How can I be a discipline Trader???

Being a disciplined trader requires commitment and effort. Here are some steps that can help you become a more disciplined trader:
-Develop a Trading Plan
-Set Realistic Goals
-Follow a Trading Routine
-Use a Trading Journal
-Manage Risk
Remember, becoming a disciplined trader takes time and effort, but the rewards can be significant. By following these steps and staying committed to your trading plan, you can increase your chances of success in the markets.
 
You can’t become a disciplined trader if you are unable to make yourself do anything. If you have a desire to earn your living by trading, you need to make some practical but uneasy steps to turn your chaotic gambling-like trading into something organized. For this purpose, you should get used to placing stops. Never enter the market without a stop-loss order. Set the maximum amount you can afford losing one time. Convert this into the number of points and set corresponding stops. Placing stops is the first step towards disciplined trading.
 
Discipline trading boils down to one thing

You either want it (above all else) or you don't

(do.., or do not - there is no try)

Get out of your own way and make it happen

RN
 
benysl said:
Hi

I started this thread because I find myself a very lousy trader when it come to discipline. It is easier to develop a winning system but following it is very difficult to me.

I had some success early this year(jan / Feb) but on mar 2003 I start to increase my contract size instead of cutting losses when I should have I double up or averaging down and suffer a serious drawdown for that month.

Apr and May 2003 I decide to follow my system every single signal. Both month I am up. Basically my system is straight forward it based on a entry for the day if you are in position you enter a stop loss if you are not stop out by the end of the day you exit. Basically all position is either stop out or exit at Market on Close.

I find that it work fine if I leave my MOC order with the broker as they execute for me. But if I had to execute the MOC order myself I had problem, if it is a winning trade I can execute it easily 2 - 5 mins before market close. But if it is a losing trade I would execute at the last 30 seconds.

On 6 Jun 2003. I had a short position (by the way I trade Asian Market) I was on a losing trade so at 15 seonds before closing I am hesistating by the time I execute the market has already close and I am left with a Short position overnight this is against my system, my system never hold overnight. Even thou Nasdaq is down 2% and Dow has a pretty bad day on Friday it will be in my favor when market open on the 9 Jun 2003. But I kick myself for breaking a rule in 2 months which I shouldn't have in the first place. If I had a winning trade I had no problem exiting 2 mins before closing but because it is a losing trade I hold till the last moment to exit.

Anyone has a similar experience? Any good psychology book out there that can help me? Any advice is appreciated.

Thanks for reading
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Read this book

The Disciplined Trader
 
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