I recently sat down and made a list of all my trading faults. If you have a capacity for honest self assessment you will know what they are. I then created a goal for each of the things on my list which was its opposite.
So for me consistent journal writing and record keeping I knew was not that great. I have bursts of it, then either have no time or get bored – and I also think that accurate journal writing is fuel for the rocket of personal development so I MUST do that. I worked out that half the problem was not having a consistent format that I was happy with so I think I’ve fixed that.
There were a few other things, but that was the process. Create a list of your known issues and reverse them, and focus more on those goals than anything else.
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rssTen Common Reasons Traders Lose Discipline And How To Avoid Them.
There is very little that is new in the world of trading psychology but mastering the basics and mastering our mind is essential if we are to develop as highly efficient traders. The following are common discipline issues and suggestions to counteract them. Discipline is needed if you are to succeed as a Forex trader
1. Boredom and a need to trade for the “buzz”
Try to use dead time between trades for things like self improvement training i.e. read a book by your favorite personal development guru or learn to meditate/practice Yoga! Anything that keeps you in the right frame of mind for the job of trading. A positive mindset will have a positive impact on your bottom line over time.
2. Trading when tired.
One of the great things about trading is that we can close for business whenever we want. If you are not in the correct mindset for trading then shut the shop! There will be no customers banging on the door shouting for you to open up.
3. Not taking a loss well and revenge trading (more…)