How to use Personal Discipline to Trade

It takes personal discipline to trade any market whether that market is Equities (stocks), Bonds, Futures (commodities) or Forex.This personal discipline defines for that trader what they trade, when to enter a trade and exit from that trade including both a profit target and a loss exit. The first rule of trading is that “no one wins every trade,” however the goal of the Forex Market is to maximize gain and minimize loss. For business and commerce it is based upon daily currency exchange rates. For retail trading it is individuals making money by trading money with the continuous spot market price.

foreign-exchange-commercial-trading-roomIf you are new to Forex trading do not anticipate that you can rule or conquer the market. Instead, realize that successful traders have slowly, incrementally (tiny steps) and methodically learned, practiced and applied the principals of their trading style.

Chasing those revolutionary breakthroughs or a cavalier Forex trading system, regardless of its origin or hype, rarely yields positive results. We would rather see you steer in the direction of the tried and true, as trading such systems mitigates pain and fear or that wildcat gusher followed by pain and fear. This is best summarized as suggesting a “classical” trading approach.

Technology that’s not effective as a useful tool will not last. Experienced traders will eventually abandon any practice or methodology if it does not prove worthy to enhance their profits.

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