To be a disciplined trader, start with having a trading plan. How you’ll step into the sector, how you’ll invest, how you’ll keep tracking stocks, you should have a plan for everything. You should be responsible enough to realize the risks associated with it and take the full responsibility of the results. But the most important thing you need to do is to find your weaknesses and start working on it.
I thinjk you should ask yourself about are you desciplined enough in real life at first.
Trading, as any other business is just the part of your life, so the only way to become more disciplined is just to learn discipline in real life.
You can start with the tasks shedule and begin a diary. That may sound a little old-fashoned but that’s really work.
Also, you should choose one strategy and be strict with it. Really, don’t change it with the first fail. The main problem of many people is that they can’t follow one idea - they constantly are swaping them and can’t focuse. If you decided to trade in one way, trade at least a month before changing strategy.
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I agree. Keeping a trading journal is good advice. Traders often ignore that because it seems additional work but it’s very beneficial to keep a record of your trades and strategies.
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When we are trading we must try to maintain a active trading journal. In this way we will keep ourself updated with wthat kind of trades are being done by us.
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Control your tendencies which act as a hindrance in your trading and increase your knowledge base of trading.
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Just by planning your trades before hand makes you more disciplined trader.
Analyze my mistakes and study to correct them. I also don’t trade angry, because that leads to mistakes. One thing I usually do is meditate before I trade, and listen to jazz music when I do.
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Incentivise good trading discipline and analyse your trades
Man, so true, i have lost some of my capital due to lack of discipline and risk management. Still learning.
I am guilty of this revenge trading …
Very often it is said that to be a profitable trader you need to keep discipline. I agree to all 100%. Discipline is a quality that can be formed by a person independently, and can also be provided from the outside. Any trader will be better off if he increases his discipline, because he will be able to stick to a profitable strategy, and the strategy provides profitability in the long run.
I would suggest creating a daily schedule and something similar to the algorithm that you follow when trading.
Discipline is not a broad term in trading. Every trader, gaining experience, creates some rules for himself, which he will follow in time. If you have not developed your discipline, then it is okay, the more you trade, the more regularities and rules you will create for yourself by disciplining yourself.
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just narrow down the possibilities of losses and just stick with your strategy. being a disciplined trader doesn’t mean that you have to trade every time. you just need to have a good strategy and follow it.
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Also know when to trade and when not to. Rest trading plan helps a lot.
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True, over-trading is one reason why so many traders lose money in the market. Knowing when not to trade is as important as knowing when to trade.
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It is very important to maintain discipline in trading. Without discipline, you will not be able to trade properly. For this I would suggest you meditate every day, meditation cleanses our brain. And with that, you make a checklist and look at it whenever you work. As you practice slowly, you will move into discipline. But you have to do these regulars. Meditation will not only maintain your discipline, but you will also get many more benefits from this meditation. So I think you can try it.
That is correct! one should know and make a strategy accordingly.
Forex trading obviously requires discipline whether it’s a beginner or a pro. But many forex traders find themselves unable to maintain discipline while they trade the market. To regulate yourself, you first need to set specific goals. Keeping a trading journal and keeping track of your progress is a good idea to keep your trading discipline strong. In order to do something in an organized way, it is very important to create a schedule and stick with it.
Im in agreement that meditation is a great tool for mental focus - but I suspect many who have not the discipline in trading will neither have the discipline to meditate!
Lol
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Discipline is a muscle that needs to be exercised. It’s unlikely you can go to the big things like trading discipline unless you’ve got other areas of your disciplined too
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