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@  Dope : (24 August 2017 - 02:49 AM) good job fantuz
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@  fantuz : (24 August 2017 - 02:46 AM) a bit of SR = ITM https://i.gyazo.com/...16cc4a94a63.png
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@  fantuz : (24 August 2017 - 02:29 AM) nice dope. you prefer renko?
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How do you make yourself 100% disciplined?


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7 replies to this topic

#1 RM1

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Posted 09 November 2016 - 09:26 AM

I suffer from the problem where I sometimes try out trades that don't 100% implicitly conform to my strategy/style of trading. As you can imagine, they usually result in OTM trades!

 

Does anyone have any tips to make yourself self-disciplined in your approach to trading?

 

I was thinking maybe I should print out my strategy 'rules' in a large font and stick it to the wall in front of me, above my computer monitor, and use it as a checklist of sorts? lol



#2 giginh0

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Posted 09 November 2016 - 10:04 AM

I suffer from the problem where I sometimes try out trades that don't 100% implicitly conform to my strategy/style of trading. As you can imagine, they usually result in OTM trades!

 

Does anyone have any tips to make yourself self-disciplined in your approach to trading?

 

I was thinking maybe I should print out my strategy 'rules' in a large font and stick it to the wall in front of me, above my computer monitor, and use it as a checklist of sorts? lol

I had the same issue in the beggining , the eagerness to make money faster and more , still afte I busted my first 2 accounts the 3rd time i decided to be more professional in my aproach because the strategy was and is very good and profitable but i lost because of me. So I follow these rules now :

 

 

1. I wrote my rules for the strategy in notepad and everyday i keep the notepad open and read them again and again , your idea to stick a piece of paper is also good as long as you look at that paper.

 

2. I thought about how much I want to win per day , I set a goal , in my case it's always been 5 itm's profit per day. Over trading is a big issue and this is why the majority busts.

 

3. I understand that somedays the market is better and some days the market is worse , so if in a certain day I see the market is going against me I prefer to stop for the day and demo , and try to look for patterns so that i'm better prepared the next day.

 

4. Until now there were logical and normal rules for trading now I think about the human factor so I avoid trading if I'm angry , one time I fought with my gf and went on a rampage because I wasn't thinking straight. So if you are sleepy , don't trade. If you are drunk don't trade. If you are not calm and logical don't trade basically.

 

5. This is the most important step for me at least , I put my headphones on and listen to music while I trade , this keeps me in a good mood and as long as you are feeling happy and optimist you won't be tempted to take trades that don't respect your strategy , at least this is what helps me.

 

6. This is also very important , I stick to 1 pair because this helps me see the patterns easier , every nght when I finish trading i review what I did during the day and try to see the best hours to trade , for me it's usually in the morning , i have a window of a few hours which is when i do the majority of my trades. So this is a must if you want to be profitable understand that a strategy does not work the same on all markets and all pairs. It is up to each one how many pairs he wishes to trade at a time but my advice stick to 1-2 pairs and you'll be fine. 

 

Still the best thing is to be realistic and understand that not all days are the same and slow and steady wins the race.


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There are 2 kinds of people in the world , stupid ones who think they are smart and ones that know they are stupid. If I know I'm stupid then what are you?


#3 RM1

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Posted 09 November 2016 - 10:37 AM

Those tips are awesome giginh0, thank you for sharing them! :)

 

Yeah when I'm not in the right frame of mind for trading I just step away from my PC and cool off for a while by doing something else or going for a walk or whatever. I've lost money in the past by angry trading!



#4 mr.march

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Posted 10 November 2016 - 10:37 AM

I had a very stressful job for 3 years (gosh, it was madness!) and we had a little trick there: when it was becoming just too much to handle, we counted to 10 and go out for a smoke. As a result, I think it was the best moments of my life just to stand outside, breathe and smoke silently (no talking, as I worked with people far to much and they can be unbelievably stupid sometimes). So, take a few minutes just to be alone and quiet can calm you and help any problems.


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#5 BrianC

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Posted 19 November 2016 - 12:42 PM

Discipline is my BIG problem, so that is what I am still very focused on training, I say training because I believe that it is all about changing our whole mindset, and having rules helps, but it is not enough, if you are not very disciplined, you will break those rules again and again and again and.....

 

Most days I can do 1 session of 2 to 3 hours of screen time, some days (few) I can do 2 sessions of 2-3 hours. For the last many weeks I have limited the amount of trades I allow myself to do very much, so much that I can only go for 1 ITM per session. That means I chose my trades very very carefully, but it also means that most days I now get that 1 ITM on my first (and only) trade. And guess what, it is really starting to change the whole way I "feel" about trading, I am much more relaxed about the whole thing now than I was before. My stakes are somewhat higher than they used to be, about 10% of my balance. On some days, if I start doing more and more trades, my ITM rate drops drastically. So to me it makes sense doing very few trades with higher stakes, being relaxed about it, chosing the trades wisely, rather than doing a lot of trades every day, sweating and fighting over it, getting emotional and losing discipline, and make the same, or even less, money that I do with my daily ITM, some days two.

 

I'm not saying that 1 trade per session is the solution to everybody who is fighting to learn discipline, but I do think that over trading is the worst enemy to people like us with discipline problems. We need to "train our brain" to become disciplined, we can't do that just knowing the rules, we need to "work the rules" over a long period of time in order to change. To me, plenty of screentime (relatively) with very few trades has improven my ITM rate a lot, and decreased the stress level enormously, and in the end, that has made me more focused, relaxed and disciplined at the same time. If you can't convince yourself to limit the amount of trades you can do in a day/session, I don't think you can learn to follow all the other rules of trading we each try to establish for ourselves.


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#6 shaileshm

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Posted 24 December 2016 - 02:04 PM

As they say, there are three M's to money making. Mind, Money, and Method.

 

Percentage wise , this is how they contribute.

 

Mind - 60%

Money- 15%

Method - 25%

 

The mind part is the most important. Very important to stay away from negative traits of mind, like, trade chasing, revenge trading getting cocky after a few wins etc. In my case I have started to do some meditations and try to remain meditative while trading too. This I think helps.


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Know Thy Setup. Know Thyself.


#7 samabiong

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Posted 14 January 2017 - 10:08 PM

...and if the three M's are mixed together well.....you should end up with something called a "TRADING PLAN".

 

Hubba spoke about it a few times, David (moderator) had something similar, a couple of other BOE traders mentioned it but no one appears to be taking it seriously.

 

This document should be one, if not, the most important document in running a business . If setup properly, there is no reason why any trader can't trade profitably all the time. This is because the trading plan forces the trader to trade to the "PLAN". You're trading to the PLAN and not to your emotions.


"Planning without action is futile, action without planning is fatal"  - source unknown

"Failure to Plan is Planning to Fail" - Winston Churchill & Benjamin Franklin


#8 Someoneelse

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Posted 25 April 2017 - 04:52 AM

I think self discipline is one of the most difficult points about trading, I started gradually, making baby steps, developing habbits, etc.






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