How to practice super solid discipline? Eg: after winning some profit, my rule said need to stop trading at this time, ok, i agree, but somehow, i wander around house, then came back to the trading desk, saw some lousy setup, and i trade the setup, how to prevent such trading from happening, any advice? How to stick to the rules no matter what??
You can minimize breaking the rules.. but your human, you will always at some point break the rules again! Turn the computer off, leave the house, go out, and stay away!
I agree. If you have a rule about stopping trading after a certain limit whether it is to the upside or downside, then why do you still have your computer up and running afterwards? I fell for the same tempation too many times. Check the markets after the close instead.
How do some people go for a morning run everyday? Some things are just hard. Routine, process, discipline and persistence don't come easy. All the NLP stuff helps.... as crazy as you may think it is.
well, I suppose if you had super solid rules which always produced super solid results it would be easy to follow them with super solid discipline.
I don't know about the 1800 calories, when I was young I could eat anything I could afford, and then some. But I ran everyday in those New Balance jogging shoes on that pavement in California, and now my knees are paying for it everyday, twice a day.
First of all you need to have a high level of self awareness and to recognize what makes you break your rules? Is it greed, is it impatience. Once you can define the characteristic then you can begin to work on it. For me beating those down was a matter of recognizing the moment of impact(when i was about to over trade, or trade out of greed/fear) and then STOP myself from do it. Live it that moment of feeling what you are feeling, then you can better recognize it when it comes up the next time. And slowly you get to the point instead of trying to push it down by some mantra you UNDERSTAND those feelings and thus how to deal with them. Again this is what worked for me and I understand if it wouldn't work for you we are all different So if it is impatience it is simple(on paper but you must work to view it like this) Impatience = lack of discipline lack of discipline = bad mistakes bad mistakes = I am HURTING myself and my trading So why Hurt yourself?? If you poke yourself with a knife you know it hurts, so you don't do it. This is the same thing. You must recognize when you feel impatient and OWN that feeling. Sit in it. Then say I know this feeling leads me to make mistakes so I will NOT trade. Each time you can do this it gets easier not to trade b/c of this feeling you know what is at the end of the road. This may take you 6 months this may take you 6 years to improve on. It's a slow battle that begins with that first time you say I will NOT trade b/c I feel impatient. It is always very easy to be patience when there are either no consequences for a lack of patience, or when the consequences are relatively mild. So impatience is something we need to work on in the face of real consequences. I think we often think if we ignore or feelings that they will go away or not effect us. Instead you encounter the feeling head on and know how to deal with it. Recognizing it and acknowledgment is what I try to do. Not just with trading but with my life as well. all the best!
=============== Mr.Invest/11/55; Old TIME has some good points, even if they're some what of an exaggeration. Also someshallow rules simply dont work that well, over much time; taking 'some profits'' frankly sounds countertrend/bad here . So maybe some experienced traders get by with it.But with taking'' some profits'', in the same paragraph with ''some lousy set ups'' ..................................... Try trend study/years, studying stuff like MSFT,GLD,; QCOM, up 2,000% I am doing a paper chart study again of QCOM[up 2,000%] & dont do many'' lousy sets up''....................................................... With all due respect, its a good question; but you may want to get rid of that ''stop trading rule ''Plenty of markets are trending up or down.So stop top trading may help if you are in habit of taking'' lousy set ups'', or dont invest/ trade trends Wisdom is profitable to direct.