Topic: You need discipline to be successful in trade (Read 210 times)
Am not a trader yet, I came into crypto-currency and one thing on my not to do list was trading, it was so much like gambling with my Bitcoin, but I can say then I was a -Newbie- trying to protect him self, I haven't still started trading, but I have been working on starting it, but what am lost about is how does expert do it differently, trading is not fixed, so even with experience, the trade shouldn't always go in one way, is there any other skill apart from reading the market and hoping for favour.
One of the characteristics of a good trader is discipline
This is being real about your rate of success in trading business. Trading online is same as trading you know in real world , the difference is that you may not see physically, the other party but someone is definitely at the other side taking either same order or opposite order , you need discipline for sure.
Discipline will pull your emotion shirt and wear you the decisive shirt.
Being discipline will help you not to jump into every market or candle you see looking beautiful, calling you out for gains. With discipline, you know that you need research before deciding any entry and to get out when it is wrong trade.
Be discipline with your trade and you see more profit in your wallet.
If you trade through an automated bot, then you don't need discipline. Robot will do everythingThis is being real about your rate of success in trading business. Trading online is same as trading you know in real world , the difference is that you may not see physically, the other party but someone is definitely at the other side taking either same order or opposite order , you need discipline for sure.
Discipline will pull your emotion shirt and wear you the decisive shirt.
Being discipline will help you not to jump into every market or candle you see looking beautiful, calling you out for gains. With discipline, you know that you need research before deciding any entry and to get out when it is wrong trade.
Be discipline with your trade and you see more profit in your wallet.
We can't prevent losses in trading, but even if there's a bot, maintaining discipline is a good habit to grow, not only in crypto but in life.
Using a robot often necessitates control and discipline; you must understand the bot's limitations, parameters, and other details in order to trade safely.
One of the characteristics of a good trader is discipline
This is being real about your rate of success in trading business. Trading online is same as trading you know in real world , the difference is that you may not see physically, the other party but someone is definitely at the other side taking either same order or opposite order , you need discipline for sure.
Discipline will pull your emotion shirt and wear you the decisive shirt.
Being discipline will help you not to jump into every market or candle you see looking beautiful, calling you out for gains. With discipline, you know that you need research before deciding any entry and to get out when it is wrong trade.
Be discipline with your trade and you see more profit in your wallet.
If you trade through an automated bot, then you don't need discipline. Robot will do everything This is being real about your rate of success in trading business. Trading online is same as trading you know in real world , the difference is that you may not see physically, the other party but someone is definitely at the other side taking either same order or opposite order , you need discipline for sure.
Discipline will pull your emotion shirt and wear you the decisive shirt.
Being discipline will help you not to jump into every market or candle you see looking beautiful, calling you out for gains. With discipline, you know that you need research before deciding any entry and to get out when it is wrong trade.
Be discipline with your trade and you see more profit in your wallet.
Any gambler who "regularly" wins at a casino is cheating. Period.
I thought so too, before I started working in one. I also thought that casinos are cheating people out of their money, while in reality its all about psychology and greed. At least in those few that I worked in.All casino games are set up in a way, such that, over the long run, the gambler will lose. This has nothing to do with being "disciplined", it has to do with the fact that slot machines are designed to payout less than $1 for every $1 gambled over the long run.
I know all about RTPs, no worries. The brick&mortar casinos I worked in usually had it around 90%(iirc on the yearly basis ) but there were months when certain slot machines were in the red. It is very unlikely for someone to be in positive due that, but that's why i said that in 6-7 years of working there I only came across one player who managed to constantly get out with the money. Sure, there were days when he lost his set amount, but he never put in extra. And he also always left the casino if he won certain amount of money, and absolutely never started gambling "stronger". He also had bunch of other rules, which he followed without exception. For example, professional gamblers also have that, extreme level of discipline. I worked for years in casino, and I am sure of only one guy who was regularly taking the money out of casino. He only played slot machines and he had strict rules that he followed no matter how much he won, with set limit of money he afford to loose every day. The only reason he didn't get banned from there is that he was not gambling big. But he was happy taking every month few hundreds of dollars.
