How can I be a discipline Trader???

hi

my day 2 I was discipline enough to execute my trade. A win also. I left my order with the broker, think much better.

guess it help me with my discipline if I post my discipline here :)

anyway now I leave it to the broker to execute
 
For one thing, discipline cannot be learned - it is trained.

To me discipline comes from experience like many many painful losses over the years. :)
 
Quote from Lawrence Chan:

For one thing, discipline cannot be learned - it is trained.

To me discipline comes from experience like many many painful losses over the years. :)
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Very well said!
 
Quote from gotta_trade:

Plain and simple. You have to have rock solid discipline. Look at professional athletes, notice how disciplined they are. Their focus and discipline is amazing. That's what separates them from the others who couldn't make it.

Plus never never stop learning.

If you want it bad enough and practice extreme discipline, you will have a fair chance of making it. Without discipline, there is absolutely no chance. It is impossible to be a successful trader without discipline.

When I'm having a tough time. The only thing that keeps me in the game is my discipline. Well, my discipline coupled with experience will keep me alive.
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Traders are alot like athletes.

To repeat what I posted in a similar thread topic: Train like a batter or golfer. Try to make the adjustment to your basic swing to get the desired effect under different conditions.

A suggestion would be to take random 3 month periods of historical data. Trade each period of data several times to see if you come up with the same triggers, stops, profit targets etc.

Helps to stay focused.


Much Success,
 
Quote from benysl:

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.

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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^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^


[1] Dr. Tharp books help;
Do you have a written business plan like a contract?????

[2]Benys ;
I had trouble at first cutting losses,suprised me because had a lot of discipline all my life.

[1 again]However writing out a business plan and writing and
------------------------------------------------------------------------
speaking ''Cut your losses and let your profits ride thousands of times helped. Focus and do the solution;dont focus on the problem. ----------------------------------

Never made the mistake of calling myself a ''lousy trader''

[3] Wisdom involves doing;at least we have an identification of the problem. Disciplined traders are in the habit of doing; good habits are hard to break also.

[4] DON"T focus on the problem like calling yourself a'' lousy trader''; redo reread number [1] again

[5]An oral business contract is worth nothing; the weakest ink is better than strongest memory.

''Wisdom is the principle thing therefore get wisdom ''-Solomon




:cool:
 
1] Dr. Tharp books help;
Do you have a written business plan like a contract?????

[2]Benys ;
I had trouble at first cutting losses,suprised me because had a lot of discipline all my life.

[1 again]However writing out a business plan and writing and
------------------------------------------------------------------------
speaking ''Cut your losses and let your profits ride thousands of times helped. Focus and do the solution;dont focus on the problem. ----------------------------------

Never made the mistake of calling myself a ''lousy trader''

[3] Wisdom involves doing;at least we have an identification of the problem. Disciplined traders are in the habit of doing; good habits are hard to break also.

[4] DON"T focus on the problem like calling yourself a'' lousy trader''; redo reread number [1] again

[5]An oral business contract is worth nothing; the weakest ink is better than strongest memory.

''Wisdom is the principle thing therefore get wisdom ''-Solomon
More...
Very inspirational!

Thanks.
 
my 3rd trade since I started this post. System has a short. My order is in, put in a stop loss order was stop out everything work accordingly to the system. This is just another losing day.

Was watching the market see it too high got to back off. Went short (no system gut feel this time) stop out again. Went short again almost immediately 2 lots this time. Market goes higher.

All 4 trade end up losing. My system today only had 1 losing trade. I short 3 more lots on my own.

Help somebody help. I started to see I am in deep deep shit.

This time my profit in Apr and May this year is all gone. I am back to 0. I need to start all over again.

:mad:
 
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