Did you read the post in which we posted 2 videos on 2 simple candlestick patterns that can make you winning trades? But you don’t need just a few winning trades. You need to win most of your trades losing just a few. Do you know this that trading is an emotional process. Just like an athlete you need to master your emotions so that you are able to reach your peak performance as a trader. Think of trading as more of a mental game as compared to a physical game. Losing will cloud your mind. With each losing trade you start to lose your confidence as a trader. Which just means you are going to lose the next trade as well if you lose this trade. In the same manner, winning also makes you reckless. When you win a trade, you start trading like a gambler thinking that you are going to win the next trade. What this means you need a lot a discipline when it comes to trading. No matter whether you are winning or losing, you should not lose your discipline. Van Tharpe is a famous name known to most serious traders. Watch the video become in which he talks about how to become a disciplined trader.
Now first thing that you need to do is develop your trading system. Once you have developed your trading system, you need to test it thoroughly. It should work something like 70-80% of the times. If you can make it work 90% of the time, you are one of the very few great traders who achieved this feat. So once you have your trading system achieving results 70-80% of the time, you should just follow it mechanically like a robot. This is what trading discipline means in nutshell.
If you have been a sportsman or if you have been a sports enthusiast, you should be aware how much the sports training revolves around psychology. The video below talks about Mind Over The Market. Watch the participants talk about trading psychology.
Now you can only master fear by developing inner discipline in yourself. Watch the video below in which a performance coach talks about how to master fear by doing just that developing internal discipline.
Markets are huge. Markers provide you with endless opportunities on daily basis to make a huge amount of profit. Most of the traders mess up and end up making a huge amount of loss. Only those who have the internal discipline succeed and make a consistent profit. In nutshell trading entails losing as little as possible. However most traders take it the wrong way. They think that trading entails making as much profit as possible. Focus on not losing. Try to minimize your losses. This is how you are going to develop the discipline in yourself to become a successful trader. The following video talks about the 7 habits of highly successful traders.
https://www.youtube.com/watch?v=FSVgA_zKiQA
Easier said then done. Developing these 7 habits are not easy. In hindsight we can talk about successful traders and think about habits that make them successful. What you need is discipline that helps you overcome the emotions like fear and greed that are the biggest stumbling blocks on the road to success for traders. Now this man Ari Kiev is a psychiatrist who talks about how to overcome your psychological issues as a trader. Watch the video below!