How to gain discipline in trading

[kobi 86]

It's a general belief that most common reason for the losses incurred by crypto traders is as a result of indiscipline, therefore, I want those who have gathered some level of trading discipline to share their secrets here for all to learn. please share..

[IrinaLavrinova 365]

Discipline is the execution of all actions that are provided by the system (if this system is of course there, and if there is a description of all possible cases and what you need to do with them.) Who traded, understands that it is quite difficult. It’s difficult to force yourself to kill an elk, but it’s easy to kill a small profit, fearing that everything will turn around now and will be at a loss. Thus, the most important rule is violated: "Cut losses, let profit flow."

[kobi 86]

1 hour ago, IrinaLavrinova said:

Discipline is the execution of all actions that are provided by the system (if this system is of course there, and if there is a description of all possible cases and what you need to do with them.) Who traded, understands that it is quite difficult. It’s difficult to force yourself to kill an elk, but it’s easy to kill a small profit, fearing that everything will turn around now and will be at a loss. Thus, the most important rule is violated: "Cut losses, let profit flow."

This is why I think for someone to have discipline in trading they must first and most importantly have a trading plan in place, or trading rules e.g the one you just pointed out now "cut losses, let profit flow" 

[salakka 76]

discipline is something you already got rules for your trading activity and you dont break rules. for me discipline is someething hard to doing,and greedy something easily i can do it

[IrinaLavrinova 365]

40 minutes ago, kobi said:

This is why I think for someone to have discipline in trading they must first and most importantly have a trading plan in place, or trading rules e.g the one you just pointed out now "cut losses, let profit flow" 

You are absolutely right. Trading, as a focused kind of activity, not only requires the complete systematization of specific actions and impeccable compliance with the developed trading rules, but also helps to acquire these qualities in many ways. Without discipline, there is nothing to do, not only in trade, but in any other business.

[Thekingcallme 1975]

Write on paper what is the next step and follow it no matter what happens
Imagine that a matter of life and death will become discouraged soon

[Zzoro6110 19]

When you put a step, you must not go back no matter what happens and that is discipline and do what you say and do not cancel

[kobi 86]

Another way we can gain discipline that keeps coming to my mind is assuming total responsibility for everything that is going to be the outcome of a trade.

[Bitxalt 452]

discipline is a habit, and habits cannot be applied only by knowing the theory, we must be diligent and try to stay on track, in trading discipline is very important, trading discipline will affect the consistency of our trade

[bentayebsalah 2280]

The system is part of the discipline so you have to be organized and when you make a decision you have to do it because it is an insult to yourself if you do not and will become more disciplined over time

[kobi 86]

41 minutes ago, AshaBegam said:

Discipline is just like any other habit. It takes time to form. Like, around 21 days will take for a habit to form or eradicated. Discipline is hence required in trading as it's a risky

With this information I gathered that positive trading habits should be practiced for at least 21 days and we won't struggle to observe them, is that right?

[Lucifer 134]

Excellent, in my opinion the discipline is like a muscle that trains, when the strength is very depleted but when you do not use it it never becomes weak the same happens with patience and habits.

[nykas 2812]

You should to create some punishments for your being indiscipline. When you get used to it, you will be absolutely disciplined and everything will be okey

[Rifrach 207]

A week ago I was successful in disciplining my trading system. It takes a mindset like businessman and business discipline to be able to get a large income. But this week everything was scattered again, sir, just because I broke my discipline once.

[kobi 86]

5 hours ago, Rifrach said:

A week ago I was successful in disciplining my trading system. It takes a mindset like businessman and business discipline to be able to get a large income. But this week everything was scattered again, sir, just because I broke my discipline once.

Lol! once is just enough to make you loss a years profit, anyway sorry about that, my advice to you on this is that you have to start analyzing yourself on daily basis to sustain that which you have already.

[kobi 86]

On 11/5/2019 at 7:41 PM, nykas said:

You should to create some punishments for your being indiscipline. When you get used to it, you will be absolutely disciplined and everything will be okey

Lol! that's really funny, I'm wondering, do you punish yourself when you loss funds in trading as a result of your indiscipline?what kind of punishment do you give to yourself haha, or perhaps you can suggest some to us, but on a serious note you may be right, after all, if you spare the rod, you'll spoil the child.

[kobi 86]

20 hours ago, Digicoin said:

Do not over trade

Do not trade Fridays and weekends.

Do not be emotional about any coins

Do not risk too much, see trading as fun and not source of income

 

Thanks for sharing, for the first point that talks about not over trading, when is someone seem to be over trading and also what is it about Fridays and weekends that should make us not to trade?

[on1k3n 470]

My best advice for trading is not to make emotional buys/sells. If you can refrain from doing this your wallet will thank you. Another piece of great advice is not to push too hard. If you see that you are losing money, just stop and try to see what you did wrong.

 

There's nothing wrong with taking a break to regroup, and try it again. Lastly only invest money that you have free in your budget. I've seen people sell valuable rings to pawn shops, just so they can buy Bitcoin. I personally think this is a bit much, but it's your stuff, so I guess it's fine. 

[nasipadang 399]

I am disciplined or undisciplined depending on the mood anyway. In the market still think logically do not rush in placing a buy/sell spot, more serious in trading because of the risk of loss, then some important attitudes and regulating emotions are necessary. Trading what we know is the right thing, always do the analysis when we want to trade.

[Cryptominded 704]

On 11/5/2019 at 10:47 AM, kobi said:

This is why I think for someone to have discipline in trading they must first and most importantly have a trading plan in place, or trading rules e.g the one you just pointed out now "cut losses, let profit flow" 

Yes, discipline would mean acting according to the dictates of the trading plan, knowing when to place an order and when to quit, even when to stay aside. More traders are not profit not because their trading strategies are not effective, but because they lack the discipline to grant their systems the enabling environment to thrive.

[nahidfresh99 465]

Yes I think the reason for most losses by the traders is that as a result of their indiscipline I think if you have discipline, you want to do all the right things and if you have patience you will definitely benefit from the business but if you do it with every job or chaos.  If you do then you will never be able to benefit here, so I think you have to learn to be patient  , and I think my success is my large contribution

[Zentoly 419]

On 11/26/2019 at 7:11 AM, Zervanix said:

patience and not being greedy is the main thing, and also emotions make people loose and that can make you fail in trading

Right to say if a person has no patients and investing his money in coins so he will not gain any profit and cash-out their money in that coins quickly just in a down market.

[Akbor 1042]

Yes all traders should maintain some discipline before doing trading. mainly the traders buy at low price. so when the price go very low then he should be patient and should wait to increase the price.

[yifnt 666]

Discipline in trading comes from self-motivation and only yourself can raise it with a serious passion for trading.

[kobi 86]

23 hours ago, MinJax said:

The discipline here is to abide by the trading principles

This is quite precise, discipline in trading can correctly be seen as abiding by trading principles that are mostly formulated through information and data accumulated through experience.