The first tool is your trading system or the methodology you use to enter an exit the market, your trading system. You need to be very good at the trading system before you can enjoy any success as a trader. Once you have mastered your trading system it is like riding a bike or driving a car. The process of entering and exiting trades becomes second nature and mindless. The second tool and most important is DISCIPLINE. You must be disciplined if you ever want to achieve any level of success in trading. If you are a disciplined trader you are disciplined every trade every day. If you are disciplined 9 out of 10 times then you are not a disciplined trader. The success that a trader achieves in the markets is directly correlated to his trading discipline or lack thereof. Trading discipline is 90 percent of the game. The formula is very simple: Trade with discipline and you will have a greater chance of successes; trade without discipline and you will have a great chance that you will fail. If you want to be a success at trading and will not learn a trading system, make some trading rules and follow them, you are just spending time on an expensive hobby. How, can a trader trade successfully, day after day, trading the markets for years? The answer is simple: Trade with discipline, and respect the market. When their wrong they get out immediately and when there right, they don’t get too greedy. Successful traders are content with small winners and accepting of small losers. In the next few posts we will go over things you need to do to be disciplines. We felt it would be best to give it to you in small doses so you can think about a few things at a time and internalize them rather than just have information overload.
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