Discipline is key in trading, without it, you’re likely to face the pain of losing all your hard-earned money. So, let’s delve into how I mastered trading discipline and how you can too.
Step 1 – Following a Clear Set of Trading Rules
My trading journey began in 2013. Like most beginners, I was excited about the prospects of making money. I hopped from one trading strategy to another, which, unfortunately, led me to lose a significant amount of money. This taught me that lack of discipline usually stems from not having a clear set of trading rules to follow.
The first solution that helped me was choosing one trading mentor and learning their trading strategy in and out. This means ignoring the noise from all other mentors, not because they’re wrong, but because you need to focus on one clear path that works. Choosing one mentor helped me in building discipline and following a clear set of trading rules.
Step 2 – Using the Power of Trading Mantras
The next challenge I faced in my trading journey was over-trading. The excitement of trading led me to constantly check my phone for trading opportunities, leading to entering so many trades and over-trading.
To overcome this, I renewed my mindset by constantly reviewing my trading mantras. These mantras served as reminders, keeping me grounded and stopping me from over-trading. Here are a few mantras that helped me:
- If I don’t follow my trading rules, I am gambling, not trading professionally.
- My trading rules are what keep me objective and guarantee my success.
- If I don’t follow my trading rules, I am declaring to the market that I know 100% what is going to happen next.
Reviewing these mantras daily helped to rewire my brain and build discipline slowly but surely.
Step 3 – Find other activities to do beyond trading
In my initial years of trading, I couldn’t resist meddling with my trades. I would frequently check if I was making or losing money, often leading to hasty decisions that cost me in the long run. The solution was simple: find another activity to do beyond trading. Whether it was immersing myself in work or engaging in hobbies, having these other activities helped take my mind off the market.
Remember, trading success is not about how often you trade, but about following a proven trading strategy and sticking to it with discipline.
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