We have summarized the comments of 4 traders about being a more disciplined trader.
A day traders comments: He is a consistent trader his accuracy was good but would have
a blow up one day a month and lose a lot of what he had made. When he realized that
being right is not the key to making profitable trades. Sticking to your pre determined
plan and making high probability trades and not being emotionally attached to being right.
Stick to stop losses religiously. When he corrected his thinking he has quadrupled his
profits in just a few weeks.
Another trader makes a few comments. Traders look for the Holy Grail. The Holy Grail
could be within you. Get rid of the bad habits you have. Harnessing your emotions gets
rid of bad habits that keep you from being a winning trader. People over look their i
nner trader. Traders need to get rid of the bad habits and reinforce the good skills
they have by being disciplined.
This trader felt that there was an advantage of strong mentor ship. Trading is 85% mental
and 15% know how. If you are a disciplined trader you are following the rules of your
trading strategy. Step back look at the trading strategy, document the rules and make
sure that you are truly following the rules. Successful traders document their trading
activities they learn over time where they have improved. You need to be a disciplined
and focused trader. Being more patient and waiting for the high probability trades you
will notice the percentage of your winning trades will go up. Being disciplined will
help you to have more confidence and be calmer in your trading.
When you learn the basics of trading you do not have to learn about your emotions.
BUT when you start trading live you quickly learn about your emotions. Control the
emotions of fear and greed. You will not be able to eliminate it but you have to
control them. Writing the journal helps you know where you need to improve you do
not have to tweak your trading system. How you feel when you lost and when you won.
Take less trade avoiding the bad trades so the account grows. People will spend a
lot of time learning the technical side of trading but never do the record keeping
or checking their emotions.
See if any of this information could help you become a more disciplined trader.