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Self-discipline refers to the training that one gives one's self to accomplish a certain
task or to adopt a particular pattern of behavior, even though one wouldreally rather be
doing something else. Thus, self-discipline is the assertion of willpower over more base
desires, and is usually understood to be a synonym of self control. Self-discipline is to
some extent a substitute for motivation, when one uses reason to determine a best
course of action that opposes one's desires.
The currency or forex market is a highly volatile market that requiresdiscipline if you
want to be successful. There is no beating about the bush, the only thing that makes a
trader to be among the few 5% that are successful in this market is discipline.
It has been proving over and over again that trading systems alone don't make a
successful trader but having the discipline to do what the system says to be done is what
makes one a successful trader. Any forextrader that allows the volatility of the market
to determine the decision that they take in the market will end up among the 95%
Discipline is the lifeline of trading in the currency market, it is the only thing that will
see you through when all other factors has failed you and it is the only thing that will
make you consistent profit in this business.
Suggestions forImproving Trading Discipline
The following are guidelines that can be used for improving discipline. They will
require action and thorough implementation:
1. Make a trading schedule. Always start at the same time and get used to work on
the same hours each day. Trade only the amount of time that you are able to stay
100% focus. Keep your signals up to date; don’t try to trade too many markets.2. Stick to your trading system. Some traders quickly switch from one trading
system to another. This is one of the worst forms of discipline. Traders should
stick to their trading system to give it sufficient time to perform.
3. Stick to decisions. Good traders work in isolation and make commitments, not
letting other people (e.g. brokers, other traders) influence their decisions.
4. Knowwhen to exit. It is important to have an objective measure of when to
terminate a given trade, whether the trade is profitable or not, learn to do this in
5. Learn from losses. Losses are expensive tuition to avoid repeating the same
errors. Was I respecting my trading schedule? Did I stick to my system? Did I
stick to my decision or did I suffer external influence to change my...