Why? Just do it!
Discipline is required
- Thread starter Lee-me
- Start date
It is required and it is earned, not given!
You can't just make it in 1 night, you have to lose money, trade based on your fear and greed, and wait for big losses to earn it!
But once you possess that, well that's your turn to blow the market!
You can't just make it in 1 night, you have to lose money, trade based on your fear and greed, and wait for big losses to earn it!
But once you possess that, well that's your turn to blow the market!
Becoming a disciplined trader is all about experience. Rookies aren't disciplined at all mainly cuz they don't have a proper trading plan and they haven't elaborated thorough trading system yet. It requires time, knowledge, understanding of the market and so on.
They predominantly try to grab any opportunity regardless of the assets they trade, while it's well-known that it's better to choose only one primary asset for trading and maybe another one for risks mitigation, like forex + ETFs combination. The discipline and trading plan won't take a long to get in this case.
They predominantly try to grab any opportunity regardless of the assets they trade, while it's well-known that it's better to choose only one primary asset for trading and maybe another one for risks mitigation, like forex + ETFs combination. The discipline and trading plan won't take a long to get in this case.
Thanks a lot, mate. I willTry to read this book
Thanks a lot, mate. I will
The following is an eBook - "Discipline plus Simplicity equals Success" - that I did many years ago - at first for myself - then for other traders.
Most traders might find it boring - and not worth the read - but maybe it will help some traders. It really doesn't matter what market a trader is trading.
A trading plan is simply …
If x, y, z then BoS
Define the risk, a stop and the size.
Maybe even a take profit.
There’s nothing you can’t follow.
Let the trade manage itself,
Put a trailing stop.
If you really lack discipline then …
Try to muscle it up and automate the most
Maybe you don’t have confidence in yourself.
You need to believe in you. Trade for 10k hours
If x, y, z then BoS
Define the risk, a stop and the size.
Maybe even a take profit.
There’s nothing you can’t follow.
Let the trade manage itself,
Put a trailing stop.
If you really lack discipline then …
Try to muscle it up and automate the most
Maybe you don’t have confidence in yourself.
You need to believe in you. Trade for 10k hours
I think that is the wrong question to ask. Discipline is a limited resource in a person. And based on the number of people who fail at trading I think you might be attempting to tax that capability beyond it's limit.
Here's a different question: Why does trading make you so anxious? Why do you feel it requires discipline? Are you fighting something inside yourself to pull the trigger at the right times and abstain at the right times?
What could you believe about money, (or about risk) for trading to require only a reasonable amount of discipline?
Whose input or influence needs to be cut away from your life for trading to require a lot less discipline?
Give it some thought.
How is discipline a limited resource?
If you can't do what you say you are going to do, you aren't going to succeed at any endevour.