Discipline Trading

[JTrades]

I used to smoke cigs and as I was smoking one day earlier in my trading career I asked myself, if I don't even have the discipline to not smoke then how will I have the discipline to trade properly?

Behaviors in trading can open a whole new can of worms on your perspective in life in many different areas.

Yes!

No I don't do anything to improve it what kind did you try?

If you had said you were a boxer and went to the gym five mornings per week before work, I'd say your problem was most likely specific to trading, not a general discipline problem.

If on the other hand you over-eat, have never managed to quit smoking, have a messy car and have a generally undisciplined lifestyle, then your problem likely is a general discipline problem.

If the latter, and your problem is not as @qxr1011 suggests, then you can factor out trading and focus purely on discipline.

It has been said athletes, military personal and pilots make good traders.

Spoiler: The holy grail of trading discipline

Simply do this from now on:

1. Get out of bed at exactly 5 am, without aid of an alarm. Use pure discipline only.
2. Meditate for 30 minutes.
3. Take a brisk 5 mile walk (or run if you're medically fit - don't have a heart attack).
4. Have a cold shower, which should last precisely 90 seconds. You should of course thoroughly wash yourself with soap before rinsing.
5. Your breakfast should consist of no more than a 200g bowl of porridge and fresh seeds. No sugar, no syrup.
6. If you still feel hungry, then you are permitted to eat one raw organic egg, spawned from a hen of good spirit that you know personally.
7. Remain caffeine, sugar, alcohol and prescription drug free (the exception is prescriptions for chronic health conditions).
8. Keep the television firmly switched off.
9. Keep your trading desk perfectly clear. No cables, no post-it notes, nor candy should lay on your desk, for your desk is your temple, which shalt not be violated.
10. Do not think things that needn't be thought. No day dreaming! No worrying!
11. Do not scribe things that needn't be scribed. No doodles!
12. Maintain a hard copy journal. You will build a plinth for it, where it will be stored between trading sessions.
13. Precisely 90 minutes before the market opens you will begin the Marching of the Journal ceremony: remove your journal from its plinth and begin marching toward your lectern. Did I mention you will build a lectern upon which you will place your journal during each trading session?
14. At the lectern, open your journal to the first blank page and write the date in a consist format.
15. Now write how you feel. You should write nothing, because you feel nothing. You are disciplined and feelings are for the undisciplined.
16. After the completion of the Marching of the Journal, you shall begin the Assemblement of Thy Computer ceremony. You shall store the components of your trading computer separately is gargoyle decorated cradles, which will be lowered by rope from their lofted positions. You will assemble the components in a consistent sequence using feel alone. * Remember to use an anti-static wristband.
17. Next, put on your Glove of Discipline. I won't patronize you by explaining the purpose of this.
18. Turn your computer on.

You will know what to do from here on.

 

[vulcher]

Yes!



If you had said you were a boxer and went to the gym five mornings per week before work, I'd say your problem was most likely specific to trading, not a general discipline problem.

If on the other hand you over-eat, have never managed to quit smoking, have a messy car and have a generally undisciplined lifestyle, then your problem likely is a general discipline problem.

If the latter, and your problem is not as @qxr1011 suggests, then you can factor out trading and focus purely on discipline.

It has been said athletes, military personal and pilots make good traders.

Spoiler: The holy grail of trading discipline

Simply do this from now on:

1. Get out of bed at exactly 5 am, without aid of an alarm. Use pure discipline only.
2. Meditate for 30 minutes.
3. Take a brisk 5 mile walk (or run if you're medically fit - don't have a heart attack).
4. Have a cold shower, which should last precisely 90 seconds. You should of course thoroughly wash yourself with soap before rinsing.
5. Your breakfast should consist of no more than a 200g bowl of porridge and fresh seeds. No sugar, no syrup.
6. If you still feel hungry, then you are permitted to eat one raw organic egg, spawned from a hen of good spirit that you know personally.
7. Remain caffeine, sugar, alcohol and prescription drug free (the exception is prescriptions for chronic health conditions).
8. Keep the television firmly switched off.
9. Keep your trading desk perfectly clear. No cables, no post-it notes, nor candy should lay on your desk, for your desk is your temple, which shalt not be violated.
10. Do not think things that needn't be thought. No day dreaming! No worrying!
11. Do not scribe things that needn't be scribed. No doodles!
12. Maintain a hard copy journal. You will build a plinth for it, where it will be stored between trading sessions.
13. Precisely 90 minutes before the market opens you will begin the Marching of the Journal ceremony: remove your journal from its plinth and begin marching toward your lectern. Did I mention you will build a lectern upon which you will place your journal during each trading session?
14. At the lectern, open your journal to the first blank page and write the date in a consist format.
15. Now write how you feel. You should write nothing, because you feel nothing. You are disciplined and feelings are for the undisciplined.
16. After the completion of the Marching of the Journal, you shall begin the Building of the Computer ceremony. You shall store the components of your trading computer separately is gargoyle decorated cradles, which will be lowered by rope from their lofted positions. You will assemble the components in a consistent sequence using feel alone. * Remember to use an anti-static wristband.
17. Next, put on your Glove of Discipline. I won't patronize you by explaining the purpose of this.
18. Turn your computer on.

