The subject of Trading Discipline is a topic than often crops up. And do you know why? Because the majority of Retail Traders (traders like you and me, who trade from home - or maybe from their phone whilst out and about) lose money and it is normally down to their trading discipline - or should I say lack of trading discipline.
And to be brutally honest with you, I have also had a lack of trading discipline in the past and even recently on occasion too.
The solution is simple.
Just stick to the rules.
You select a trading strategy based on your trading style and you're winning! Great! Then inevitably you will lose a trade... or two... or maybe more. So you think it must be the strategy - and because you "know better", you tweak the trading strategy.
Or you see someone else having success with another strategy and you go and investigate what they are doing. But you don't quite master it and so you lose money.
And because you've lost money, you increase the lot size to try and make up your losses, which causes even more damage to the account.
But seriously, engage your trading discipline. Stick to the rules of your trading strategy.
It maybe that the trading strategy you have been using has worked perfectly in a downward trend and now the price has started to push upwards and is not reacting the way you thought it should.
Don't second guess! Follow the rules - and if the set up doesn't meet the rules, don't take the trade.
Get on top of your trading discipline and make your trading journey more enjoyable. You CAN do this. You WILL do this. Success will be yours! Plan the trade and trade the plan.
It is better to be out of a trade wishing you were in it, than in a trade wishing you were out of it.
If you need help - just reach out.
Watch over our shoulder as we conduct LIVE trading sessions in our community.
Pop your details in the boxes below to gain access...