - Trade that was in your plan, and the target was hit.
3 - Trade that was in your plan - got out before target was hit but was profitable
2 - broke even
1 - stop was hit
0 - Trade taken not in the plan, profitable or not.

You can also grade each set of trades specifically in excel. This may help to find inefficient trades, and other possible patterns.

With a more experienced trader, there could be other ways to hold accountability that might include P&L. But sharing that sort of thing with others is sort of taboo, and some might not feel comfortable telling others.

Blogs work, but take up a ton of time. Same with making videos.

This could be a good thread, and it would be nice to have a part of the forum specifically for accountability. Maybe not an actual forum, but something separate like our blogs and videos.

[brownsfan019]

Good ideas James! A scoring system could work - either based on each trade or the entire trading day.

Some ideas to consider.

[torero]

I think trading is one of the trickiest part in holding yourself accountable. Other than the fact that you're the only one who caused the losses in your equity, that's the obvious example. But others, that's more difficult to do, especially having another person who may trade totally different from you, so he may or may not know your plan or system by heart to tell you where you go right or wrong. Worst, trading is a lone job so it's even more difficult to get anyone involved.

Currently, I trade with my dad so it's obvious the accountability is open everyday through our communication and of course our daily P/L. Getting someone involved has to be the right person who understands the same objective is right way. Maybe not necessarily your boss but an equal but tough-ass, "call it as I see it" kind of trader as your mentor/partner.

[BlowFish]

Maybe keepinga journal thread, guess the fashionable way to do that is via a blog nowadays.

Theres a couple of prongs to this attack. Simply by keeping a journal you force yourself to be more accountable (depending on how well it's done).

Secondly if you outline your goals up front you might get critiques and 'peer pressure' from kindly souls here.

I dont think strings of numbers are likely to cut it but short succinct dialogue might?

[james_gsx]

I think something that would help is if we defined what we believe accountability to be.

[brownsfan019]

	Quote:	james_gsx
	I think something that would help is if we defined what we believe accountability to be.

IMO, accountability for your trading biz = knowing that you have to answer to or tell someone what you did (or didn't do) in your business that day.

And knowing that you will have to answer to someone should hopefully provide added motivation to get the job done properly.

[brownsfan019]

	Quote:	BlowFish
	Maybe keepinga journal thread, guess the fashionable way to do that is via a blog nowadays. Theres a couple of prongs to this attack. Simply by keeping a journal you force yourself to be more accountable (depending on how well it's done). Secondly if you outline your goals up front you might get critiques and 'peer pressure' from kindly souls here. I dont think strings of numbers are likely to cut it but short succinct dialogue might?

I see what you are saying BF...

I just don't want/need to devote an immense amount of time to this either. A blog requires time and dedication. A journal requires time and dedication. And I don't want something to turn into a - please show me how you trade thread either...

That's why I liked James_gsx's idea of creating a little template type thing where you quickly and easily answer the question we all get from our significant others - How was your day?

[james_gsx]

So maybe something we could easily implement in the forums would be a template like I mentioned. It doesn't need to be in the actual forum, but in say the profile section. It could be public or private - private meaning only specific people we select have access to it. That way those who have similar trading styles and goals can help hold us accountable, instead of people who trade completely different or have different goals.

You could also do this easily in Excel, and then you can get creative and come up with graphs and other things. Then you can simply print it off and throw it into a binder to keep and review on a weekly or monthly basis. You could look for trends, and other patterns in your work. This could be especially useful for full time traders that view their trading as a true business.

The only hard part would be coming up with the questions and style of template. Also this would go completely on the honor system. It would also require discipline to be honest with yourself and post it up for others you trust to ask you serious questions. But in the long run, that can be very helpful.

[Sparrow]

My day was like this(profit in pips):

	Quote:
	win #t % avg tot net 8 10 80 6.5 65.4 53.9

last week's worst day, didn't stick to my system, revenge trading:

	Quote:
	win #t % avg tot net 5 15 33.3 -2.4 -36.3 -55.2

numbers don't lie