Cultivating Discipline in your Trading Career

[moonchild]

Discipline is very important in forex trading because without discipline you will end up hurting your account and end up not profitable or with a blown account, it is very important to learn to cultivate it and also stick to it when it matters the most else you'll not reach your goals.

Take few trades, if you looking at building your discipline please learn to take few trades and make sure they are high probability and do not rush in taking trades it is a self fulfilling prophecy, make sure you're sure of what you see before executing.

Keep a trading journal, a trading journal will help you tremendously and will give you a sense of responsibility in trading because whatever you do will be input so you'll be motivated to do well.

 

[FinTrader]

Discipline is very important in trading. Its absence will not help you make money even if you have a trading strategy, when the trader cannot wait for its signals and manage his emotions. Without discipline and patience, you always want to quickly enter the market or compensate for the loss here and now, or increase the lot in transactions in order to earn more and quickly. This means more errors and losses.

 

[btaliat]

There is no gain for any trader that doesn't imbibe discipline to his trading. It is very important for a trader to learn how to discipline himself against all the temptations that are associated with trading.

There are some times that the market will look good but it is not, it is the discipline level that will prevent a trader from trading at such occurrence. There are some times that a trader will want to want to use more than what they can afford for trading, discipline as well will help to restrict such occurrence.

 

[Carson20t]

That is very true that we should not have greed when trading and in our trading journal we should have a trading plan. I think that the amount of money you have as an investment should be directly proportional to the expected profits that you are planning to make. For example with a $10 investment you should be expecting to be making a profit of $1 daily for several days you can trade in a month. If you have $100 then you should be making at least a $10 profit every day. This will make you have discipline and not blow your account.

 

[FinTrader]

Discipline also helps to always follow the rules of risk management. No matter how much you would like to earn a lot and quickly on Forex, you need to understand that this is only possible thanks to increased risks in transactions. But this can also lead to a quick loss of your investment. Therefore, if a trader has discipline, his deposit will be safe and possible incorrect trades will not bring a big loss.