The success of forex trader depends on its disipline. But it is easy to say than to do. How do you train yourself to be disipline?
After closing a position, you find that if you staying in a little bit longer, you would have made more money.
Do [U][B]not[/B][/U] think this way.
Think carefully on this:
‘Greed’ is good, but being ‘greedy’ is not.
set specific, stop loss and take profit targets.
Know why you set those targets beyond just, “this is how much I want to make” and “this is how much I don’t want to lose.”
Its easy to set stop loss. But how do you stick to the plan.
Know why you set your stop-loss.
Believe in your strategy.
If you know why you set you stop-loss, then you will be less-skeptical of your plan. If you just follow what everyone else says to do without really knowing why, you will subconsciously always have doubts regarding it’s application.
developing dicipline in your trading will take experiance. You will need to learn (hopefully not the hard way) through experience that things like;
protective stop loss
are all there to make you successful.
If you do not learn to follow your rules than you will certainly become an emotional trader and you will make decisions on a whim and these whims will be controlled by fear and greed and it will cost you to lose your precious money.
[B]so to develop dicipline you must first realize you need it[/B]
once you realize this then it becomes a matter of practice and the earlier post is correct never think about the profit you left on the table it serves no purpose to think like this. rather realize that every single great trade of yours should end before the move is entirely over so you don’t risk losing your profit.
Every great and professional trader thinks in terms of limiting risk more than making profit.
hopee this helps John
[QUOTE=goodmast3r;112925]The success of forex trader depends on its disipline. But it is easy to say than to do. How do you train yourself to be disipline?[/QUOTE
HMM ITS SIMPLE, technicaly b4 u open trade… always do mini warm up for few sec/min emphasizing the market trend. so when u buy/sell, u already know the forecast… long/short time frame. than set target on SL/TP. SL at 10pips would e safe. but for me personaly i never set any STOPLOSS.:rolleyes: only TAKEPROFIT when i afk. thats how potentialy it works…
To start, you can read the 25 Rule Mantra by Doug Zalesky every day before you begin trading, and after you begin trading.
But you have to be disciplined at all times, I’m sorry but a lot of Trader’s claim they are disciplined when they aren’t disciplined at all. Being disciplined 50% of the time won’t help you, it’s either 100% or don’t Trade at all.
For most people, it takes a significant loss before they realize this. This can be a different dollar amount for each individual person. Doesn’t always have to be a gold mine.
But discipline is something people talk about but don’t really practice in fact they may believe they are disciplined when they really aren’t disciplined at all!