How to Learn Discipline

milkyblack

Well-Known Member
#31
- be a constant and long distance runner, don’t give in so easily to losses.
- never copy other people’s trading plans. Have your own and follow that strictly.
- keep interacting with experienced traders and learn from them. Remember, there is a difference between learning and blindly following.
- have goals that can be achieved. don’t try something that is beyond your reach, as that will bring only stress and no confidence.
The last point is very important. Nicely put.
Being in this game for more than 10 years now as a full time trader, I can vouch that achievable and realistic goals can make a huge difference to help being disciplined


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#32
In order to inculcate discipline in your trading as rightly said by a lot develop a realistic goal and formulate trading plans for achieving these goals. Also , you should prefer to trade during the initial hours. Analyse the markets on a regular basis and don’t forget EOD trading. Another tip that i can give is that stick to your proven techniques. If some strategy has paid you well, try to stick to it. Lastly assume responsibility for your trades.
 

MSN1979

Well-Known Member
#33
spanking, fear, disgusted, passion feelings may cause it to happen. For every individual its different
 
#34
Thought I should update on my progress, I didn’t try meditation, though I have time to binge watch movies, strangely there seems to be no time for meditation.
I maintained a journal,noted down why I took trades, what my plan was and realised I don’t have any plan. I did it for 2 months and stopped it.
Will try all these again.
Thanks all.
 
#35
Some ideas to develop trading discipline according to me:
  1. Withdraw your profits every week & let your capital remain for future trades. This will help you recognize the importance of booking your profits. For example, let's say you make a profit on a few trades and end up net positive for the week. You withdraw those profits and buy something with it. By doing so, you will actually realize the fruits of your labor. If you let the profits remain in the trading account, you will feel like risking it for future trades as it provides a layer of cushion against your capital. More often than note (unless you're experienced), you will squander away booked profits by booking losses in future trades. However, if you withdraw some profits, you will be eager to do it again and thus trade carefully.

  2. Record your daily performance. Objectifying your performance on a day to day basis helps to stay on track. Otherwise, it's very easy to wreck your own plans the minute you get excited or afraid while trading! A plan is not necessary but recording your daily performance in terms of P&L, No. of Trades, Views, Tomorrow's expectations is very helpful IMO.

  3. Take the FYERS 30 Day Challenge. I'm serious, it helps! We have seen the winning ratio to substantially increase among the ones who take the challenge than the ones who trade in the regular environment.
Disclaimer: I have a vested interest in mentioning FYERS 30 Day Challenge as I represent the company. However, I thought it was appropriate to mention it in this thread as it is directly related to the main query which is regarding trading discipline. I encourage readers to make their own informed decisions.
I don’t have FYERS account, but will open one earliest. Though none of my friends use FYERS, I will give it a try bcoz I like the fact that you answer as many possible questions even while handling a business. I am not undermining others, definitely everyone’s time is important and I appreciate all for taking time to educate others.what I am saying is i always pretend to be busy when i can make some time off for self development. By busy I mean watching movies.!!!!
 
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#36
Discipline management is one the hardest things to master at the same time most important element of successful trading. So in order to become a disciplined trader, follow a trading routine which includes your pre market analysis, major market hours trading and end of day hours.
 

GENIETRADE

Well-Known Member
#40
If you are indisciplined in your regular and routine life, that peeks into your trading too. Make a time table for your next 2-3 days regarding your work, rest, reading, viewing TV, cooking, eating, bathing, leisure etc. This table should dictate from/ to timings of each work or rest. Strictly follow it as per time table. Then see yourself the trading results.
 

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