Archives of “strict discipline” tag

rss

Confidence, Discipline and Consistency

  
  Education
#  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #

While day-trading is a great way to make a living when you are consistently profitable, it can also be the worse career choice if you consistently lose. Continue forward with system development, or working towards effective risk management, money management, or mastery of your trading psychology. Trading psychology means the big 3: discipline, confidence and consistency.The trading psychology takes precedence because it is needed to make sure that the other two are followed.

It takes a skilled trader to understand execute all of the things that are needed to be successful and earn a significant amount of profit doing this alone. Money Management is essential to preserve your trading capital and is simply a set of rules that governs how much money you have at risk. Take control of your trading Psychology and adhere to strict discipline in trading your developed and refined Trading System.

Building confidence on the system is extremely important as that is the only reason why you stick to the system during bad times. Day trading requires focus and discipline on the part of the trader with a high degree of risk tolerance since losing trades are numerous. (more…)

Stick to your game plan

  
  Education
#  #  #  #  #  #  #  #  #  #  #  #

the-game-plan-poster-425Sticking to your game plan is the hardest thing to do as a trader.The reason it’s so hard is that it take strict discipline and an emotional detachment from the outcome.Knowing what to do and doing it are two seprate issues.Trading involves so many unforseen elements and market fores the mishaps and fuzzy thinking materialize even at the most advanced levels.The only way to trade suscessfully through this sea of uncontrollable elements is to have the discipline to stick to your game plan.Your plan is the shield that no market force can penetrate ,unless let it.

The main reason experienced traders lose is that they fail to follow their own rules.There are hundreds of reasons and excuses for deviating from a trading plan-for breaking your rules.In the long run ,the reasons make zero difference.In the end ,people are judged by their results ,not the quality of their excuses.In an unstructured environment with multiple sources of reason pulling you in different directions ,rules become the cornerstone for success.

A trading plan is predictable.It provides sources of reason given any number of existing circumstances.It filers out noise and encourages discipline.Remember that having a trading plan and sticking to it is invaluable.The simple recognition of this fact can provide the stimulas to adhere to your own plan.

Go to top