Online trading discipline
According to Brian Tracy, discipline is the ability to do what you should do whether you feel like doing it or not.
When you started trading, you developed a business plan that entails your trading strategies and therefore your competitive advantage.
Playing by the rules sets out winners from losers and all boils down to discipline.
Be disciplined in every trade
In trading, discipline is the key, it’s actually the key to every winning trade.
What does that mean? It means that discipline is built from down-up.
Take every trade with discipline and your overall trading career will be a disciplined one.
Bulling the tricker is as easy as chewing but following the rules is what makes the difference.
Analyze and execute
Use the same methodology and don’t change it over and over. It’s better if you had picked One strategy and improve on it regularly.
Relying on one methodology will help you to avoid over analysis which can paralyse your execution.
You want to make your trading automatic like riding a bicycle and as powerful as the tsunami.
Trade within your trading-stage
Trading has stages, I have observed and included into my business plan several stages that must be passed as a trader.
Each stage have it’s rules and level of discipline that must be strictly followed.
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1: Practice stage:
All traders should start from the practice stage. Here, you are using the paper account.
It’s in this stage that you are reading extensively and trying to develop a trading strategy and methodology.
In this stage, it’s okay to lose because you are using a simulation account.
This stage is the same as the table driving in the driving school. You cannot cause accidents to the road users.
2: Mini-lot trading stage:
Once you succeed in the table driving, you proceed to driving under instructions.
At this stage, you are learning the structure of the platform. Normally, you want to do this on a mini-account.
Here, you are trading a one lot account. To me, I started with ksh 1000. This way, I risk only ksh 20 per trade.
3: Expert and excitement stage:
At this stage, you are driving alone but not so confident with your skills, you are more that just exited but you avoid driving in big towns and cities.
This is the stage that is characterized by Overtrading. You can’t wait to be on a position.
I think it is wise to be trading with an account of ksh 10,000 so that you are risking ksh 100 per trade.
4: Routine and collection stage:
Once you have passed all of the above stages, you trading become and obvious work, you collect your profits daily.
Here, your account, is growing daily as you take trades automatically.