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  1. #1
    Master Member Bogdan G's Avatar

    Probably the best tip you will ever get... on staying disciplined !!!

    Some of us may know how important discipline is for success in trading. Even if you have a good strategy, sometimes you rush trades, dont wait until all the conditions are met or overtrade. Basically you have the winning strategy but you dont follow it.
    My tip may not work for you but to me it's the Holy Grail of discipline keeping and it improved my trading a lot. Here goes:

    Think about something you love doing everyday. Let's assume you like drinking a beer in the evening. If during the day you took even ONE single trade that wasnt 100% according to your system/strategy/rules, that day you will deny yourself the pleasure of drinking a beer. If you like chocolate, you will not eat chocolate that day. If you have a favorite TV show you like to watch, guess what... you will not watch it that day because you didnt follow your system. That's your punishment.

    Drinking beer, watching TV or eating chocolate can be substituted with any other activity you love doing and believe me, you will think twice before opening a trade that doesnt meet all the rules of your system.

    Hope you find it useful.

  2. #2
    Master Member SeasaltMcFish's Avatar
    Nice tip Bogdan!

    B.t.w.: I will lose weight in no time
    Last edited by SeasaltMcFish; 11-21-2013 at 01:06 PM.

  3. #3
    Specialist Member LesterK's Avatar
    Thanks for sharing with us Bogdan! Really great tip! It is easy to implement such a psychological stimulus in my trading too The discipline is the most important element of each trading strategy and behaviour so very good idea! Thanks a lot again

  4. #4
    Legendry Member willyw's Avatar
    Quote Originally Posted by Bogdan G View Post
    Some of us may know how important discipline is for success in trading. Even if you have a good strategy, sometimes you rush trades, dont wait until all the conditions are met or overtrade. Basically you have the winning strategy but you dont follow it.
    My tip may not work for you but to me it's the Holy Grail of discipline keeping and it improved my trading a lot. Here goes:

    Think about something you love doing everyday. Let's assume you like drinking a beer in the evening. If during the day you took even ONE single trade that wasnt 100% according to your system/strategy/rules, that day you will deny yourself the pleasure of drinking a beer. If you like chocolate, you will not eat chocolate that day. If you have a favorite TV show you like to watch, guess what... you will not watch it that day because you didnt follow your system. That's your punishment.

    Drinking beer, watching TV or eating chocolate can be substituted with any other activity you love doing and believe me, you will think twice before opening a trade that doesnt meet all the rules of your system.

    Hope you find it useful.
    I fully agree with you, Bogdan. Discipline is very important in our tading.

  5. #5
    Veteran Member hchandra's Avatar
    Nice sharing,
    If it does not work, try to add one person to hold us accountable, can be friend, spouse, mentor, etc.
    Without discipline, no result will show.

  6. #6
    Master Member Bogdan G's Avatar
    The only downside to this is that you actually have to be disciplined... to be disciplined. For example you could break your trading rules and then still open that beer or eat chocolate so following this tip is not really a piece of cake.

  7. #7
    Master Member SeasaltMcFish's Avatar
    Yeah, doesn't work for me after all...

    Tried it one beer, but the can looked so sad, I started to feel sorry and decided to get him out of his misery.

    Maybe discipline can be learned only the hard way, by taking losses. It could be wise to analyze a tilt trade (as I call it) and write down your thought process, to find your real leaks.

  8. #8
    Specialist Member marc's Avatar
    So, with a lot of discipline you have a high chance to become an alcoholic!

    But jokes aside, I think it's a good tip for many people, although it doesn't work for me ... discipline always was and still is a problem for me (not only in trading) ... and awarding or punishing myself for something never worked

  9. #9
    Master Member Bogdan G's Avatar
    Well, guys, I actually learned it the hard way - as McFish said, by taking losses - I still struggle and I consider discipline is the only thing between me and millions of dollars. I'm being as honest I can be right now... I just have to overcome the psychological aspect. I've come a long way in that direction and almost everything falls in place now.
    About my tip: I own a Katana which is very dear to me. For each trade that doesnt meet my rules, I make a dent in it with a hammer $ chisel. It hurts me to do that and it hurts me to look at it after I put a dent in it... but my trading improved a lot (to say the least) since I started doing that.
    I'm in this business to make it, no matter how many hours it takes or how many sacrifices.

  10. #10
    Specialist Member marc's Avatar
    Pheewww, Bogdan ... as I just read "I own a Katana ..." I actually was somewhat concerned that you have more serious ways to discipline yourself!

    As it goes for me: instead of punishing myself I simply try to visualize my goal ... like earning the money I have in my mind ... and every time I don't follow my rules, I just honestly say to myself: "Ok, you did a step in the wrong direction now! Stop that, or it will take much longer to reach your goal!" ... and usually that's enough motivation to stick closer to my strategy

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