There are many skills required to be a successful trader. In addition to possessing the fundamental know-how about the capital markets and various technical aspects used in trading, maintaining discipline is a very important trait that every trader must possess. We all heard of traders losing millions due to indiscipline or by becoming emotional.
Discipline is the foundation of all functional trading strategies. Without discipline, you will be harmed by the risks of active trading. These risks include fear, greed, and missed opportunity. Only by holding yourself accountable and remaining disciplined at all times will you be able to achieve your trading goals.
If you focus on your trading strategy before learning discipline, the details of your strategy will not really matter. Discipline is what makes successful trading strategies possible. Discipline is why technical indicators, risk management techniques, and trading principles pay off in the end.
It is very easy for traders to feel overwhelmed. Once losses begin to pile up, it can be very tempting to take early exits. Once gains accumulate, it can be very tempting to press your luck. Disciplined traders are not distracted by any particular price movement. They realize that, when applied correctly, their trading strategies produce net gains over time. As the foundation of trading, discipline is what will allow you to put your trading knowledge to good use.
1. Have a clear set of trading discipline rules to follow—if you don’t have the a guideline, how will you be able to follow them? You can’t. So get a set of rules and start following them.
2. Start with something easy and grow your discipline—the best trading strategy for you is one you fully understand. Traders that are overwhelmed, nervous, or confused are likely to lose their sense of discipline. Once you start small and begin to have success following your rules, you will gain confidence.
3. Make following your rules your goal—traders want to make money! However, we need our foundation first. If you can’t build a foundation, then you will never ever make money. So until you master following your rules, make it your goal to follow the rules, then from there, you can begin to tweak the elements of your strategy which will launch you into profitability.
To be a successful trader, start with mastering discipline.
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