Discipline , Discipline , Discipline …
Psychological and behavioral issues almost always limit success in trading. Let us examine the qualities which facilitate or enhance trading results. The first among these is Discipline. You probably have heard the words “discipline” hundreds , if not millions of times. It is probably one of the most worn out terms in all of trading. The issue is that merely saying the word is one thing , but understanding its true definition operationally , or on a behavioral level , is a far more important thing.
Discipline is not just the ability to develop a good trading plan and stay with it , it is also the ability to know when your trading plan is not working and therefore , knowing when to abandon it.
Discipline is also the ability to give your trading positions sufficient time to work in your favor , or for that matter , sufficient time to work against you.
Discipline is the ability or having the courage to trade again once you have taken a loss. Discipline is the ability to ignore …
