If you are someone: who is struggling with cutting loss? Who is losing constantly in every trade? Who is not utilizing available hours properly? Who is not getting the reward for his hard work?
Sure, the main reason is that you’re LACKING DISCIPLINE and NOTHING else!
Read this post now to know how to end your struggle: How to become a disciplined trader?
To be a disciplined trader you need patience, practice, a solid trading plan, and a trading timetable. Be ready for any negativity in advance as forex is risky. Learning from your weakness and getting an expert opinion may also help. Finally, consistency is the keynote of every disciplined trading activity.
As a trader, you need to apply the rules of the army to your trading lifestyle. Get up timely and watch out for the market from every angle. That’s like watching the movement of enemy forces in the war.
To get a win-win in this financial war of forex, try to be a self-disciplined trader.
20 Powerful Ideas to Be A Disciplined Trader
Discipline is something that you can’t get by chance in your personality. Your need to live and breathe in discipline if you want this trait in your personality.
As a person, if you are disciplined you may not need to work hard to become a disciplined trader.
Below are 20 powerful ideas that you can apply in your trading journey:
Idea-1: Develop Proper Trading Plan
Step on trading with the proper understanding of your trading plan. Follow the trading plan if the market situation meets the conditions set in your trading plan.
Don’t trade when your trading plan doesn’t meet the conditions or you are unsure about market movement.
Idea-2: Be Eye Opener to All Extremes
Be prepared for all situations. Be an eye-opener to your skills, broker’s authenticity, and your trading platforms.
You will not get disappointed if you are prepared for negative situations in advance.
Idea-3: Discover Your Weak Points
Determine your weak points. In forex, there is very little room for repeating the same mistakes again and again. Practice more and try your strategies on the demo to make them flawless.
Idea-4: Determine Your Response to Bad Situation In Advance
Suppose your account ripped off because of broker manipulation. What would you do? Think about every extreme from all angles.
Anything bad can happen as forex is risky. Try to know your response in a bad situation.
Idea-5: Analyze Your Daily Performance
If you are new to trading, maintain a trading journal, note down your daily performance in it.
Professional traders always keep a record of weekly, monthly, and yearly trading performance. At the end of the trading session, they analyze its trading performance to make further decision
Idea-6: Make your Own Rules
Make your rules that when you will enter or exit from the market. When you will wait and when you will open the position.
When you will leave trading and when you will start it again.
Idea-7: Stick To your Rules
Don’t break your trading rules. No entry or exit point and follow them.
Don’t follow them in the hope of making a profit. Maybe the market turns against you and you start losing.
Idea-8: Take Baby Steps
Developing discipline in trading in a longer-term approach. You can’t say that you can become disciplined within the next 30 days of trading.
Take baby steps and move to your target gradually. Set weekly goals first then monthly and at the end yearly.
Idea-9: Get Expert’s Opinion
Share your trades with mentors and experts. They will guide you if something is missing. They are the right people to guide you on the discipline trading track.
Idea-10: Consistency Is the Key
Consistency is the key to success in trading. Making small but consistent profits is important.
As we know losing is essential but you can minimize it with consistency
Idea-11: Manage your Trading Timetable
It is a better idea to manage your trading timetable according to your routine.
Most traders want an open position in the daytime. While professional traders hold on to long-term positions overnight. And do not trade in the worst time of forex trading.
know your trading type and manage your trading schedule accordingly.
Idea-12: Initially Focus on Selected Instruments
The main reason for 90% of failure is that traders start using multiple instruments initially.
This confuses them a lot. They are always stuck between charts and signals and focus less on trading.
That’s why the expert recommends focusing on a handful of instruments initially.
Idea-13: Focus on One Currency Pair at A Time
Opening multiple trading positions at a time can confuse you. If you are newbies you need to focus on one currency pair at a time.
This way you can discipline your trade according to the market situation. After getting the expertise, you can use open both long-term and short-term trading positions.
Idea-14: Try to Follow Trends
Monitor trading charts and discuss downtrend, uptrend, and when the trend is over. Draw the trendline of the previous 4 hours trading session to know the direction of market moves.
This idea is good for those who want to follow trends. Moving average and support resistance level is another indication of setting trends in the market.
Idea-15: Don’t Ignore EOD-End of Trading
The trading session matters a lot. Most traders overlook this factor. Don’t forget that you can’t earn when the London session closes.
You can still earn until Tokyo Session opens. So, take better advantage of EOD as you need to trade against the trend here.
Idea-16: Don’t Try Shortcuts and Risk More
If one time you got profit by risking more, it could be luck only. Not every time this will happen to you. Hope can be your enemy if you overuse it.
So never expect that every time you will earn by risking more and using shortcuts. You will have to work hard consistently.
Idea-17: Get Handful experience From Demo
Don’t be overconfident after reading a lot about forex. You need practice and you should spend a few months on a demo account to discipline yourself for a real money account.
You need to test your strategies on a demo account. Try to get experience from Demo accounts much as you can.
Idea-18: Use leverage Smartly
High Leverage is a tool to tempt your greedy nature. Use it smartly. Never try to risk more than 2% per trade.
If you use leverage recklessly your account will wipe off in seconds. This way, you won’t be able to trade the next day.
Idea-19: Wait for Market to Go in Your Favor
Your patience is your reward. So, wait patiently before opening a position that the market goes in your direction.
It takes time to get expertise in making the right prediction about the market. So, don’t chase the market, it can take a turn at any time.
Idea-20: Control Greed Factor
Remember your patient and discipline will always be rewarded. But your greedy nature will push you to risk more.
For this, you need to be satisfied with the small winner. Don’t hold the trade longer in the hope that the market will move in your direction. It happens but not most of the time.
Can you get rich as a day trader?
In day trading you can only become rich if you save, reinvest to boost your capital, and minimize risk. One more thing: getting rich can take a number of years.
What qualities make a good trader?
The main qualities of a good trader are discipline, consistency, Adaptability, Power of decision, Strong Nerves, Emotional Control, and forward-thinking.
How do I control my emotions when trading?
To control emotions, you need to exercise or walk before trading. You should never trade when you are not in the mood of trading.
Moreover, watching your profit and loss, again and again, can distract you
To conclude, becoming a disciplined trader is not a dream job. But it requires time and practice. You are your better self-judge. Note down your mistakes and the reasons behind them.
Set up your weekly, monthly, and daily trading routine and STICK TO IT.
Day traders and professional traders are more disciplined than scalpers. Don’t think that your discipline is your main hindrance in the way to make a quick profit.
Understand the methodology of forex, it’s not a quick-rich scheme. Slow and steady wins the race!