Some things never change. Regardless of what the FB bankers did or not do, and regardless of what happened at the NDAQ exchange, the blame game is alive and well. This is not to say that responsibility for errors of omission or commission should be ignored.
I want to talk about something else. A bigger issue regarding your trading, and FB just provides a very nice example.
There are unconscious parts of us that readily find fault with others in a misguided effort to remain infallible in our own eyes.
This is a very pervasive problem in trading. Why is it so easy to blame others? Most people will go to great lengths in an attempt to preserve perceived self-worth – how you feel about yourself. What does this mean for a trader?
It means that on a very deep psychological level, our actions – entering or exiting a trade – are often a response to our sense of self-worth as a person.
Understanding the dynamics that contribute to your sense of self-worth and how your unconscious operates will be the key to reducing big mistakes. This is the type of work most traders need, but will ignore because it’s much easier to blame others.
Follow me on Twitter @Andrew_Menaker for more psychological nuggets of wisdom
We have grown up and live in a culture where it is easier to point the finger and blame than to take full responsibility for our actions and feelings. But blaming takes the power away from us and puts it in the hands of some outside force. And for me, I’m practicing asking myself everytime I put on a trade, “Am I trying to prove myself? Am I trying to validate my self-worth with this trade?” If I am, I’m in the trade for the wrong reason and it’s time to exit.
Great short post Andrew…
Thanks for the great comment, Sean. I think a lot of traders could benefit from asking those questions.