I have realized for many months that lack of self discipline is my biggest problem in becoming a consistent trader. By nature, I am a very adaptable, flexible, and forgiving person. Somewhat a risk taker, and like to try out new things. Always curious. As you already can tell, I have a predisposition that makes it hard for me to maintain discipline. General wisdom says I should find a job that is suited for my personality and talent. Well, I am attached to the potential of monetary reward, and flexible hours of a trading career. I am working towards making trading my second/retirement career. I have traded actively for 1.5 years now. Made a whole lot in a very short time and lost it all. Possibly I will finally find that trading really isn't my thing. At this point, I am not giving up. Not yet. My main focus for the next many weeks, months, years is to train and maintain discipline. I will post in this thread readings or tools I have found regarding self-discipline, as well as my plan and progress. I hope this thread and compilation will be useful to myself and others on the board. Comments, suggestions or simply moral support or beating are very welcome!
This is the first article that really spoke to me. My last booboo trading day was making multiple short trades on the ES on 4/16. I have seen the same gap up and run 30 points scenario many times. Those are days I should follow the strength or simply step aside. But I kept shorting that day! I cannot comprehend why some days I can control myself and some days I couldn't. Then it struck me I wanted to be part of the excitement that day so I kept "participating". End of that day, I recalled reading somewhere "Good trading should be boring". Did a web search on "Trading is boring" and came up with this article : http://www.undergroundtrader.com/freetradingmaterials/articles/borrowedtime_part-2.html There are a few interesting points and what each point means to me: Preservation of Confidence Levels - as important as preservation of capital Boredom: The Silent Assassin - I should just walk away Good Enough - "I try too hard". Chill.
http://www.stevepavlina.com/blog/2005/06/self-discipline/ This past weekend, I gather my "will" to craft a plan. It involves changing the environment and setting a routine. First, I listed the rules I want to follow, starting from the night before: - plan my trades for tomorrow - sleep early previous night - wake up, remind myself to follow rules - check news, and market conditions to see if my plan should change - start trading: follow my system's rule - eat breakfast within 1st. hour of trading - keep a ruler at my trade desk. if I try to break a rule, hit myself and walk away (since I seem numb towards monetary loss, I decide to try hindering with physical pain) - set alarms on my cell phone to remind myself to take breaks every 45 minutes So far, the breakfast and added sound alerts for breaks have been helpful 'cos it breaks my "staring at the screen". Ruler has not been useful. I still broke rules yesterday. Today, more in control (well, market went the way I read it). Lets see what tomorrow brings.
I made sleep, breakfast, and stretches, part of my disciplining routine after watching some pretty interesting videos here: http://brainrules.net/ - If you are in EST, you may want to check your performance for trades done between 2PM-3PM! - Glucose gives us more control of our mind and attention. Thus the breakfast and stretching.... Enjoy the site. Plenty of fun....
I can see that you started a username here to run around sounding all zen like and intelligent...And hey that's cool buddy...whatever gets you going is A-okay... But that question was just ignorant. For your image, as much as it helps you to use catchy zen-like slogans and syntax...Make sure what you say at least has some sort of relevance or point to it.
There are many spirtual texts which humanity has been able to use for their spritiual englightment and unfoldment throughout the centuries. Thanks for pointing this out Reaver, as while you obviously know this, the previous joker does not. *** To the point, if the OP is serious he really must leave no stone untruned in his quest to become a better trader ... and that book most definitely is a step in the right direction for him. Good trading.
Darkness is a beautiful thing for those who can't see the Light. Om mani padme hum. p.s. you obviously don't know Zen from a Zit based on your comment. Don't fret. God loves all humans.