profit point. You will never be happy when the market is moving against you, but if your strategy shows losses 40 of the time, you will become more comfortable with a loss as a potential outcome. . Remember, what can be measured, can be improved. This situation can play out in many ways. This is especially true in forex trading. At the same time, you need to be able to stick to a previously established plan where you are confident in booking profits and executing a stop loss. . Direct your attention to what needs to be done.
Forex trading discipline pdf
As long as you are trading within the context of your pre designed trading plan, being patient or greedy with your position can be beneficial to your bottom line. Err, you dont want that to happen, do you? Without any goal in place, you may get stuck in that state of discouragement as you have nothing to strive for or work towards. Mark Douglas, author of, trading in the Zone, defines self- discipline as a mental technique to redirect our focus of attention to the object of our goal or desire, when that goal or desire conflicts with some other component of our mental environment. The chart above gives you a simplified example of when greed can be good and transaksi forex forward work out in our favor. Thinking ahead of time about how a situation will play out will allow you to instinctively react to an event or catalyst. There are several scenarios that can happen in the wake of an impulse trade. If you find that you get antsy as a currency pair approaches your mental stop loss level, put a hard stop in the market and let the market take you out. . You can help yourself in becoming more familiar with these emotions by reading trading psychology books, but its only when you are actually trading will you really appreciate its effect on you. Its not a talent exclusive to an elite few either. Forex trading is a craft that demands a certain level of discipline. This is especially true for the short term trader.
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