- Trade Like A Business
- Trading the Market Zones for a Profit
- Your Guide to Letting Your Profits Run
- Key Points to Accelerate Your Learning Process
- Discipline - Why You Don’t Have It. And How to Get It
- Transitioning from a Demo to a Fully-fledged Trading Account
- Why Traders Overtrade
- Learn to Trade the News Putting the Odds in Your Favour
- Setting Profit Goals: in Pips or Percentage Gain per Day?
- How time consuming is Forex trading?
- How to Let Profits Run?
- Get Prepared to Beat Your Previous Trading Achievements
- How to Trade the News Effectively
- Create a Trading Battle Plan
- Solution Focused Trading
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Why You Don’t Have It. And How to Get It.
It’s the “thing”. When you break it down and cut out all the noise, all the talk about trading systems, EAs, psychology, money management and risk management, what trading really comes down to is discipline. It’s the one thing that will make or break you as a trader. Winning system? Without discipline you won’t follow it. Tight spreads? Without discipline you will still over trade costing you a fortune in broker fees. Lightning fast internet connection with a spit second new feed? Without discipline you will constantly miss good trades due to your own indecision.
But this is nothing new. Everyone knows you need discipline to be a trader. The question is HOW?
I’ve always believed the best teaching tools come from real life. So I want to talk to you for a little while about something else in life that takes a great deal of discipline with roughly the same success rate as trading…weight loss.
Nearly everyone reading this article can identify with a waistline that’s become a little…unflattering. At some point the sight of yourself as you pass by the mirror on your way to the shower becomes too much for even you to tolerate. What follows is a process that is all too familiar.
1. Tell friends and family you are thinking about losing some weight.
2. Listen to those people giving you advice about how best to lose the weight. (Most are overweight as well.)
3. Get several new books by current authors covering the latest strategies for achieving your goal.
4. Buy a bunch of new stuff like a blender, vitamin packs, health foods, new running shoes, exercise shorts and a gym membership.
5. Decide to start in a week or so.
6. In a month, get the credit card bill for all the stuff you bought and decide to get started.
7. Religiously follow your diet and exercise program for a full week.
8. Start to see some results.
9. Give yourself a “cheat day” to reward yourself.
10. Go right back to your old eating and exercise habits.
11. Put all your weight back on.
This has been the process for nearly every dieter in the world at one point or another. So let’s talk about the WHY. Why is it so hard to stay disciplined when dieting? Let me frame the scenario differently. Let’s say you want to lose some weight and you decide you are going to cut out the sweets. NO MORE SUGAR! No more soda pop or candy. No dessert or treats after meals. On its surface this seems to be a very simple, rational and effective plan for losing some of those unwanted pounds. How hard do you think it would be to follow?
Most people would say, “Sure Jason, it sounds simple. But it’s a lot harder than it sounds.” True, but let me add a critical piece of information. You’re stranded on a deserted island. See what I mean? With no access to processed sugar it becomes easy to follow your rules and stay disciplined.
But let’s change our scenario one last time. What if you worked at a pastry shop? Not just any pastry shop but the kind of shop that would rival Le Grenier a Pain. Every day you show up and create some of the most delicious morsels ever devised. You get to smell the aroma of fresh baked sweets as the waft through the kitchen. The display cases are lined each day with every conceivable guilty pleasure. Occasionally you poke your head out only to find the patrons of the shop enjoying the fruits of your labor. You see the look of satisfaction on their faces as they devour every last bite.
Get the picture? So how long do you think you could stay disciplined and committed now?