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Thread: ROLE OF DISCIPLINE IN TRADING

  1. #1
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    ROLE OF DISCIPLINE IN TRADING

    If i was asked when i started the trading of forex, i will say the knowing of the trend of the market is the only thing needed by traders, but the truth is that, we need more than that to make success out of forex trading. And many of the things that are affecting traders to make success is emotion, and the only cure to this is the discipline of the trader. Discipline is a virtue on its own, it remolds, rebuilds and put in shape the trader at all time, and this will not let traders to trade in a way that is not fit for a qualifying trader. This shows they will be trading within the scope of their trading system, and do not give room for emotional trauma to affect them while they trade what they know.

    Criterias to be disciplined; You can not just believe you will be disciplined, and you will actually be disciplined, you will be disciplined on purpose, and you will have the determination to overcome the side attractions that might affect the discipline.

    1. You have to have faith in your trading system
    2. You must trade with the amount that can not build your emotion
    3. You must have the determination that, you will either do what your trading plans say or do nothing in the market.

    If all these three criterias could be obeyed, i am sure that you will not have issue with discipline. And before the number one point could be achieved, i believe that the traders would have got the good trading system which they have believe over. And by good trading system, i mean the system that can give traders the winning of about 70% consistently, that will build the moral of the trader forver.

    Please share your view on this account too...

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  2. #21
    Trader techboy's Avatar
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    Quote Originally Posted by samprazaan View Post
    [lang=id]if we have good trading strategies and rules in there, it will become a great thing for traders and if only we can support them with good discipline also patience, that will lead us to reach the goals and get success in the market and if only we can keep it stable for all the time, remember, discipline is a must or without discipline then everything become nothing[/lang]
    Right, it is important that the trader has good trading strategies and has the discipline to consistently follow our trading rule so that we can get the desired results, being discipline is a must in trading, it will be impossible for an aspiring trader to be successful if he cant be a discipline trader.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

  3. #22
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    Well, you know in forex trading we would have that good trading strategy, thus to make the trading strategy work for us, then we have to make sure that we have the good trading skills, we have to make sure that we have the discipline to follow the rules, such as the money management rules and the risk management rules.

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  4. #23
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    Quote Originally Posted by techboy View Post
    Right, it is important that the trader has good trading strategies and has the discipline to consistently follow our trading rule so that we can get the desired results, being discipline is a must in trading, it will be impossible for an aspiring trader to be successful if he cant be a discipline trader.
    god strategy is the main thing i know very trader will be looking for, and that is for the fast way to make some thing good from the forex business. except that when discipline is used with this, it increases the way to trading of traders and they can make some thing good from it.

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  5. #24
    Trader layigold's Avatar
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    Discipline unfortunately is what no man can teach you, it is a thing you have to develop and force on yourself. A trader without discipline will have a good plan on trades but do contrary things either before the trade execution or after the trades have been taken. I have got to know that those who give useful suggestion on a forum like this fall victim of what they try to warn people against for the lack of discipline. How far you go in trading career is largely determined by the amount of discipline you possess.

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  6. #25
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    Quote Originally Posted by layigold View Post
    Discipline unfortunately is what no man can teach you, it is a thing you have to develop and force on yourself. A trader without discipline will have a good plan on trades but do contrary things either before the trade execution or after the trades have been taken. I have got to know that those who give useful suggestion on a forum like this fall victim of what they try to warn people against for the lack of discipline. How far you go in trading career is largely determined by the amount of discipline you possess.
    [lang=id]yes, it comes from us and when we have the intention and dedication, then discipline is there, so why, traders need to see this business seriously and sure that we take this business as the right choice and support it with good responsibility, that is the thing for us to make discipline come up and become the foundation for us[/lang]

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  7. #26
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    Quote Originally Posted by techboy View Post
    Right, it is important that the trader has good trading strategies and has the discipline to consistently follow our trading rule so that we can get the desired results, being discipline is a must in trading, it will be impossible for an aspiring trader to be successful if he cant be a discipline trader.
    So to work we have to have strategies and also discipline. For all the newbies,what is most important is to practice in demo account for atleast three to four months,so that they can gather experience and can understand the market strategies well. Also,proper analysis is equally necessary for a good start.

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  8. #27
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    Well, what I have got to know is that a disciplined trader will have less loss therefore he will have more profits, because he will not just take any trades that comes his or her way, therefore that is what we have to know in forex trading thus because of how disciplined a trader would be, he will be taking perhaps few trades in a month.

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  9. #28
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    Quote Originally Posted by splash View Post
    Well, what I have got to know is that a disciplined trader will have less loss therefore he will have more profits, because he will not just take any trades that comes his or her way, therefore that is what we have to know in forex trading thus because of how disciplined a trader would be, he will be taking perhaps few trades in a month.
    With discipline we just need to use our knowledge and get rewarded in Forex trading. A trader can make Forex trading as his only major job if he is confident with his knowledge and skill in doing profitable trades. And it apparently will take much experiences and years to acquire those skills.

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  10. #29
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    Quote Originally Posted by samprazaan View Post
    [lang=id]yes, it comes from us and when we have the intention and dedication, then discipline is there, so why, traders need to see this business seriously and sure that we take this business as the right choice and support it with good responsibility, that is the thing for us to make discipline come up and become the foundation for us[/lang]
    Well, it is good to be serious in the market, that is the first key I always tell traders that come across my path in trading. No matter what you are doing, when you are not serious, then, forget the rest. Even if a trader is disciplined and not serious about it, such traders will not hold any responsibility, and they will be waving at times.

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  11. #30
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    Quote Originally Posted by samprazaan View Post
    [lang=id]we knew that discipline is the best foundation for us to stand in the market for trading forex, that will give us much advantages to work and get the best performance to manage the risk, traders with good discipline will get the right way at forex trading and the market pay them for the right thing[/lang]
    Discipline is a good part for every trader to work with, nothing is hidden or hard here, it is by pure replica of what you believe is good, that is what the discipline will do for traders. And to be discipline is not going to come with ease, traders will force it upon themselves since they know it is what is good to be done in this forex business.

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