You will know what to do from here on.

I think you nailed it. I'm a smoker I have struggled with them for a long time. Knowing that they are bad for me but keep doing it shows an adective personality. If I equate this to trading than I'm addicted to trading which lead me to over trading and accumulating losses against my own rules.
PS: I will take the ritual seriously but smoking it's going to be a challenge.
Thanks

 

[lawrence-lugar]

I think you nailed it.
PS: I will take the ritual seriously

ops:

 

[JTrades]

I think you nailed it. I'm a smoker I have struggled with them for a long time. Knowing that they are bad for me but keep doing it shows an adective personality. If I equate this to trading than I'm addicted to trading which lead me to over trading and accumulating losses against my own rules.
PS: I will take the ritual seriously but smoking it's going to be a challenge.
Thanks

If you quit nicotine, you'll be able to achieve anything! (or so I've heard)

 

[vulcher]

Yes!



If you had said you were a boxer and went to the gym five mornings per week before work, I'd say your problem was most likely specific to trading, not a general discipline problem.

If on the other hand you over-eat, have never managed to quit smoking, have a messy car and have a generally undisciplined lifestyle, then your problem likely is a general discipline problem.

If the latter, and your problem is not as @qxr1011 suggests, then you can factor out trading and focus purely on discipline.

It has been said athletes, military personal and pilots make good traders.

Spoiler: The holy grail of trading discipline

Simply do this from now on:

1. Get out of bed at exactly 5 am, without aid of an alarm. Use pure discipline only.
2. Meditate for 30 minutes.
3. Take a brisk 5 mile walk (or run if you're medically fit - don't have a heart attack).
4. Have a cold shower, which should last precisely 90 seconds. You should of course thoroughly wash yourself with soap before rinsing.
5. Your breakfast should consist of no more than a 200g bowl of porridge and fresh seeds. No sugar, no syrup.
6. If you still feel hungry, then you are permitted to eat one raw organic egg, spawned from a hen of good spirit that you know personally.
7. Remain caffeine, sugar, alcohol and prescription drug free (the exception is prescriptions for chronic health conditions).
8. Keep the television firmly switched off.
9. Keep your trading desk perfectly clear. No cables, no post-it notes, nor candy should lay on your desk, for your desk is your temple, which shalt not be violated.
10. Do not think things that needn't be thought. No day dreaming! No worrying!
11. Do not scribe things that needn't be scribed. No doodles!
12. Maintain a hard copy journal. You will build a plinth for it, where it will be stored between trading sessions.
13. Precisely 90 minutes before the market opens you will begin the Marching of the Journal ceremony: remove your journal from its plinth and begin marching toward your lectern. Did I mention you will build a lectern upon which you will place your journal during each trading session?
14. At the lectern, open your journal to the first blank page and write the date in a consist format.
15. Now write how you feel. You should write nothing, because you feel nothing. You are disciplined and feelings are for the undisciplined.
16. After the completion of the Marching of the Journal, you shall begin the Assemblement of Thy Computer ceremony. You shall store the components of your trading computer separately is gargoyle decorated cradles, which will be lowered by rope from their lofted positions. You will assemble the components in a consistent sequence using feel alone. * Remember to use an anti-static wristband.
17. Next, put on your Glove of Discipline. I won't patronize you by explaining the purpose of this.
18. Turn your computer on.

You will know what to do from here on.

 

[JTrades]

Mark Douglas and @Redneck (and other ET'ers too) may be of help to you.

