how do you stay disciplined?
- Thread starter bat1
- Start date
If doing the right thing is a battle, eventually you will lose
I have learned some hard lessons
1.) Faced with a choice, forgive yourself for wanting to "give in", but do not "give in"
2.) Determine what it will take to win, decide if you are willing to pay that price, then do what it takes expecting to win.
3.) When things don't go "your way", do not indulge in self pity, see your error, then adjust your behavior.
If you fail, go back to step one.
If you persist and your heart is in the right place, you may lose publicly. At times we all do. Ultimately however, you cannot be defeated.
I have learned some hard lessons
1.) Faced with a choice, forgive yourself for wanting to "give in", but do not "give in"
2.) Determine what it will take to win, decide if you are willing to pay that price, then do what it takes expecting to win.
3.) When things don't go "your way", do not indulge in self pity, see your error, then adjust your behavior.
If you fail, go back to step one.
If you persist and your heart is in the right place, you may lose publicly. At times we all do. Ultimately however, you cannot be defeated.
Quote from bat1:
seems like we all have our ups and downs, mood swings
bad days so how do you stay disciplined to trade?
disciplined to eat right, disciplined to not smoke or drink
when you took a big hit..
I sometimes feel like just running away at times
be homeless in hawaii be a beach bum
Ed
identify your weakness, then develope a technique to avoid it.
just like martial arts: strive towards simplicity and perfection.
when things are simple, they are 1000times more comfortable.
when things are simple, they are 1000times more comfortable.
tell the wife to SHUTTY! when I am trading...
Figure out what triggers you to stop being disciplined, and try to see if there's a more intelligent solution than simply telling yourself you won't make that mistake and applying willpower.
For me, when I see chop markets, especially after 11, no matter how hard I try to sit through it and wait fro real movement, I 95% of the time churn. So now, when I feel the markets start to die down, it only takes one small loser, or even a possibility of me thinking of taking a shot when I shouldn't, to walk away.
I also get killed by a few huge down days on the month, and the pain of telling myself I won't do that, limiting my losses for 6 weeks, then blowing a month's worth of profits in one bad day from a few trades... it made me realize, the only way to ensure I dont' lose big is to have software cut me off from trading and to kick me out of my position if my open P/L exceeds 1/2 my daily max loss. Even if I get shitty market fills and am every so often forced to panic, it's well worth it.
Just what has worked for me.
For me, when I see chop markets, especially after 11, no matter how hard I try to sit through it and wait fro real movement, I 95% of the time churn. So now, when I feel the markets start to die down, it only takes one small loser, or even a possibility of me thinking of taking a shot when I shouldn't, to walk away.
I also get killed by a few huge down days on the month, and the pain of telling myself I won't do that, limiting my losses for 6 weeks, then blowing a month's worth of profits in one bad day from a few trades... it made me realize, the only way to ensure I dont' lose big is to have software cut me off from trading and to kick me out of my position if my open P/L exceeds 1/2 my daily max loss. Even if I get shitty market fills and am every so often forced to panic, it's well worth it.
Just what has worked for me.
Other posters have already provided good input. Therefore, I only have a tidbit to add. You may have to search a bit inward to get to the source of your lack of discipline. If it possibly stems from anxiety, you may be engaging in avoidance. Avoidance either in not taking trades you should take, or not exiting those that need to be exited. To the extent that your lack of discipline has a basis in anxiety, then perhaps you need to add more structure to your trading, since a lack of sufficient structure is often associated with anxiety. And different people need different levels of structure in order to function optimally. You may have to find your optimal level of structure in the way that you assess and trade the markets.Quote from bat1:
seems like we all have our ups and downs, mood swings
bad days so how do you stay disciplined to trade?
disciplined to eat right, disciplined to not smoke or drink
when you took a big hit..
I sometimes feel like just running away at times
be homeless in hawaii be a beach bum
Ed
By way of example, what often prevents people from following through on their resolution to get into shape is the absence of a suitable routine (structure) against which they can assess their performance. The same can be said about people who wish to lose weight but don't take the time to design a suitable dietary regimen (structure). A certain amount of structure won't replace discipline, resolve and focus, but it can come to their aid.
Of course, it's a matter of balance since too much of a good thing can be a bad thing. But then, life is a balancing act, eh?
