Help yourself by emotionally detach from money you trade. Focus on trading process. Or if this help, enter a trade, set the targets and close your platform
Hello jantopem,
Everyone can create or just follow a successful trading strategy but few traders have the discipline and the knowledge to ensure that their money management techniques are consistent. With appropriate money management, you will be able to build your account, generate revenue, and avoid any potential shortfalls that could end your trading career.
disciplin comes only with experience. so if youre not disciplined enough yet just give it time and it will come by itself. but take care you dont run out of funds before your disciplin is where it should be.
thats the survival every trader must go through. the natural selection.
I think it is a different approach that works for each individual, but personally I do not believe artificially restricting your trading time based on your results for the week (or any other timeframe) is sustainable. It creates an unhealthy relationship with the forbidden fruit (the market) that will eventually end in most people devouring the forbidden fruit and guiltily enjoying its pleasures regardless of the consequences just like in the famous old story.
I believe the best way to approach trading from a psychological viewpoint is to trade free from irrelevant distractions and the noise. Set your risk management based on account size, and then trade the market based on the systems you are comfortable with. If the market meets your criteria 10 times per day, trade 10 times. If it doesnāt meet criteria that day, donāt trade. And always remember to trade the market as it is, rather than how you think it will/should be.
Like many, I have learned a lot of this the hard wayā¦
I think discipline is by far the most important element needed to trade successfully, followed by risk control, with the least important consideration being the question of where you buy and sell.
Greed and fear are the propelling force
Pushing us to enter a trade or stay away from trading
When market conditionās are unclear.
Good discipline habit can be develop over time
Some people grow up with it, some are late developer.
I think greed and fear are necessary evil to some extent to keep us motivated and being cautious with our trade.
Nobody comes into trading and succeed straight away.
The learning curve usually take more than 5 years.
I dont think discipline is the most important factor.
I believe the most important factor is actually plain good fortune to meet or recognize A true grandmaster Yoda who can point us in the right direction.
Unfortunately, grandmaster yoda is rare to find. Even when you discover them. They may deem you unworthy to learn about the way of the force. For fear of you falling over to the darkside and cause tremendous harm to humanity.
Some people are simply born with a strong force like analkin skywalker and destined to become darth vader at some point.
In a nutshell, the most determining factor is actually the real stuff mentor who can guide us in the most accurate direction possible for us to really succed at trading.
There seems to be a lot of linear thinking around a subject which is in itself non-linear.
If you had a room of 100 ādisciplinedā people with the same amount of trading experience, trading exactly the same strategy independently, on say the GBP/USDā¦ after agreeing on a measure of discipline, then haviing a panel secretly assign each person a ādiscipline valueā:
By looking at their final profit/Loss figure alone, could you accurately line up these people in a row from the least disciplined to the most disciplined?
Do you get paid in trading for discipline or is it something else?
What is that something else you should be focusing on?
Not exactly sure what your point is WinPsych but to me, the discipline to follow your strategy keeps your account alive and makes the profit. So if the 100 people have the same capital and all are 100% disciplined enough to follow the strategy, they will all have exactly the same profit/loss.
Of course, the people who are not 100% disciplined will have more or less profit/loss or may have been driven out of trading by a blow-up.
In your example, if someones makes more money, are they more or less disciplined?
Neither more discipline nor less discipline
They are just more Lucky
If this is the case, should we then forget about discipline and leave trading to lucky people?
Sadly, but yesā¦ thats what i thinkā¦
When its not your time yet.
Its not your timeā¦ thereās pretty much nothing you can do about it. And when your time is up. if you have to go, you have to goā¦ but still i will give it all i have got in me till my last breath!
So you mean you need a phase shift of Ļ/2 radians?
Nasty business, some of those sinusoidal waveforms (but I can recommend an otorhinolaryngologist to anyone who needs one).
Could be a deviated something or other, if the cosines keep playing up i may take you up on that!
Donāt take too long: eventually heāll retire or go off on a tangent.
Haha, noted!
Neither. If 100 people with the same money and the same strategy each follow it 100%, they all make the same money. If some deviate, they may make more, or less, or wipe out: factors which determine which group they fall into will include luck but trading-specific criteria such as TA or FA skills.
In general however, the people who make more money are usually those with either more capital or those who accept more risk.
Donāt you need to know a bit more about the details of the strategy before you can make that assumption?
Also if the strategy has no edge will the discipline help?
The guy who works out that the system has no edge, adjusts it and makes money, is he undisciplined because he deviated?
I think people with a lot of capital who are not good at trading would probably be better off travelling and enjoying the money or employing someone who does know what they are doing if they are on the sensible side donāt you?