April 2019, I was four months into the journey of becoming a profitable forex trader.
What I could remember was… I cried almost every night because I usually lose money to the markets.
One night I told God ‘Please take me away tonight because I could not stand the treatments I got from the markets’ The next morning, I opened my laptop and continued trading.
What do I mean by discipline?
It’s simple…Discipline. In trading discipline is when you don’t predict what the markets will do but react to what is happening.
Discipline is when you honour your stop levels and letting winners run
Discipline is having the right trading mindset
I can keep explaining about discipline in trading but those are the crucial parts.
How do you achieve discipline?
In sports, athletes train every day before their event. In trading, you cannot trade every day but you can change your trading habits to achieve discipline.
What do I mean by trading habits?
For example, I started morning workouts before entering the markets, I love taking the morning shower before looking at my charts, I enjoy trading in a quiet space.
THose are my mental and environmental trading habits. Lets get to the real deal.
To achieve discipline in trading, you must have a trading plan, professional traders call it a trading edge. What is a trading plan?
A trading plan is a strategy that has been back tested and is proven to make consistent profits from the markets.
Once you have an edge, you must train yourself to follow your trading plan criterias before placing a trade.
I hope you understand why discipline is important.
PS: I want to see your comments on today’s blog. If you have questions, do well to forward then, I reply immediately