Trading Discipline !!!!

you can think a lot, but without discipline there is nothing to do here at all. it's true

It’s not always the lack of knowledge that kills a trader’s performance but the inability to follow a disciplined approach. Traders spend the majority of their time developing strategies or trading edge or looking for better indicators but the truth is that the actual reason for failure is “not doing what they decided to do”. A disciplined trader always follows the rules that he has laid out for himself and that differentiates him from an average trader.

Trading discipline is something which makes successfull traders different from the losers.
It is common knowledge that the markets are full of unpredictable fluctuations and other events which makes the traders nervous and susceptible to different emtions which may affect their decisions greatly. Successful traders don't let their psychology intervene into decision making process and they listen to common sense. It is not as easy to do as it may seem. More than that, a trader can experience fear and greed which can also do huge harm to the overall trading results. For example, if a trader has a winning streak, he starts to believe that he has a good luck and he is ready to do everything that he wants without any planning and preliminary actions. As you might already know, such a behaviour leads to the losses.
The feeling of fear comes when a person didn't have any successful deals and constantly loses the money. In such a situations, traders become afraid of opening the deals because they think that they will inevitably lose the money even if the whole market situation looks pretty optimistic. It is impossible to make the rofits without opening the deals.

I once posted this on another platform. I feel like this fits here as well. This is my experience with discipline :

Hey guys, I hope everyone’s doing well! I've had the privilege of working with some of the most talented entrepreneurs I've ever met during the last few months. And they have thaught me at least as valuable mindset as our beloved mark Douglas.

And by talent, I don't mean their ability to master a specific task, but rather the ability to acquire specific knowledge and expertise in specific areas.

Please bear with me because this isn't going to be about any trading plan or anything.

I've always believed that I had the correct mindset for trading and life in general. But it has recently occurred to me that I could not have been more wrong. Although having the ability to generate profit through trading has been a blessing, I've still battled the desire to scale up and become FINANCIALLY INDEPENDENT ASAP.

And since I can usually take more from the markets than I give, I've wondered why I'm not already a millionaire. Isn't this ridiculous mindset, righ? That's what I'm thinking!!! But why am I still fighting this inside my head?

Well, trading-related social media has managed to skew my financial perspective. Not only trading stuff, but entrepreneurship in general has been romanticized to the point where I've been convinced that I need to succeed in a few years or else I'm doing something wrong. And I've always thought that the social media is bullshit and I'm not falling for it.

And while working with these two brilliant entrepreneurs, I was able to pinpoint the source of all of this awful thinking. What I was missing was the right mindset regarding REPETITION. Underestimating the value of repetition and thinking I could achieve things without FIRST repeating it more than the other 99% of fellow traders. And this takes time.

”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.”

And for me, this has been the missing piece of the puzzle. I was naive enough to believe that because I've tried dozens, if not hundreds, of different trading strategies, I must be an expert. Sure, it's helped me observe markets from different perspectives, but it doesn't mean I'm good or capable of exploiting them.

It's no coincidence that many wealthy people struggled in their twenties, and I'm sure in saying that when you look around you, the majority of the wealthiest people around you (those who became wealthy through their own efforts) aren't youngsters. What do you make of this?

First work your ass off without expecting anything in return, and when you do, don't assume it's enough of practice. People that succeed do not believe that everything they do has to make money right away. And they certainly don't believe that achieving the first goal is enough. They want to repeat the same actions over and over until they know it like the back of their hand once they are able to start adapt it. And this is just like a trading strategy.

First and foremost, I want to express my gratitude for anyone reading this far into my confusing and messy writing. And to sum up this, live your life to the fullest and don't be afraid to do the same things over and over again. It's not supposed to be pleasant or simple, but learn to appreciate it nonetheless.

Discipline is indeed the most important aspect of trading. No strategy or a trading method can be of any use unless a trader has the discipline to follow the rules that a successful trading requires. Trading too often or too less are also signs of indiscipline. Discipline might be a difficult endeavor to pull off on a consistent basis but it’s like any other skill that can be learned with practice.

Where does this quote come from?

One of Bruce Lee’s many

Poor guy! His strategy was so successful that he didn't visit this forum for the past 12 years.

I agree with you that doing one thing repetitively will make you an expert in that thing rather than doing a lot of things only once. People often think that doing the same thing again and again is quite boring. But it is the only thing that can help a person achieve the desired goals.

Discipline is the hardest part of the trading plan, together with consistency and patience...

despite of having most powerful knowledge the result of trading can be useless if there is no consistent discipline. so we should build a perfect discipline when trading in practical.

A solid trading strategy and method is first. But it's the discipline that truly propels us forward over the long run. Without discipline, even the most brilliant strategy will not work in the long run.

Additionally, the amount of leverage you use is as important as anything else.

Trading Discipline: It is very important part of trading this is where many traders fail. Trading Discipline this is what differenciate from professional traders and newbie traders.

Trade and risk manage your points not money and it won't make a difference how much money you are trading.

Lack of discipline really hurts traders, at least following rule-based trading you can stay at breakeven for a long time. Many just go all in after series of bad traders because they want quick recovery.

From my limited experience I think that's the killer. The best system in the world will bankrupt you if you don't have the discipline, patience & emotional stability to execute it and take the good with the bad in as equal measure as you can.

It is absolutely and utterly important as a possible successful trader. You might be doing the best analyses out there, best charting, coming up with the best ideas ever.
But if you lack discipline, you will not be able to run those positions properly, you won't cut your losers on time, you won't let your winners run, you will make mistakes soon or later. You won't learn and you will be stuck in your biases. Nothing good will come out of that.

Your system of rules is the key. Make it into a checklist and follow it. Then follows consistency.

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