right, this does seem to be the case. some days i am more disciplined than others. so i guess what im asking is how does one work on this?
This was an easy day. If you find it difficult, then you have problems that should be easy to remove from your head. Here is how RFT traded it today (Get a chart of the QQQQ and NDX to follow the action). Date is October 1, 2008 Dear Readers, Someone is removing my posts. Here is what you missed (and I have the execution report to share it with you if you PM me): 10:51AM: Long Nasdaq-100 (QQQQ/etc) 12:55PM: Flip the (long) burger: take the the profits on long position, and go short. 1:43PM: Flip the (short) burger again: take profits on short position of 12:55PM, and go long. Overnight the long position (short ITM puts) for a possible fireworks tomorrow, and/or collapse of implied vol. Great market action, with beautiful waves to surf on, while getting paid doing it! Can it get any better my friends? [/QUOTE]
there is an ego in all of us,sometimes he's a screaming 2 year old kid,who wants 2 be in charge,he has no sense and knows nothing,yet makes the most noise,hard to find discipline before you silence your ego
There might be two main issues with your recent struggles: 1) You don't have a clear trading plan to follow and often times you find yourself in the middle of high volatility and are forced to improvise your decisions. 2) You are not taking trading as a profession. I recommend you write down clear concise rules for your setup, position size, trade management, etc. After you have done that, all you have to do is follow your plan and start treating trading as a real job. It's amazing how your performance improves as your discipline improves. Once you get a taste of it, it'll be a self-reinforcing process. PS: I am taking it for granted that you have a successful trading strategy. If not, being disciplined won't be enough to be profitable.
1) Do you know what your setups are? 2) Put them on paper. 3) Know, really know your system that you are trading. know the behavior in every market. know the drawdawn you can expect. Get you confidence up by knowing your system. If the problem then still exist: 1) Watch your self in action, become 'aware' of your emotional reactions to the markets. Write this down. 2) Define the problem you are having for example: Are you afraid of missing an opportunity? or do you want to make it back after a loss?Are you afraid of closing the day with a loss? and so on. If you know the problem, get back so I can give a solution.
yes, well i believe my strategy and ability to trade is the only thing keeping me trading profitable.. its the discipline i need!!! word... this morning i have actually drawn with pen and paper the 'setups' that i will trade so i have a visual. i will only trade these! this is the beginning of the rest of my life