I got tired of losing. I started reviewing all my trades. My analysis wasn’t always wrong, I was just entering in at the wrong time and would get stopped out. So, I stopped market buying and started putting in limit orders ahead of time.
But that was just my problem. You may have a different problem. I was only able to find out once I started reviewing my trades.
To become a disciplined trader I had to take baby steps:
Stop losses on every order
Review my trades daily or weekly (I resisted that for a long time)
Never trade outside of my plan - no matter what I “think” the market will do.
I’m still on a demo account, but it’s made a huge difference. It’s really taken a lot of stress out of trading.
I also know if I don’t create good habits now, I’ll carry those poor habits over when I’m trading for real money. Or, I’ll never be at the place to open a live account, which is the ultimate goal.
even tho i made my structure and planned down everything , when it comes to the real deal i find myself acting irrationally too… until i found myself something to keep me accountable for,
its kinda long to type it all down, but u can find my story in a video i made 2 days ago https://youtu.be/aESLbbajN54
This is one of my favourite sayings to think about when doing my chart analysis and should be something you think about next time your doing yours.
Knowing what your going to do before something happens in the market that your anticipating is the best way to be prepared and not let emotion lead your decisions in the moment!
In your trading plan you should have a if,then mental state.
For example, IF price comes down to this heavy support level and prints a bullish rejection candle, THEN i will set my stop a couple pips below the low of that candle with a 45 - 50% retracement entry point with a take profit of 1:4 only risking 2% of my capital.
Thats how i think about my trades everytime i see a possible setup developing and it keeps you to your rules and your plan.
Discipline is very important when it comes forex trading market. And this is one of the difficult thing to do in the forex market.
Knowledge and experience can be meaningless when a traders is not discipline in the market.
To be disciplined you have to develop rules and follow them. Rules are like the lines and signs on the road - it’s not a problem to drive safely when you see bounds and limits of what you can do.
I have found that experience over time has helped me stay focused and disciplined. I wasn’t disciplined when I first started trading. I had more losing trades than winning trades and I didn’t know why. Something that really helped me improve my trading was journaling all my trades. When you trade Forex, ask yourself, “What did you learn from that trade? Why was it a win or a loss? How are you performing from month to month? How many trades did you do in one month?” Learning from your mistakes, is the best way to stay disciplined.
Do your emotions overwhelm you from winning trades or losing trades? This is common and it does happen to many novice traders. So, how do you detach emotions from trading? I treat forex like a business. I keep my risk low and I monitor my performance from month to month. If I have a losing trade, I accept it and I move on. Keep your risk low and preserver.
I find that looking at too many currencies can be distracting, that’s just me. Focus on pairs that you really like and watch how they move. Keep your trading plan next to you and stick to it. Here’s a question, “How many times have you amended your trading plan?” I have corrected mine many times because through time I learned how to better my trading. Remember, learn from your mistakes as time will give you the experience and the right attitude you need.
I hope this helps and I wish you the best with your trading journey.
I just open my membership. But i am not new to here. I also learn lot from here. So i like this title. Because this is the most valuable and hard part.
Actually we have not lot to master but it’s not about quantity but about how hard to get know and realize that tiny disciplines. What i done to do this is very simple. After losing many years i just focus on learning while applying. That journey taught me lot about discipline. Actually it cost me more to learn that. I started trading as a Discretionary trader as most of traders start. But now i am a Systematic trader who use Quantitative Analyze.
I know there can many ways to control your emotions. Actually it is relative to each other. So i can only tell things that i gone through and i experienced.
After following System Trading ( System trading is rule-based trading, where the decision to make a trade is based entirely upon the trading system. System trading decisions are absolute and do not offer the opportunity to decline to make a trade based on the trader’s discretion. If the criteria are met, the trade is taken ) This is the way i can control. So i trade only System not emotion. So having pre defined rules will make you more discipline. So now i addicted it. If i use Discretionary that practices save me from my emotions. Having a ruled based system is a great way to control. when you practice it for long time then that experience will never let you out of frame. This is my experience that how i controlled. I know this will not suite for everyone. But if there is anyone like this can try.
agree. Traders must have a solid trading system, then we will respect that system, as well as know it will be disciplined, not like a system that is still being tested.
and patience is also important. Patience and discipline must be cultivated, because a trader does not train overnight, you will need these attributes to achieve success. Make discipline like a habit
Everyone knows that risk management is critical for forex trading yet some people don’t take their own rules of risk management seriously or don’t spend adequate time in planning. You cannot be a consistently successful trader till you you use discipline and money management rules strictly in each trade.
