How to Learn Discipline

[pannet1]

There is no treatment for discretionary trader. The solution is simple and sequential for a systematic trader. You cannot jump from one to another by missing out the one in the middle. I am trying to provide here, what my mentor taught me.

1) keep 2 YEARS worth of LIVING EXPENSES
2) BACKTEST your system with 10 years of data, MANUALLY
3) find out whether your system has EDGE or NOT
4) find out what is your MAX DRAWDOWN and MULTIPLY It by 2.
5) assume that you are going to HIT your (MAX DRAWDOWN X 2) from your first trade on wards.
6) FOLLOW your system.

You are CONFIDENT that your system works because you have backtested for 10 years . now you will be DISCIPLINED

Good Luck !

 

[Blackhole]

There is no treatment for discretionary trader. The solution is simple and sequential for a systematic trader. You cannot jump from one to another by missing out the one in the middle. I am trying to provide here, what my mentor taught me.

1) keep 2 YEARS worth of LIVING EXPENSES
2) BACKTEST your system with 10 years of data, MANUALLY
3) find out whether your system has EDGE or NOT
4) find out what is your MAX DRAWDOWN and MULTIPLY It by 2.
5) assume that you are going to HIT your (MAX DRAWDOWN X 2) from your first trade on wards.
6) FOLLOW your system.

You are CONFIDENT that your system works because you have backtested for 10 years . now you will be DISCIPLINED

Good Luck !

lucky you.....mentor is a lifeline......

 

[pannet1]

lucky you.....mentor is a lifeline......

There is a twist to it. I am not a systematic trader. So none of the above said rules apply to me.

Once when i followed him, there was a Aaha moment. Read in many book let your winners ride. But the mentor really have to hand hold me to teach that. Rules was like this.

Enter the trade followed by SL.
No trailing till 3.OO (P.M) for intraday trading.

Holding on to the winner was out of the world experience. Before that I have to control the urge to trail and see price hit the STOP LOSS.

 

[The Pig]

There is no treatment for discretionary trader. The solution is simple and sequential for a systematic trader. You cannot jump from one to another by missing out the one in the middle. I am trying to provide here, what my mentor taught me.

1) keep 2 YEARS worth of LIVING EXPENSES
2) BACKTEST your system with 10 years of data, MANUALLY
3) find out whether your system has EDGE or NOT
4) find out what is your MAX DRAWDOWN and MULTIPLY It by 2.
5) assume that you are going to HIT your (MAX DRAWDOWN X 2) from your first trade on wards.
6) FOLLOW your system.

You are CONFIDENT that your system works because you have backtested for 10 years . now you will be DISCIPLINED

Good Luck !

Thanks, will try. Btw the link isn’t working.

 

[afin]

I have tried this too, but I couldn’t do it regularly,indisciplined in this too. But I must try it now. Thanks

it really helps. There is a concept called the neuroplasticity of the brain. It is one of the benefits accrued when you start meditating.

Check - https://www.britannica.com/science/neuroplasticity & https://universityhealthnews.com/da...rains-marvelous-ability-to-reengineer-itself/

Ping me up if you need/ have any clarifications! I have been a decision neurosciences researcher in one of my previous stints, so I might be able to help you with it

 

[The Pig]

it really helps. There is a concept called the neuroplasticity of the brain. It is one of the benefits accrued when you start meditating.

Check - https://www.britannica.com/science/neuroplasticity & https://universityhealthnews.com/da...rains-marvelous-ability-to-reengineer-itself/

Ping me up if you need/ have any clarifications! I have been a decision neurosciences researcher in one of my previous stints, so I might be able to help you with it

Thanks a lot for trying to help me out. How do I go about it, just 10 minutes is enough? Morning or anytime. How do I get disciplined. As I told already I tried but couldn’t do it for long. How do you guys stop yourself from getting distracted?

 

[afin]

Thanks a lot for trying to help me out. How do I go about it, just 10 minutes is enough? Morning or anytime. How do I get disciplined. As I told already I tried but couldn’t do it for long. How do you guys stop yourself from getting distracted?

Doesn't matter. You can slowly build the stamina - you can start with just 3 to 5 min a day and keep building the minutes as you go. Just do not rush yourself and be gentle upon yourself.

These are pretty good. Do them at anytime but preferably before you have a meal or have eaten something.
http://franticworld.com/free-meditations-from-mindfulness/

 

[pannet1]

Thanks, will try. Btw the link isn’t working.

it was not actually a link. i pointed out to the username @madank
you can read more on the psychology part from his blog

the point i was trying to make is a part of the indiscipline is coming from lack of confidence in the system. (the mind). the other part could be from the body. (karmic memory).

 

[dd_trader]

There is no treatment for discretionary trader. The solution is simple and sequential for a systematic trader. You cannot jump from one to another by missing out the one in the middle. I am trying to provide here, what my mentor taught me.

1) keep 2 YEARS worth of LIVING EXPENSES
2) BACKTEST your system with 10 years of data, MANUALLY
3) find out whether your system has EDGE or NOT
4) find out what is your MAX DRAWDOWN and MULTIPLY It by 2.
5) assume that you are going to HIT your (MAX DRAWDOWN X 2) from your first trade on wards.
6) FOLLOW your system.

You are CONFIDENT that your system works because you have backtested for 10 years . now you will be DISCIPLINED

Good Luck !

Very Good points. I am also new to trading. Will keep these in mind. Thanks

 

[sumosanammain]

There is no treatment for discretionary trader. The solution is simple and sequential for a systematic trader. You cannot jump from one to another by missing out the one in the middle. I am trying to provide here, what my mentor taught me.

1) keep 2 YEARS worth of LIVING EXPENSES
2) BACKTEST your system with 10 years of data, MANUALLY
3) find out whether your system has EDGE or NOT
4) find out what is your MAX DRAWDOWN and MULTIPLY It by 2.
5) assume that you are going to HIT your (MAX DRAWDOWN X 2) from your first trade on wards.
6) FOLLOW your system.

You are CONFIDENT that your system works because you have backtested for 10 years . now you will be DISCIPLINED

Good Luck !

By far the best post EVER read by me in Traderji. Would love to connect with you one on one brother. You sound like my type of trader
Just no words to amplify points 1, 2 and 5.