How to Learn Discipline

sumosanammain

Well-Known Member
#61
Totally agree with you.
As it is, 90 percent of traders in the market dont have a system. They just wing it. The remaining who do, a very miniscule percent of them know what parameters have to be satisfied to make a system. All they are looking is for the best indicator. But... pulling the trigger at the perfect time is main. Also, some systems are not tradeable, as they require entries at the close of the bar, or the open of the next bar, and we all know, getting the same rate as the open of a bar is a myth at best.

What traders need, is a system suited to THEIR own personality. That they can execute. And a back test, done by hand. Written down. Over a minimum of 5 years of data or 3000 trades. For Intraday trading.
Then they need to adjust their Psychology to be able to trade the system through drawdowns.

Show me Tejas, How many people have you come across that are doing all this?
Even the people who are maybe winning for the last few months may get the shock of their lives, as the markets are currently trending.
If God forbid it goes into a sideways, low volatility phase like 2017, these traders will get wiped out, as they would have ramped up their volumes, and the low volatility would hit them at their biggest size.
 
#62
One should completely leave out emotions when trading. One should also figure out whether the objective of trading is to make money or having excitement in life ! Making money in trading is actually boring. Follow these 3 simple steps..1) Leave out emotions, 2) Have stop losses and stick to them come what may , 3) Have a trading plan and stick to it !
Well said brother. Good points
 
#63
One should completely leave out emotions when trading. One should also figure out whether the objective of trading is to make money or having excitement in life ! Making money in trading is actually boring. Follow these 3 simple steps..1) Leave out emotions, 2) Have stop losses and stick to them come what may , 3) Have a trading plan and stick to it !
Those are some really important points to check. I agree!
 
#65
People are still running after a system with a fantastic hit rate. What they don't know is that, even if such a system is hand delivered to them, most probably they will continue loosing money. Trading Psychology is 80 percent of any trading system.
Very true. Even the most perfect setup will fail in the hands of someone who doesn't know how the market functions and how it affects trading.
 
#70
An effective way to discipline yourself is to keep your daily routine.
Yes that's one of the good ways. Also I think if one is not able to manage with the discipline part, then taking a break would give him the needed calm and he can restart again later.
 

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