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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. #51
    Trader Senorita's Avatar
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    Discipline helps us to stick to our trading plans instead of making wrong moves in the market because you saw some opportunity to make fast profits. Every forex trader must work to create a better means of trade and realize that if they are going to do well in forex, a proper discipline is needed and this is what can help us see that our goals are been achieved. We must learn to make a great trade and see that we can be discipline enough to follow our trading plans with the right risk management.

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  3. #52
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    Quote Originally Posted by Senorita View Post
    Discipline helps us to stick to our trading plans instead of making wrong moves in the market because you saw some opportunity to make fast profits. Every forex trader must work to create a better means of trade and realize that if they are going to do well in forex, a proper discipline is needed and this is what can help us see that our goals are been achieved. We must learn to make a great trade and see that we can be discipline enough to follow our trading plans with the right risk management.
    You have it right. A trader who is disciplined will make money more by not just taking too much trades but taking selective trades as they know that taking selective trades is the only way by which they can make them selves less losses and more quality trades. That is why we have to learn on how to ensure to take the learning of being disciplined seriously.

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  4. #53
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    discipline is a must in the right way for the trading . by which we can adopt a very proper strategy which may be very good at different ways for the trading . so by getting a very good system in the trading we can be able to choose when we enter the market and when we can be out the market and away of it . so this can help us more

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  5. #54
    Trader sniper007's Avatar
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    Quote Originally Posted by hosny55 View Post
    discipline is a must in the right way for the trading . by which we can adopt a very proper strategy which may be very good at different ways for the trading . so by getting a very good system in the trading we can be able to choose when we enter the market and when we can be out the market and away of it . so this can help us more
    If we can not have the discipline then there is no way we can make money. Discipline is the key to successful trading. Because with the discipline comes the right amount of right execution of trades. But with less or not discipline comes bad trading method.

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  6. #55
    Trader YoyO_o's Avatar
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    good discipline will give us more value in trading,i consider discipline to be the most important factor in our successful trading career. also controlling greed and fear when trading and following risk management strategies and money is the important rule to be followed.

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  7. #56
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    The market for foreign currency exchange isn't as it's painted by the trading platform engineers and some trick brokers. They paint the market as though it doesn't include losses, but instead just produces gains. They paint it as though it is anything but difficult to be a trader and you wouldn't require anything much. Obviously, you needn't bother with anything much compared to different careers yet at the same time, there are sure one of a kind requests for the foreign currency exchange showcase that are required.

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  8. #57
    Trader J_C_Anderson's Avatar
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    Discipline is extremely important in trading since it allows trader to act stricktly in accordance with the rules prescribed by the strategy and to follow the trading plan develop before the trade. Actually, discipline is one of the key elements necessary to succeed in trading. For sure, not everyone is disciplined enough, but the great thing that it is possible to improve discipline through hard working process. Of course, it will take some time to become disciplined, but to my mind it absoutely worth all time spent and efforts paid. If the trader will be disciplined, he will be able to avoid emotional trades and make trading decisions based only on the detailed analysis. Another important point is that discipline allows trader to reduce the impact of such emotions like fear or greed on his trading process that also leads to the positive improvements in trading process and trader`s performance in general. Each trader should understand that it is impossible to be disciplined only in trading. Thus, you will have to improve discipline in all spheres of your life if you want to achive sustantial results in trading or in any other sphere.

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  9. #58
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    I believe that risk management is the most important thing in commerce and mental stability is also essential to obtain positive and very favorable results.

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