Tips to develop trading discipline in forex

trading-discipline

It is a conscious decision and effort to develop trading discipline in Forex.

Trading discipline requires you to do things when you should, even if you do not want to do them.

This simply means, as a trader, you only follow what your trading plan says even when it feels like there is a better opportunity out there.

For instance,

If your trading plan says that you only enter a trade when price retests the support or resistance level after a break out, you do only that.

However clear a break out may seem, you can only trade it after a price retest.

You only trade as your rules say according to your trading plan.

how to develop trading discipline in forex

1. Trade only your strategy. Take trade only when the set up of your strategy appears

2. Follow your trading rules. Your trading rules will help you to control your emotions when trading and protect you from living in regrets.

3. Use a stop loss on every trade you take and never shift your stops just to stay in a wrong trade. Your risk reward ratio is very important

4. Be patient with your trades. Let your trades to run and mature. Avoid closing profitable trades prematurely, either to take- small profits or because of fear to lose trade. 

5. Believe in your strategy and follow only your trading plan.

What makes trading discipline the key to consistent profitability

  • Trading discipline helps you to master patience and persistence.  In so doing,  you get experience and become confident. This means, you can profit under any circumstances.
  • With consistent trading discipline can concentrate on one thing at a time. This will help you to discover your mistakes easily and find ways of correcting them.
  • According to your plan, you only risk  what you can afford to lose. This means you have control over your losses.

Trading outside your plan can make you divert from your plan completely and run for excitement. Such pleasures don’t last.

It may seem profitable for a while but that is only for a short time.

All I can say is that once you try for the first time and profit, you will want to try again.

Trust me, this will disorganize your trading confidence. At the end of the day, you will get shocked by the big losses on your account.

Maintaining trading discipline is not an easy thing but if you remind yourself every time you are to trade, why you are doing it, it will be easy to keep up.

A onetime big win cannot be compared to an average consistent winning. Trade and win consistently following your trading plan with trading discipline.

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