Any gambler who "regularly" wins at a casino is cheating. Period. All casino games are set up in a way, such that, over the long run, the gambler will lose. This has nothing to do with being "disciplined", it has to do with the fact that slot machines are designed to payout less than $1 for every $1 gambled over the long run.
Exactly. The more important thing to have is experience and the skills to trade. Otherwise without the experience the "discipline" would translate into bag holding and eventual loss. The 2018 to 2020 is an excellent example of people with discipline but no experience in the altcoin market. There are hundreds of topics in the altcoin board talking about how they have to be "patient" and not sell. Now they are all in huge losses.
Being "disciplined" doesn't equal to being "patient". Being disciplined means obeying your own set of rules and sticking to it, no matter how you feel that way, and no matter how hard it is sometimes. In the terms of trading, I guess it would mean having your own set of rules when trading, not fomoing and doing anything outside of that, like blindly hodling altcoins and not cutting the loss. That's why the usually have stop loss set.For example, professional gamblers also have that, extreme level of discipline. I worked for years in casino, and I am sure of only one guy who was regularly taking the money out of casino. He only played slot machines and he had strict rules that he followed no matter how much he won, with set limit of money he afford to loose every day. The only reason he didn't get banned from there is that he was not gambling big. But he was happy taking every month few hundreds of dollars.
All this of course is much easier said than done, and that's why there are so few pro traders.
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Well, I have to agree with this.
I have been in good profit since I have sold my BTC and started to invest in alts. But for some wrong decision, my profit is less few X than where it should be. If I were disciplined enough, I would have made more money. For example, I have profited 2500 usd in two trades but lost them in the next two trades which I would never if I were ruled.
I have been in good profit since I have sold my BTC and started to invest in alts. But for some wrong decision, my profit is less few X than where it should be. If I were disciplined enough, I would have made more money. For example, I have profited 2500 usd in two trades but lost them in the next two trades which I would never if I were ruled.
Provided you have the skills. And probably even with a high level of trading skill, you can still only make much fairly accurate predictions.
In other words, discipline alone won't bring you somewhere. First and foremost, being absolutely emotion-resistant in trading, I suspect, is already impossible.
Just pointing out that you cannot make crypto trading sound so easy. In real life, even those traders with advanced level skills are quitting.
Your ability to control your disciplines and get rid of emotion will be smaller with the increase level of your capital. Bigger capital, more stress, more emotions will affect your decisions.In other words, discipline alone won't bring you somewhere. First and foremost, being absolutely emotion-resistant in trading, I suspect, is already impossible.
Just pointing out that you cannot make crypto trading sound so easy. In real life, even those traders with advanced level skills are quitting.
Hence, trading with small partition of your all capital, just very small part of it. It will help you have less stress, less affected by emotion as if you fail with your trading, you don't lose all.
This self restriction or self disciplined can help you increase your profit from trading. By reduce emotional decision and you can make better trading decisions.
That's right. You trade small amounts, you are simply like gambling, having fun chasing a little profit here a small gain there, losing yet smiling every now and then. The moment the stake is high, the orders large, anxiety comes and its level increases along with the amount. You start becoming restless. Discipline is getting harder to achieve.
When I started to realize I cannot be a good trader, I didn't leave trading completely. Until now I am still playing small amounts mostly on Binance. So far so good. I'm having fun.
Discipline in emotion and decision.
That's true, once a trader even a skilled one starts to lose their discipline, they can lose everything that they've got. It's a very important character a good trader must have.
That's when you meet someone personally, you'll admire the knowledge that they'll share and with all the experience they have.
That's true, once a trader even a skilled one starts to lose their discipline, they can lose everything that they've got. It's a very important character a good trader must have.
That's when you meet someone personally, you'll admire the knowledge that they'll share and with all the experience they have.
Provided you have the skills. And probably even with a high level of trading skill, you can still only make much fairly accurate predictions.
In other words, discipline alone won't bring you somewhere. First and foremost, being absolutely emotion-resistant in trading, I suspect, is already impossible.
