I am learning Discipline

#1
Hello friends

I have been trading for more than a year now, and still not learned the basic "DISCIPLINE". I trade a system for 3 days continue to make profit and lose all the profit and a major part of my capital in one day. All these days I am still continuing doing this. ?????? Am I a dumb person? NO I would say I am above average and even say I am smart. I am a businessman and I am very successful through out my career. Then why am I into trading???? Because I wanted to take up trading as my career and be successful. I tried many methods to be a disciplined trader, but failed in all my attempts. Why???

Because I did not revealed to anyone what am I doing in front of the terminal all day, so, I am doing whatever I feel like and converting a 2000 loss in to 10,000/- and again making a false promise to myself that I will follow the rules hereafter.. after 2 - 3 days back to square one.????? If I were to omit the big losses I made, I have made quite a sum of money through trading.

So, I have decided to post here what am I doing honestly, and see the result after one month If I am not following the system again, I say "GOOD BYE" Trading. period.

Let me not discuss about the system here, the idea here is to "FOLLOW" to the dot. of course the system has logical entry, logical stop and a realistic exit.

If any of you have this problem and wanted to overcome please join me and post your entry stop exit, and at the end of the day let us see whether we have followed our plans.

My Trades Today
Entry Stop Exit Status
Rpower Short 157.3 158.8 154.6 Stopped at 158.8
Relinfra Short 1125.5 1135 1096.2
Prajind Long 88.4 87.5 89.8
Mrpl Short 76.35 77.5 74.8
Ivrclinfra Short 176.8 178.4 172.8
mphasis Long 661.1 655.3 668.8 Stopped

around 50K for each trade.

Seniors and successful traders I need all your encouragement to become successful. As of now I am not really concerned about the results of the strategy I am only trying to put myself to follow it.


Thanks

Richo
 
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#3
Hi sunny

Come join me lets overcome this. Post your trades here. now my mind is calm and I am not diverting from my plans.

Richo
 

gunavadhi

Well-Known Member
#4
So, I have decided to post here what am I doing honestly, and see the result after one month If I am not following the system again, I say "GOOD BYE" Trading. period.
if you cant trade with discipline then how can you be dicipline enough to stop trading?tobe true i too is of same position and tried to stop trading and I CANT.
 
#5
Hi gunavathi

hmm... good question. After posting my status here, some how I feel relieved and have confidence that I will not violate my rules. I hope stop trading may not occur. :)

Richo
 

gunavadhi

Well-Known Member
#6
Hi gunavathi

hmm... good question. After posting my status here, some how I feel relieved and have confidence that I will not violate my rules. I hope stop trading may not occur. :)

Richo
i dont want to encourage you but if you fail to succeed and you cant stop trading then you will stop posting in this thread.lol. my personal experience speaks this....
 
#8
I traded as per the system today and did not had any problem in following it.

Stoploss hit in prajind, mphasis and rpower, made small gain in relinfra, mrpl, ivrclinfra. I did followed my plans and made Rs.725/- loss.

Richo
 

Placebo

Well-Known Member
#9
Hi Richo. Congratulations to you for identifying one of the shortcomings which keeps you away from what you have in mind. As humans we do not like it when our mistakes are pointed out to us but as traders this is the only way of improving and getting better day by day.

One of the simplest ways of getting rid of this problem is by visualizing the scenario in your head and getting comfortable with the fact that stop loss will get triggered. You have to run this drill as long as you can and then get used to the fact that this will happen. Over a period of time discipline will become a part of the trading routine. Just make sure to keep your ego out of the way.

Hope This Helps

Cheers And Happy Trading
 
#10
Hi lnangia

Thank you for your encouraging words. From now on I am tracking my trading behavior seriously, and I am sure I will overcome this.

Richo
 

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