Saturday, February 9, 2013

Discipline

Discipline is the bridge between goals and accomplishments.

If you can get this simple concept right you'll probably have a great trading career. The only trick is it's a massive all embracing concept.

Discipline to:

1)Take the time and effort to check your trading plan works (in up/down/ranging markets).
2)Execute flawlessly. This doesn't mean every trade is a winner (they won't be) but it means to trade when you see your rules play out.
3)Not chase a move simply because you are scared you'll miss out, there are more trades coming.
4)Know the difference between a price move and a trade. A trade is something that complies with your rules. A price move is a random jump in the market that you couldn't have anticipated.

So plan your trades, trade your plan and avoid the wrong trades.

No comments:

Post a Comment