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Most traders fail because of no discipline!

  • Post #1
  • Quote
  • First Post: Edited 6:33pm Jan 19, 2017 6:09pm | Edited 6:33pm
Whether you agree or not, but to me a trader cannot succeed in this business if he cannot implement discipline in his trading all the time, market is so brutal that it can ripped your account apart if you ignore discipline for just one time, I know for a fact that being discipline all the time in trading is very hard to achieve considering the fact that market is volatile and easily affect traders psychological stability that can prompt most traders to divert or do discretionary trading once in a while that most of the time can damage their account. So, before an aspiring trader thinking of what strategy to use or how big the amount he deposit he must think first of how to be a discipline trader,it is a process before one can achieve such feat, but it is important that aspiring traders knows it at the early part of their journey so that they can start working on it right from the start, Good luck!
Quoting techboy46
Whether you agree or not, but to me a trader cannot succeed in this business if he cannot implement discipline in his trading all the time, market is so brutal that it can ripped your account apart if you ignore discipline for just one time, I know for a fact that being discipline all the time in trading is very hard to achieve considering the fact that market is volatile and easily affect traders psychological stability that can prompt most traders to divert or do discretionary trading once in a while that most of the time can damage their account....
What is your definition of a disciplined trader? To follow trading rules? know when to break the rules?
You came here for the truth and let me unveil it for you
Quoting RondaRousey
{quote} What is your definition of a disciplined trader? To follow trading rules? know when to break the rules?
Ronda- you should tell us about dicipline! you are an ulympian and were the ufc champion!
Quoting techboy46
Whether you agree or not, but to me a trader cannot succeed in this business if he cannot implement discipline in his trading all the time, market is so brutal that it can ripped your account apart if you ignore discipline for just one time, I know for a fact that being discipline all the time in trading is very hard to achieve considering the fact that market is volatile and easily affect traders psychological stability that can prompt most traders to divert or do discretionary trading once in a while that most of the time can damage their account....
You are 100% correct. Here discipline means you have to be both mental and physical.
- Jack of all trades, Master of none -
Quoting techboy46
Whether you agree or not, but to me a trader cannot succeed in this business if he cannot implement discipline in his trading all the time, market is so brutal that it can ripped your account apart if you ignore discipline for just one time.

I have been trading for many years and I agree with you completely on this. There is no point having a winning method if you cannot implement it without unfailing discipline and consistency. One bad day and loss of control and your account can be destroyed. You must have both a winning method and excellent discipline & consistency. There is way too much emphasis in this forum (and everywhere else to be fair) on method over discipline/consistency/emotional stability/risk control.

By far the most important element of discipline is in risk control. You can lose discipline to forget your method and do something completely off the cuff if you want as long as you stick to your risk control. That way you cannot do worse than lose a standard amount. If you stick to your entry method but lose discipline in your risk control you can be destroyed.

I only became a profitable trader when I learnt absolute discipline, risk control and consistency. There was nothing wrong with my basic method but I lost for a long time until I got these elements in place. After that, more consistent profitability came almost naturally.
That's my experience for what it's worth
That is not true at all. Many are failing because lack of information and knowledge. Newbies are not taking proper learning lesson and that is why they have poor performance in trading.
  • Post #7
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  • Edited 6:12am Jan 20, 2017 6:01am | Edited 6:12am
Quoting Butterscotch
That is not true at all. Many are failing because lack of information and knowledge. Newbies are not taking proper learning lesson and that is why they have poor performance in trading.
For newbies maybe it is applicable, but what can you say to traders with 3 or more years experience and yet they still cannot follow their strategy and implement proper risk control, do they lack of knowledge? I guess not, this is due to the inability to control one's emotions and become indiscipline somewhere along the way, every trader knows that he should have done this and done that but at the end of the day, that one bad trade happens, why? because majority of traders cannot handle the pressure that the market brings on the table.
Quoting RondaRousey
{quote} What is your definition of a disciplined trader? To follow trading rules? know when to break the rules?
A disciplined trader in an ideal sense is consistently or religiously follow his rule of entry, rule of exit, rule in risk management all the time, regardless if it wins or loss consecutively and never divert from it, but I doubt if most traders can do it, once a trader suffers consecutive loss he will start to think twice by following his strategy and will try to divert or do discretionary trading which can only lead more loses.
Unless a person is naturally a very disciplined, well organized person, which most of us aren't, discipline is something that has to be self-taught. Because there are no boundaries to life as a retail trader, such as there are in other areas of life, ie, if you're a sloppy, disorganized employee, you get fired, it is very easy to ignore this vital component of becoming a successful trader. Discipline is everything...without it it is impossible to succeed in forex.
discipline is a big issue for me , i can't be all discipline on trading , but i overcome it, i simply open multiple account and i dedicate 1 account for whatever surge i feel about trading . i can loose myself by over trading sometime, well extra account helps.
Agreed. Most trader always give up and jump to other new system when his profitable old system don't work on certain market condition.
Risk comes from not knowing what you're doing.
Quoting techboy46
{quote} For newbies maybe it is applicable, but what can you say to traders with 3 or more years experience and yet they still cannot follow their strategy and implement proper risk control, do they lack of knowledge? I guess not, this is due to the inability to control one's emotions and become indiscipline somewhere along the way, every trader knows that he should have done this and done that but at the end of the day, that one bad trade happens, why? because majority of traders cannot handle the pressure that the market brings on the table.
Many traders lack discipline because forex trading is just a side hustle to them but the day you walk out of your comfort zone and the only source of income left is forex trading thats the last day you will ever struggle with being disciplined.
100% KENYAN.
Just like in many other areas of life, discipline is one of the main foundations of success in trading. This and putting your greed and emotions aside.
Better off if the guy trading has access to some info. This way he won't have to lose money at the start (a lot of classic examples).

