Author Topic: Disciplined Trader  (Read 127 times)

Magyar

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Disciplined Trader
« on: October 16, 2020, 04:32:05 PM »
Hello.
Some of you will know that I have had a hard time lately with my lack of discipline. I googled 'trading discipline' and found this video. Im not saying you should go to his youtube channel or anything, I just thought it was amusing.


Kaitsu

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Re: Disciplined Trader
« Reply #1 on: October 16, 2020, 06:47:40 PM »
Hello.
Some of you will know that I have had a hard time lately with my lack of discipline. I googled 'trading discipline' and found this video. Im not saying you should go to his youtube channel or anything, I just thought it was amusing.

Funny, yes! But a serious topic! :)

I don't know how many times I and others have written about discipline in trading. Without it you are not a trader, you are a gambler taking punts based on chasing the price - which most often then turns against you in the other direction......but you already know all this! :)

And you also know that the longer you continue to taint your strategic trading with these punts the longer it will be before you can scale up and trade decent size that will earn you the rewards that make the effort worthwhile!

You know, for an old timer like me I sometimes think this problem is because it has become too easy to put on and take off trades. In my earliest days I drew my charts by hand and telephoned my broker on a landline to place or change trades. In that environment one really had to be sure and think carefully before phoning!! Spontaneous trades were almost impossible to do!

So unless your apps are a necessary part of your trading equipment it would indeed be better to remove them for now.

Maybe you could set a time of one month during which you only trade your strategy and see how your results change. If they are significantly improved then you will find it hard to go back to taking those spontaneous equity-killer trades (and i think you will find that your trading has also become considerably more enjoyable!) :)

Take pride in becoming a strategic analytical trader that earns a consistent income!

By the way, how many trades do you usually take per day/week/month?
« Last Edit: October 16, 2020, 07:01:08 PM by Kaitsu »
Ships are safe in harbour - but that is not what ships are for......