If you do indeed have and are able to design a profitable system, then you're in good stead.

 

[NoDoji]

I developed a mechanical system that works really well but when it comes to real trading I failed to follow, ignore, and even go opposite of my system buy/sell signals which resulted in a big losses proving the system works and I'm the problem. I noticed this behavior in a real account and I stopped trading real money and now even with paper trade I still have the same problem.
Is there any books I can read or advice I can use to help me eliminate this behavior?
Thanks in advance

There are books that help you understand the importance of thinking in probabilities, but no books that will magically help you eliminate the negative behavior just because the book helps you fully understand the negative behavior.

What might be helpful is to have your trading rules right in front of you and read them out loud. When you turn on your platform scroll your chart(s) back far enough to walk forward at the hard right edge through at least 3 setups and say out loud the setup, the entry and why, the exit and why. Then and only then scroll to the current action and wait for a valid setup. Describe it out loud and place your order accordingly. Say out loud to your "virtual trading class" exactly what would signal an exit or reversed position and why.

If you start thinking further or analyzing further (such as looking at levels or larger/smaller time frames that aren't a part of your proven method), step away from the platform and take a break, doing something healthy like drinking a glass of water or doing a 50 yard sprint or 20 push ups and jumping jacks. This helps disrupt and redirect the negative habit (in your case it's most likely "thinking while trading", because I've been there and it comes to no good end).

Then return to your platform and try again, describing out loud when you see a valid setup.

Keep doing this until you gradually learn to turn off the thinking/analysis. You say you have a mechanical method, so anything outside that method is irrelevant no matter how strongly you believe a particular setup isn't going to work this time.

 

[Redneck]

Mark Douglas and Redneck (and other ET'ers too) may be of help to you.

Reading the above and my jaw dropped open


Please allow me to be perfectly clear

I am not Mark..., I am not anywhere close to being in the same league as Mark

I am simply a trader..., a product of Mark 's

====================================

OP,

Discipline issues eh - been there done that


One can live an entire lifetime..., and not come near having (nor needing) the discipline required for trading

Here is a quote from NOD..., quoting Pabst - it dead nuts accurate

It's a favorite quote of mine found here on ET by Pa(b)st Prime:

“Being disciplined in the past isn’t good enough: on each and every trade you must be disciplined. Forever. Like a drunk in a program you can NEVER slip off the wagon.”

I will share this

First..., must want to change (maybe you do..., maybe you're not ready - only you know that) - but you must want it more..., than..., wanting to remain as you are now

Second..., must identify exactly what needs changed (likely more than one)

A pencil..., several sheets of paper..., quiet time..., and honest introspection / drilling down - will accomplish this

Third..., must work each "what needs changed" - out slowly.., one at a time - completely through

It's an entire human being..., and lifetime up till present - you're attempting to alter

To further compound this: family / friends are comfortable with the current you - your changing will be hard for them - don't be surprised if there push back / reluctance from them (likely will lose a few along the way)


Be prepared for backslides - there will be

Take it one step at a time..., one day at a time

=================

Know:

Changing will be just as hard as you make it - not one bit more..., nor one bit less

Humans (subconsciously) are predisposed (internally wired) to resist change (I'm referring to deep down..., ever lasting change) - it is a protection mechanism

It'll be you..., changing you

It'll be you..., fighting you - to..., and through - changing

========================

Trading is a journey of self: discovery..., growth..., ego elimination..., mastery

It supplies a fertile environment for..., what will seem like never ending series of - questions..., puzzles..., problems

The answers / solutions to all..., will (must) come from within..., then be assimilated into our subconscious = to the point of becoming our default way of acting / thinking / being

====================

Like I stated: I simply am a trader..., nothing more


Successful Journey Sir

RN

 

[vulcher]

Thank you guys for the advices. It looks like I have some homework to do that may be harder than what I thought it will be.
I got excited once I got the math done. but after a while I realize I have an issue, a personal issue when I see myself ignoring my rule knowing it's a bad idea. First i stop trading with real money and move back to paper trading again the same issue.
but after reading your posts and watching the video i realize I have one more thing to do. At least I know what I'm looking for and I can change if I'm willing to
Thanks again.

 

[dartmus]

If you're committed to getting the results you desire then change becomes easier because you're going toward something desirable rather than thru something unpleasant.