Classic approach - bust a few demo accounts before trading with real money. When you trade on demo and you lose a trade search the internet about what happened, this way you'll gain experience about what to do in certain situations.

Also don't get fooled by a voice behind a phone call, verify the broker before just like you are choosing a bank or the ideal job for you. It's useless to do it after you deposit as you - God forbid - might have problems withdrawing your money.

Personally I worked with more brokers and I also had my ups and downs. I only work with STP brokers and I test each one before depositing and even after. This is for the first steps of any trader.

Sorry if the post is relevant or not, I'm new to Forexfactory (account).

Cheers to all.
Yes agree, Traders fail due to discipline.
discipline for risk management. But mainly traders fail as they dont have the right education and have a million indicators about price action itself. One aspect /One context of a trade. Thats the scam. Stochs, macd, fibs, gann, momentum, are all about price action meaning price going up or down. Think about it properly they tell you nothing of worth.
But even hardcore discipline people with risk management skills only can make some
money in forex. But with bad educatiin people give up as its all too hard (and it is)
Quoting manixramz
discipline is a big issue for me , i can't be all discipline on trading , but i overcome it, i simply open multiple account and i dedicate 1 account for whatever surge i feel about trading . i can loose myself by over trading sometime, well extra account helps.
Right, aspiring traders must find a way and work diligently in integrating discipline in trading, human nature is not really attuned to be disciplined that is why most of us struggled a lot in trading because of being indiscipline which incidentally a very vital aspect to success, it is a psychological thing and I believe that it must be emphasized right at the very beginning of every traders journey, for me proper mind setting and guidance from the very start is vital to achieve discipline in trading, but it is not the case to most traders and that is why it is more harder to be a disciplined trader, but we have no choice if we want to be a successful trader then we got to instill discipline consistently in our trading otherwise he will just commit the same mistakes over and over again and it will be a very frustrating experience knowing something that you must do but you cannot do.
One thing I can suggest how to be a disciplined trader is try to realized that the market is totally a different world, and the world we are living is different from the market, life in the real world are full and packed with a lot of emotions and indiscipline, making mistakes(small or big) can be a way of life and it is psychologically okay because it cannot be so harmful most of the time, while in the trading world its the exact opposite where discipline and rules are the only means of survival, so if we can put our mind into such perspective we can actually make some switch between the real world and the trading world. Good luck!
  •  hak444
  • | Joined Aug 2016 | Status: knowing is not enough,we must apply | 41 Posts
Just two quotes....if anyone can follow these two statements and understand the reason and logic behind them, he/she can be successful in this business.

1. We have to be rigid in our rules and flexible in our expectations. (Mark Douglas)

2. I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times. (Bruce Lee)
I can accept failure but i can't accept not trying. (Michael Jordan)
Quoting cat
Unless a person is naturally a very disciplined, well organized person, which most of us aren't, discipline is something that has to be self-taught. Because there are no boundaries to life as a retail trader, such as there are in other areas of life, ie, if you're a sloppy, disorganized employee, you get fired, it is very easy to ignore this vital component of becoming a successful trader. Discipline is everything...without it it is impossible to succeed in forex.
Unless you work for the government or you are in a union.
Then you get promoted.
Peter Principle.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
Fear Of Missing Out (FOMO) is what causes most traders to go astray.
Discipline, like trading, is binary.
Either you are disciplined or you are not disciplined.
Sometimes is the same as not.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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