Trading Discipline – 20 Rules You Must Know
Here are 20 rules for discipline in Forex trading, may be useful:
1. We are paid for discipline
We do not need to have a GPA 5.0, ga need smart math, no need fluent 4 languages, no need to have 10 years work experience, no need to wake up early morning home for success in forex. Market only pays one thing to us: DISCIPLINE. That one. And yes that’s just what’s needed here, Discipline and market will fill our account.
2. Not a ball if not round
If from 10 trading we are only 9 discipline then we certainly not bs said to be disciplined. If we say “I’ve quit smoking” but still like that his name has not stopped smoking. Learn to discipline in every trade.
3. Do not treat burns with fire
When the market moves not according to dg we expect why should be aggravated by opening the same position continuously even dg bigger lot? Immediately exit or reduce the lot. That’s money you know we spend, not a leaf.
4. Do not reject the windfall
We’ve all done this. Market has been serving money for us by moving in the direction we expect but we are not satisfied with the little money. Then we wait for the chart and expect the money to be many and many, but often the market even behind the right and we are still just hoping and eventually, we have to spend money. No need to be greedy. The market is open 24 hours. There is still tomorrow. Do not reject the fortune that has been served.
5. It’s useless to make a mound of water
Suppose this afternoon we already profit 50pip, then try the next trade loss no more than 50pip. If the time is right, immediately move the stop loss to +1. Make a mound of earth, not water.
6. Be faithful
Whatever our trading system. Whatever the indicator. Take the paper and pen (or open Microsoft word). Write our trading system, when we enter, when to get out, how many lots are opened, where put TP and SL. Include a screenshot of it. Make it as detailed as possible. Make it as if we are teaching elementary school children to trade our million dollar money. After that print and laminating if necessary. Put it next to the computer. If the trading system is successful then FOCUS.
7. Find the most comfortable clothes
Do not wear a suede jacket if we are allergic to the material. Do not wear thick black clothes during the hot afternoon. Good for others is not necessarily as good for us. So if we are comfortable with TF15m, why to push yourself with TF daily if it always makes noise? Yes, try is okay, but enough in dem demo or micro. Look for the most profitable trading style but at the same time most comfortable and fun according to each of us.
8. Make sure tomorrow we can still trade
Is a meteor down to the earth? Are tsunami waves going to our homes? Is starting next week forex will be eliminated? If not, then why are we in such a hurry to make a profit as much as possible today? Do not over-trade, do not risk too much money, make sure tomorrow we still have a balance for trading, so pay installment, bs buy milk child, etc. Nothing more sad than knowing the price will move 200 pips but there is not enough funds in our account.
9. Adjust the size of the shoulder
If the junior high school has not graduated, why do we think it is proper to sit in high school? If micro trading is still often MC why we think in standard ga will MC? If 1lot only often loss, why do we think 10lot will be different? It is not necessary to take 10 sacks of rice if 1 sack is already gout. Follow the process: demo, micro, mini, standard.
10. When the building is on fire, hurry out
A loser is not when we lose. The loser is if we know the price is clearly behind the body but still not dare cut loss. Do not be afraid to admit our analysis is wrong. All traders must have a loss. The snapper is still often wrong. Ga problem we loss today, the important month-end report remains profit. Let the profit run, but cut your losses.
11. Just one big idea, and live like a king
The great inventors must understand this, the musicians, the entrepreneurs, and all those whose names never die. Graham Bell, Alpha Edison, Soekarno, Elvis Presley, Nobel, George Soros, Colonel Sanders, and other great people, all have one thing in common: having one big idea and focusing on it. Because they know, once the big idea is realized then they will live like a king. Find the best way of trading according to us masing2, do not stop fixing it, and loyal. Do whatever it takes to find it, and live like a king. But money management and discipline will determine how long we stay in the palace.
12. Just follow the wind
So many factors determine where the wind will blow and how strong: the terrain contours, temperature, deforestation, the position of the moon and stars, the amount of nitrogen in the soil, the number of dead worms per week, etc., etc. In the end, it is not very important to analyze the price before the news happens, just follow the direction of the resulting stream.
13. Clever old teacher
Perhaps the school age we once wondered why our PPKN teachers so smoothly mention one by one point or physics teacher who by the outside describes the general formula of relativity? So, if starting today we are faithful to our trading system, we repeat every day, we are the watchdog every hour, imagine how great we are 5 or 8 years from now. Keep practicing.
14. The important thing is not where we are today, but where we are tomorrow
Yes yes, we know the taste of MC, know it to break the monitor. We know it feels desperate. But the good news, is there a successful trader who never taste it all? They’ve all tasted it, and they’re successful right now. That means we are right on the same path with them. Keep going, as long as we keep going (or crawling) one day must be up there. It does not matter how big our MC is, but how big is our dream.
15. Bite a little or your jaws off
Some of us may have a daily profit target of 50 pips, or 100 pips, or 200 pips. Regardless of our target, try broken down in several times trading. Getting 100pips once trading is often much more difficult (mental and technical) than in 5 trading times. Eating a bite by mouth would be easier and fun than 1 dish directly.
16. About waiting
What are the key skills needed to become a reliable hunter? Shoot? Can be. But there is a famous saying among hunters: Waiting is half the success. Similarly, when lions hunt buffalo. Most of his time is spent to settle for the right moment, not to run around in pursuit of the buffalo. Having a thousand indicators and a thousand systems is meaningless without knowing how to enjoy the waiting period.
17. About tower keepers
If our place stands too low to see where the storm is headed, ask the guardian of the tower. If our place stands so high that you can not feel the vibration of the ground, ask those below. Look what’s going on in big and small TF, then decide where to run.
18. History repeats itself
We are in an interglacial era, where Noah’s flood will come again. Fossil findings say the world has been saved many times. Asteroids once pounded the earth and definitely come again. History is always repeating. Buy a good book and make a trading journal, record our mistakes and achievements every day. Someday there would be no point because double top and doji will come again. False signals will always be tempting. Because history will be repeated.
19. Occasional robot
Target trading we want to buy a larger television or a more stable car before the high school reunion next month? Our trading capital resulted from debt to the bank and a debt collector waiting at the door? Or have we just fought a boss just before the opening European session? Or are we just eliminating the money from the rice field in 10 seconds? Get rid of the emotions or do not look at the charts at all, because the market does not care about a bit about our problems, he will still move wherever he wants, even if we threaten suicide in front of the broker’s office. Occasionally be a robot.
20. Learn to hit the floor
Take a tennis ball. Strong pillow to the floor. See how high he bounces. Yup, we all know the harder he bumped the higher he flew. So it is with us, the loss is important to make us more careful, the MC is necessary to force us discipline, believe all our failures yesterday was pointless, it’s a hard floor that will fly us high one day.