Trader's Queries - Trading Psychology Part 10
Most people think analysing and planning the trade is important and tough. After getting experience as a trader we realise trading discipline is the most important thing which brings success/money to the trader. Discipline prevents a trader not to act because of greed and fear. It controls random and impulsive trades too. After few good trades, a trader develops the mindset that his methods are correct and gets over confidence. It makes him to trade as per his wish. Failure trades makes a trader to think his methods are wrong and makes him to avoid trading. But in reality no trader can be 100% right or wrong in his analysis.
Trading discipline can not be developed in few days. It takes more practise and determination. Analysis and trading plan is of no use if you dont have trading discipline. Make a habit of evaluating your trades based on trading discipline irrespective of profit or loss. There is no game in this world with out rules. Without following the game's rules a player wont be qualified to play the game. Same way if you dont follow your trading rules with discipline, you cant survive in trading for long term.
Trading discipline can not be developed in few days. It takes more practise and determination. Analysis and trading plan is of no use if you dont have trading discipline. Make a habit of evaluating your trades based on trading discipline irrespective of profit or loss. There is no game in this world with out rules. Without following the game's rules a player wont be qualified to play the game. Same way if you dont follow your trading rules with discipline, you cant survive in trading for long term.
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