vandole yule's blog : Trading Self-Discipline Tips
Consider the end. A defined aim is the first step to becoming a more disciplined trader. You'll feel discouraged, but keeping your eye on the goal may keep you going. Keep your goal-setting. Unrealistic goals like making a billion dollars in your first year of trading might be harmful. Goal-setting should be clear and achievable. "I want to be a billionaire" or "I want to be successful in trading" won't work. Set achievable goals like a 1% weekly gain or a 60% win rate.
Focus on tasks. A defined aim jumpstarts discipline. You snap! This makes it easy to focus on what has to be done. For instance, you want to let winners run while protecting revenues. Considering this, you may start trailing stops on trades. However, if you have a broad goal, you may spend a lot of time debating what to accomplish. This increases emotional vulnerability. You don't want that, right?
Eliminate negativity. After setting goals and taking action, track your progress. Keep in mind that market moves might be confusing. When little disappointments make you doubt yourself, you need something to grasp onto, like your trade stats. If your data show you're doing well, and the market had an off day, ignore the negative emotions. Stressing about nothing will get you nowhere! What if it wasn't an awful day? Regardless, a clear objective will help you stay motivated and focus on your tasks.
Seeking Support and Guidance
Your trading community or mentor should be helpful and able to give you guidance, feedback, and accountability. Surround yourself with such people. By sharing your experiences and difficulties with other people, you may be able to gain perspective and maintain your sense of grounding during times of emotional turbulence. And, of course, it will be essential to spend time in the company of your family, do things different from trading, and have some rest.
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