Self-discipline involves the development of a mental framework which enables you to stay motivated and focused amidst conflicts and mistakes. You must be able to rid yourself of the negative vibes associated with setbacks. Anyone can practice self-discipline, but it isn’t as easy as it sounds.
Every endeavor that you take will always be difficult in the beginning. This is especially true in Forex trading. Your interest and enthusiasm for the industry will be tested once you start to experience strings of losses.
While losing is as much part of trading as winning, it can be very disheartening and may even cause you to stop trading currencies altogether. This is where self-discipline comes in. Developing discipline is difficult, but it is a necessary and important trait for any trader whose goal is to become consistently profitable.
1. Keep the end in mind
The first step into becoming a more disciplined trader is to set a clear-cut goal. Having your eyes fixed on the prize could keep you from quitting. Don’t get too carried away in setting your goals though. Not-so-realistic ones, such as earning a million pounds at the end of your first year of trading, can be more detrimental.
Goals should be attainable and precise, vague goals like “I want to be a successful trader” won’t work either. Examples can include: Achieving 1% a week or Maintaining a +40% win rate
2. Prioritize your attention
After coming up with your goal its already easier for you to direct your attention to the important things. For example, if it’s a goal of yours to let winners run while securing profit, you may want to implement trailing stops into your trading style. This step can save you a lot of energy in wondering what to do next and subsequently making you more vulnerable to your emotions.
3. Set up a portfolio/trading journal
After formulating your goal and taking the necessary steps to achieving them, start monitoring your progress.
When things get difficult and you get lost in the motions of the market having something to hold onto such as a trading journal can help when setbacks force you to doubt yourself. If your numbers tell you that you’re doing well and you just had an off day in the market, then just shrug of the negative vibes.
Keep these in mind and soon, being a disciplined trader will come effortlessly because it will already have become a part of your mental framework!