I think it takes time to learn how to be disciplined. It does require an effort, but it’s hardly impossible to learn.
We all need to improve on our trading discipline and work at long-term, consistent trading success. Any trader who remains undisciplined leaves themselves open to failure.
Trade safe and prosper.
What approaches do you use to improve your discipline?
Improve on my market analysis, identify levels/zones to trade from, develop key rules for trade entry/setup and wait for the market to come to my levels/zones.
Trade safe and prosper.
What are you doing to improve and get better at market analysis? Share it with fellow forum members.
Trade safe and prosper.
Demo accounts have their place in trading success. For success in live accounts, demo accounts should be used for developing and mastering one or two functional trading systems/strategies and learning solid risk and capital management. What have you being doing to master one or two trading systems/strategies rather than system-jumping?
The only thing one can do is test it over and over again until they get used to using it to trade.
Imho, we all have to be mentally, emotionally and physically vital to trade well. Do you agree with this? Do you have any experience to share on this?
Trade safe and prosper.
• I think emotional stability is essential for long-term trading success.
• Mental stability is less essential in my opinion.
I’m thinking of several “evil geniuses” (not personal acquaintances), who are brilliant in their careers, while being certifiably mentally ill.
On a humorous note, in the modern BBC tv adaptation of the Sherlock Holmes saga, Holmes (played by Benedict Cumberbatch) tells Watson, “I’m not a psychopath. I’m a high-functioning sociopath.” I think there are high-functioning traders, with serious mental problems. Maybe even a couple here on this forum.
• And I think that physical vitality is least important.
I personally know traders who suffer from serious physical disabilities, but are able to bring mental focus and emotional stability to their trading, and as a result they are able to trade successfully.
In the world of theoretical physics, Stephen Hawking comes to mind. Despite severe physical disability, he has distinguished himself as one of the great physicists of our time.
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A couple of interesting articles:
The Association Between Major Mental Disorders and Geniuses… Psychiatric Times 2014
The Association Between Major Mental Disorders and Geniuses | Psychiatric Times
Does Mental Illness Enhance Creativity…BBC Future 2016
Thanks Clint. However, I disagree with your viewpoint. In each case, the catch-word is ‘vitality’ not ‘ability’. At any rate, what experience of yours do you want to share in regard to trading Forex successfully? In this context, will you trade better for example, when you are physically vital (healthy) than when you are not?
Trade safe and prosper.
I, personally, think that Forex trading is a purely mental exercise. As long as one can think clearly and analyze the market then they can trade.
Do you consider predetermined turning zones/areas from which to enter trade? Which time frame do you use to determine such zones?
Trade safe and prosper.
For the most part I use the 4H time frame to determine such zones. Occasionally I use the D1 one too.
As a short-term swing trader, I use mainly the weekly time frame to determine my S/R or turning zones; and because my setup time frame is the H4 time frame, I get minor or contemporaneous S/R zones from the H4 time frame.
Trade safe and prosper.
I am closing trades on my 4 accounts today and will manage on 2 accounts only. It is really tough to manage 6 or 7 accounts especially when a losing trend starts, your fear factor got triggered real bad.
Do you avoid using the other time frames altogether? Or you make exceptions from time to time?
Is that what you learned recently? Did you find that such an approach will make you a better trader? To other forum members, what would you do differently next time you trade based on what you learnt recently?
Trade safe and prosper.
Hi mate! I get my S/R areas mainly from the weekly time frame. Then I move down to the H4 to mark (minor) S/R areas that may be too far (e.g. more than 100 pips) from the weekly time frame and look for reactive candlesticks around the areas. However, I enter my trade on the H1 or M15 time frame, depending on what I see on the H4 setup.
Trade safe and prosper.
Some traders believe that all they need to be profitable in Forex trading is luck. Do you share this sentiment?