In the world of trading the word discipline has been tossed around like it was free...
if you have been trading for some time now, you will realize that actually acquiring discipline is a lot harder then it seems! Tip: Build your self and learn discipline Cultivating discipline in trading can be the hardest thing to do.
In our exercises (if you have been following them earnestly) you would have started on a foundation to build discipline.
But all our exercise can do for you is exactly that, to lead you to this discipline foundation.
The authors cannot "give" you discipline.
I can of course tell you all about the benefits of discipline and teach you the steps to achieving it, but the one to take action and get things started is YOU! There is no harder aspect to train than a disciplined trade.
There will be always distractions and when your confidence is wavered, even for a moment, then "wham" you would most likely lose your trade.
It could be that you made an exit, or it could be that you increased your position, or shifted your stop loss even before you should.
It could be anything, and it WILL be disastrous.
The discipline you need can be actually "taught' to yourself.
Let us explore the power of "Neuro-linguistic programming" or what is commonly called "auto-suggestion".
The above can be explained as the harnessing of your mind's power.
You make yourself believe in something and when that becomes habit it becomes part of you.
Action steps: Get a piece of paper; write out your trading plan if you haven't done it already.
Before each trade, you will read out aloud to your self your WHOLE plan! Do not skip a line, do not miss a word.
Read it as if you were presenting it to a student.
The above mentioned step is two-fold in purpose.
First you will build discipline through habitual action.
Second, auto-suggestion kicks in and in your sub-conscious you actively plant the seeds of success! Tip: It is easier to do this alone.
Although it might seem good to have group support, you don't want to be listening to another person's plan.
The reason is that you will be wavering in your focus and that defeats the purpose of the exercise.
When you start to feel that you have gained some form of habit, then you have started on your way to discipline your trades.
Take for example, how you would get a child to brush his or her teeth every morning and night.
You would most likely make it a point to remind the child consistently, until it becomes a habit for the child Thus the child throughout his or her whole life will remember to brush their teeth! This is exactly the same effect you wish to accomplish for yourself.
Action Step: Have a support group, even an online forum, give feedback, and ask opinions.
Learning can only occur when you have an open mind and heart.
There is a lot of information, but the trader who succeeds is the one who TAKES action.