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What you WILL DO vs. NOT DO is what it comes down to

  
  Education
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In trading you MUST take action and control.  It’s not the market makers, or the talking heads, or your neighbor, or any of the experts or people you entrust with your money that are causing your losses or your poor investing performance.  You are making the decisions, directly or indirectly.   Any trading and investing decisions made in your accounts are all DOWNSTREAM from you and your initial decisions, so you can make different ones in the future.

But you must take measurements.  You must have a plan.  You must assess, then make DECISIONS to GET you to your FINANCIAL, HEALTH and RELATIONSHIP goals.

In trading we teach a very simple and effective way to make consistent profits in the markets.  There is a learning curve and much of that curve is you getting to know you.  It’s understanding the psychological aspects of trading profitably with consistency and making those thought process changes that are necessary to get you in a winner’s trading mindset.

For many people this is a challenge.  The actual steps and actions you must take are not laborious or physically draining, they are simple things that need to be done but will go against the natural instinct to just want to go through each day on ‘autopilot’.

And this is why many a trader who is struggling slips into the ‘blame’ or ‘victim’ game.  Being aware of this is important and we are all human and capable of slipping off track……but the key is to catch it early, forgive yourself for it, and then learn and ‘zig zag’ your way back onto the path that will get you to your goals.

Self-Discipline in Trading

  
  Education
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Having self-discipline is having the ability to follow through on your plans and goals.  Often times we get tugged in various directions and enticed by making choices that don’t help us along our path to our goals and fulfillment.

“The path of least resistance is what makes all rivers and some men crooked.”
                                                                                                                               – Napoleon Hill

Self-discipline is the ability to make the conscious choice (ultimately it becomes a habit) of doing the thing that will move you towards your goal – and sometimes it’s the hard or unnatural or unpopular thing to do.  It’s foregoing instant gratification for the longer term objective.  Typically, however, people operate on autopilot and this is dangerous when you have not yet developed the right ‘habits’ for success.

In the trading game, you must have self-discipline. You must look at the entire forest and not focus on one tree.  If you get too caught up in each and every trade, you will lose sight of the larger goal.

The key is to care a lot about your overall trading progress, but not care too much about any individual trade.

Your Identity also plays a huge role in this because if you see yourself as someone who lacks self-discipline, then all the will power in the world will not overpower this.  You are someone, in your mind, who lacks self-discipline.

So the key components to have self-discipline in Trading are: (more…)

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