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.