Is there a conflict between staying disciplined and taking chances when you see Good ones?
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For trading one should be disciplined because the market is very volatile and it can go anywhere so one should stick with his/her strategy.
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No there shouldn’t be as good opportunities should be those that fall inside your strategy. If they don’t they aren’t for you.
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If you have a rational, consistent and comprehensive strategy, how is it that there are better opportunities occurring outside the strategy than within its rules?
Maybe you need two strategies?
I’ll admit, I am a long-term trader desperately in need since the year dot of a short-term intra-day strategy. Working on it.
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Discipline is the most important for traders to be successful.
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Good day,
I think the strategy’s “valid” “entry and exit parameters might be tooo restrictive”, hence restricting the “better opportunities”, probably because of the need to be more right all the time, which will at most, always reduce the opportunities count but increase the quality of the minimal opportunities provided, hence possibly providing quality trade opportunities, then just multiple but Non-Quality opportunities,
regards,
Mr Executives
Taking a chance is a synonym for taking a risk. In other words, Discipline Vs Risk. Enough said.
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I think you need to be disciplined in taking THE risk.
By that I mean sometimes we think we should only take set ups that feel GOOD. But it’s my personal experience the set ups that feel the worst (for whatever reason) yield the best results.
Im often really surprised when a trade works out well, and often disappointed that certain set ups did not.
It’s true, trading is all about discipline, that discipline IMO is often doing what you do NOT want to do - not necessarily waiting and doing what FEELS right.
I’ve many failings as a trader, but one thing I have never had a problem with is pulling the trigger after a loss - I know that affects others terribly.
Discipline is essential, but really it’s just a by product of having courage.
Courage is not the absence of fear, it’s the ability to act despite your fear. And as a society many of us our woefully fearful of doing something wrong
As individuals we really need to be pushing our own boundaries every day - not in some major way just a little.
By this you are constantly living with a little fear - and ultimately become comfortable with it.
In trading that relates to having the courage and discipline to do the hard thing.
As a society (and particularly males) we are not forced to confront out fears, we can easily live within out comfort zone.
Trading, for many is the first time we have to step out of that zone, and so many of us cannot handle it.
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I have observed the forex market and how it works and it cannot be denied that at times it is more about taking chances than actually being disciplined. THere are some trades that live like that and they never regret it. it is all about prediction.
Yikes.
Reminds me of the expression, “There are old pilots and there are bold pilots, but there are no old, bold pilots”. Maybe could be applied to trading too.
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I don’t think that there is is even supposed to be any discipline on forex because as mucha s people say that you can analyse the graph before choosing to buy or sell, there are times when you can’t be sure of the result of the trade. You therofe need to take chances at some point because it is the only option.
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This is woolly. There are NO times when you can be sure of the outcome of a single trade. None, ever, ever. The only thing you can be 100% certain of in trading is that some of your trades will be losers. This does not make technical analysis of charts pointless.
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There are opportunities every minute.
You will always find an excuse to start a trade.
Trading is a business and every business has its rules.
Wrong trades are not the ones that end in aloss, they are the ones outside the strategy.
You make the rules and the strategy, if you want to trade moere create a strategy that trades more.
Outside a strategy there are emotional trades.
Emotions are good for art, not for trading.
If you are not ready to take risks, you might not be able to make profits you want to make.
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Take risk as much as you can afford to loose by keeping all your disciplines in mind
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True. We shouldn’t risk more than our capacities if we want to stay in the game.
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“ taking chances when you see Good ones” eventually leads to emotional trading. Emotions have no place in this game! Develop a proven backtested strategy and follow it religiously.
No, discipline is your best tool to take good chances. There canno t be a contrast between them, it s a logical consequance.
Being in discipline is like treating trading as a business and following the business rule. Taking it as a chance makes trading gambling. I won’t be happy even if I am in profit after taking chance because it was a gamble,
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I agree with your answer. That’s why trading is a “risky business”, Every trade you enter is, after all, a risk.
I’ve never heard it said that trading is a “disciplined business” because bottom line is that when it comes down to it, the market will do what the market wants to do when it wants to.