"Trading Discipline" is not like a Trading Strategy that can be borrowed from other traders; it has to be self-developed & practiced day in day out.
#SS
But the question is, What is "Trading Discipline" exactly??
🧵 on 4 most essential elements on Trading Discipline.
#SS
But the question is, What is "Trading Discipline" exactly??
🧵 on 4 most essential elements on Trading Discipline.
1. Waiting for your Setup.
Many traders open trade way before the Setup takes place on their predetermined view.
If you get the Setup according to your view, Bingo! But don't open the trade until then.
Many traders open trade way before the Setup takes place on their predetermined view.
If you get the Setup according to your view, Bingo! But don't open the trade until then.
2. Waiting for your Targets.
Every good strategy comes with a risk to reward ratio. which should start at least with 1:1.5, 1:2 & so on.
But many traders close their trades much before their targets.
& this is the main difference between Successful Trader & Loss Making Trader.
Every good strategy comes with a risk to reward ratio. which should start at least with 1:1.5, 1:2 & so on.
But many traders close their trades much before their targets.
& this is the main difference between Successful Trader & Loss Making Trader.
3. Placing Stop Loss in the System.
Traders usually place stop loss in their minds instead of the System. Which is the primary reason for their significant loss in the market.
Developing this discipline alone will give traders enough confidence & peace of mind while trading.
Traders usually place stop loss in their minds instead of the System. Which is the primary reason for their significant loss in the market.
Developing this discipline alone will give traders enough confidence & peace of mind while trading.
4. Position Size.
This is probably the most crucial discipline which every trader has to develop & which actually varies from trader to trader.
Keep your position size the same at least for 3 months,
with the Same Strategy & review after every quarter.
This is probably the most crucial discipline which every trader has to develop & which actually varies from trader to trader.
Keep your position size the same at least for 3 months,
with the Same Strategy & review after every quarter.
So that after each quarter you would able to understand which strategy is giving you better results & whether you shd increase or decrease the position size for the next quarter.
Guys, treat your trading like a business. Review your performance every quarter. Try to develop these 4 given disciplines & have patience.
You will definitely emerge as a Successful Trader very soon.
I wish you all the best for your Trading Journey ahead.
Regards
#SS
You will definitely emerge as a Successful Trader very soon.
I wish you all the best for your Trading Journey ahead.
Regards
#SS
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