more on discipline

Discussion in 'Trading' started by cashmoney69, Sep 18, 2007.

  1. Of course its important to have in our trading, but at what point does discipline hurt our bottom line. Where do you draw the line between discipline and fear?

    example: A few days ago i wanted to buy broke out and I

    never bought because a) I am disciplined, and b) I didnt want to

    buy and get stopped on a pullback. Did I make the right choice?


    Also I've been ignoring my indicators and reading price action

    more, and sometimes I am right. Is it a sign I am becoming a

    better trader by ignoring my indicators or worse, because I

    ignore them?
  2. As Mark Douglas would say:

    As a trader it is more important to know that you will always be disciplined and follow your trading rules than it is to make money on any particular trade because whatever money you make you will inevitably lose back to the market if you get into the habit of breaking your rules.

    You can change your rules if they dont seem to be working as expected. But only after alot of thought and not impulsively while stalking your next trade.
  3. getting a bullish hammer formation right before FOMC hehe no worries bought the pullback made a little , atleast i didnt blow my account :D