You can analyze the market all you want,
But if you don’t practice discipline, you won’t see consistent profits.
Here’s how to cultivate discipline with 5 lessons from Marty Schwartz🧵:
Consistent Routine
– Develop and stick to a daily trading routine.
– Schedule your trading activities to enforce structure.
– Regularly evaluate and adjust your routine to maintain effectiveness.
Persistence
– Maintain your trading approach even in challenging times.
– Stay committed to your strategy during losing streaks.
– Use setbacks as opportunities to reinforce discipline.
Accountability
– Hold yourself accountable for every trading decision.
– Share your trading plan and outcomes with a mentor or peer group.
– Use feedback to improve discipline in your trading approach.
Adherence to Rules
– Set clear trading rules and never deviate from them.
– Use automation where possible to maintain discipline.
– Regularly review and update your rules to align with market changes.
Risk Management
– Integrate disciplined risk management strategies into every trade.
– Set and follow strict risk/reward ratios.
– Ensure every trade complies with your overall risk tolerance.
To learn more about How you can Start Trading for a living, sign up below for my Free Training on the “7-Steps to Financial Freedom through Trading”.
