An important consequence of self-control is that you are totally responsible for your actions, and therefore must assume all responsibility for improper or incorrect action. Many people cannot accept responsibility for their actions. There is no one to blame but yourself if trading is going poorly, and this can be a very hard and lonely thing to accept.

One of the hidden benefits of external control is that we do not have to accept responsibility for our actions. Many people search for ways to hide or absolve themselves from any form of responsibility. We can blame any of our actions deemed improper on the external authority which issued the order. Many people live in an environment where they feel they are controlled, and therefore feel relieved not to have responsibility for their actions. Passing the buck is a way of not assuming responsibility, but trying to place it to someone else. When we do not believe we are responsible for our actions, we often do not consider the consequences of our actions. Trading demands that we understand the consequences of our actions, or we may be very sorry of the outcome.

When trading we can give all kinds of excuses as to why we are not successful, such as the tip sounded good, or I should have known better. However, all the reasons anyone might dream up, and more, really don't matter, because you still must take responsibility for the results of your actions. Your profit and loss statements will not listen to your excuses. You do not have to explain your reasons to a higher official to escape censure. You have a far harder task. You must instead justify your actions to yourself. There is nowhere to hide when trading, because you always stand alone.