Discipline refers to you sticking to your trading plan and not deviating from it!
Usually traders go with a plan but they deviate from it turning themselves into risk junkies! These are the undisciplined boys, you don’t want to be one of them
Discipline refers to you sticking to your trading plan and not deviating from it!
Usually traders go with a plan but they deviate from it turning themselves into risk junkies! These are the undisciplined boys, you don’t want to be one of them
Few things I followed and you could too..
1 - Do not expect to become an expert trader right away. It takes considerable time, practice, effort & discipline to learn trading.
2 - Paper trade or use a simulated trading web site to practice your trading techniques before you use your own money.
3 - Always limit your losses - use stop orders.
4 - If the markets on a given day are not performing or reacting the way you expected, it is best to simply get out.
5 - Try to predict the general direction of a stock price but do not try to pick tops and bottoms.
6 - Remember that standing aside is a position and often the best one to take if you cannot form an opinion as to where the market is heading on a given day.
7 - Always keep records of your trading results and analyze the results.
8 - Never get emotionally involved with your trades as emotions often work against you.
9 - Do not try to focus on too many stocks at once. Limit your focus to a manageable number.
Source:http://www.tradersplace.in/disciplineintrading.html
May be it helped..
Thank you very much Anil
You Welcome…