How can I be a discipline Trader???

hmm why use a system because I am not George Soros or Warren Buffett. Even with a system that is successfully backtested I lack discipline to trade it. Without a system I am very sure I will be doing revenging trade 90% of the time.

I hope that answer your question. Your advice was the worst from this thread sorry if I am rude but this is what I felt.

If we are not using system what should we be using to trade? Gut feel??



Baruch


06-13-03 05:51 PM

Why use a system?
Why not use your brain?
Does George Soros use a system?
Does Warren Buffett use a system?
Did Bernard M. Baruch?
 
I had the same bad habit you mention and I tell you how I erased: discipline & Automat platform (OCO)

from December to mid March , used to make from 850 $ to 1.500$ a Day , 5 days a week. I had a record of 38 positive consecutive in one day .

Made 38.000$ from thursday to monaday on NG (natural Gas) with one contract.

Two days before the war started pretty confident of my ability I "fought " against the market. Never even try to think it.

I was in " disarmonic timing" for at least 3 days. I gave back to the market more than the 60% of my previous profits.

So DISCIPLINE, DISCIPLINE, DISCIPLINE. And if you are not strong -or trained enough for the moment- let The machine DO IT FOR YOU.

USE Bracket Trader or NINJIA TRADER . Let the autotrail work for you, let the Autoscale work for you. DO NOT WIDEN YOUR STOPS even if just one tick after being stopped the market turns in yours direction.

I'm happy of the lesson I'v learned ( even because I stil have a profit of 40%) . Brought me toward a more efficient and sane trading attitude.

Spend 10 minutes EVERY DAY concentrating on this and learning discipline.

Make that discipline a "joy" . so taht being stopped is YOUR TODAY GAIN.

As someone alreday said, after that stop you can build with your intelligence a new operation which allow you to "get even"
 
You can trade the way you like

But system It iS not the answer

Afterall, life is interesting because YOU take decisions, not a crossover or whatever

Mix the two: have your discretionary activity and run on another machine a ROBUST, simple and afforadble system, that allows you even to take the small gains with just 1 max two contracts.
With the costs of today commisions you can afford to make only 50$ or even only 25$ and spend 4$ RT. If this happens 5/10 times a day plus longer position and bigger gains on your system isn't bad at all for your Money management plan.

Go in sizing on your discrtionary activity. There you can play the big game with the Marlyns while the sys goes for a lot of anchovies.

I hope it helps
 
Quote from Baruch:

Why use a system?
Why not use your brain?
Does George Soros use a system?
Does Warren Buffett use a system?
Did Bernard M. Baruch?
More...

Don't be fooled by the ease at which it seems they succeed!

I use the analogy again, Pro athletes make it look so easy. Go try to do what they do and see how easy it is.

They train, set up systems for training, then train some more and some more ......

I do however, admire your confidence in your abilities. Good quality. Take it to the market though and it won't be as kind to you as I am.


Much Success,
 
Good Morning everyone,


fresh start this week. Today is my 2nd day of the 100 days challenge. Had a buy setup in place. My buy stop limit order is already in.

I am preparing a set of rule for myself. Every morning before the market open or before I go to work I have to read the rule. See below. Any other rule I should add in?


Trading Rule
1) Trade The System
2) Why bother to backtest if you are not going to trade your system
3) Why 2nd guess after all the testing and success on paper
4) Always use entry stops, Don’t anticipate
5) Always place stop lose or exit only at MOC
6) Don't Hesitate - Just Do It

You must have discipline and follow the system if you want to
1) Make $20,000 by the end of Year 2003
2) Buy a Car by the end of Year 2005
3) Retire by the end of Year 2006
4) Trade for a Living
 
interesting post. yes knowing and actually doing it is 2 different thing and I am trying very hard to do it right



Mecro
Senior Member

Registered: Mar 2003
Posts: 138


06-14-03 07:30 AM

interesting

all about discipline.
 
Quote from benysl:

I am preparing a set of rule for myself. Every morning before the market open or before I go to work I have to read the rule. See below. Any other rule I should add in?


Trading Rule
1) Trade The System
2) Why bother to backtest if you are not going to trade your system
3) Why 2nd guess after all the testing and success on paper
4) Always use entry stops, Don’t anticipate
5) Always place stop lose or exit only at MOC
6) Don't Hesitate - Just Do It
More...

If this is how you define "rules", then you may have determined why you have difficulty maintaining discipline. None of these are "rules" except in the most generally defined sense, like "be happy". If you want rules that you can follow and that will keep you on track, they have to be specific.

For example, "always place stop loss" is not a rule. "Always place stop market loss two points below low of entry bar and do not move until (or trail by) blah blah" comes closer to being a rule.
 
Quote from dbphoenix:



If this is how you define "rules", then you may have determined why you have difficulty maintaining discipline. None of these are "rules" except in the most generally defined sense, like "be happy". If you want rules that you can follow and that will keep you on track, they have to be specific.

For example, "always place stop loss" is not a rule. "Always place stop market loss two points below low of entry bar and do not move until (or trail by) blah blah" comes closer to being a rule.
More...

Great advise!

Benysl, if you held to your strategy today of buying at 7:30 this morning (price ?), you should have entered long. Good day for long daytraders. Place stops according to your system, and as dbphoenix said "be specific". If it worked on tests then it will work today. Never try to chase the market. You should have a good day today.

Much Success to all,
 
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