Just pointing out that you cannot make crypto trading sound so easy. In real life, even those traders with advanced level skills are quitting.
Your ability to control your disciplines and get rid of emotion will be smaller with the increase level of your capital. Bigger capital, more stress, more emotions will affect your decisions.In other words, discipline alone won't bring you somewhere. First and foremost, being absolutely emotion-resistant in trading, I suspect, is already impossible.
Just pointing out that you cannot make crypto trading sound so easy. In real life, even those traders with advanced level skills are quitting.
Hence, trading with small partition of your all capital, just very small part of it. It will help you have less stress, less affected by emotion as if you fail with your trading, you don't lose all.
This self restriction or self disciplined can help you increase your profit from trading. By reduce emotional decision and you can make better trading decisions.
Be discipline with your trade and you see more profit in your wallet.
Provided you have the skills. And probably even with a high level of trading skill, you can still only make much fairly accurate predictions.
In other words, discipline alone won't bring you somewhere. First and foremost, being absolutely emotion-resistant in trading, I suspect, is already impossible.
Just pointing out that you cannot make crypto trading sound so easy. In real life, even those traders with advanced level skills are quitting.
So true. Decipline alone can't make you a successful business man, you also need to be conscious of active competitions, up coming challenges, even in the real world trading you pick up challenges by reinvesting even when it's though, loses can make a Deciplined man quit, but determination keeps you in the struggle to face it all in which ever way it comes
https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Lef%C3%A8vre/dp/0471770884
Reminiscences of a Stock Operator by Edwin Lefèvre (Author)
Read classic literature.
Many millionaires have gone bankrupt and died in poverty many times. Only very strong people can go through all the setbacks and make money. Exchanges ruin many traders and there are many more risks of losing money on the exchange as a result of a hack. Better to just hold.
Thanks for sharing!! I also have one recommended book with regards to the psychological part of trading or even in investing. It's called "Trading in the Zone" by Mark Douglas[1]. This book contains 200 pages of information that talks about psychological side of things in terms of accepting trader's responsibility of his/her own trades, risk and the acknowledgment of probabilities.Reminiscences of a Stock Operator by Edwin Lefèvre (Author)
Read classic literature.
Many millionaires have gone bankrupt and died in poverty many times. Only very strong people can go through all the setbacks and make money. Exchanges ruin many traders and there are many more risks of losing money on the exchange as a result of a hack. Better to just hold.
I have just finished the first chapter and I must say that it could widen your perspective about the term "discipline"
Also, maybe this mind map could help other people assess their trade.
Source: https://www.gatex.io/wp-content/uploads/2019/10/MindMap2-scaled.png
[1] https://www.amazon.com/Trading-Zone-Author-Douglas-Jan-2001/dp/B010DQ0B68/ref=sr_1_2?dchild=1&keywords=Trading+in+the+zone&qid=1617349776&sr=8-2
Discipline will help you to manage your time and money in trading so that you can prevent losses.
Besides that, you can manage the emotion that can become bigger, especially if you see the market volatile because that can make you panic.
If you do not have discipline, that will not be easy to see the market movement and use the moment to trade.
But there is much more about the things that you need to have to be a pro trader and that will not be easy to master that things.
Besides that, you can manage the emotion that can become bigger, especially if you see the market volatile because that can make you panic.
If you do not have discipline, that will not be easy to see the market movement and use the moment to trade.
But there is much more about the things that you need to have to be a pro trader and that will not be easy to master that things.
When you are new to trading and do not have both loss/win experience from the past you cannot simply say to yourself "be disciplined" and become "disciplined". As a reflection, when you have enough experience - you will naturally have the so-called quality "discipline". Yes, there some unwritten rules like "stick to your proven strategy", "follow your daily schedule", etc. but I think they should not be followed just because someone's suggestion.
Fear, greed and hope is one of the killing factors in trading generally.
fear
Fear in the sense that when you are so scared of entering a trade even when your analysis are correct or the fear of loosing a trade mostly when the trade first retraces before going your predicted direction.
greed
Trying to make excessive profit from a little account size. Most traders put their life problems into their trade thereby forcing the market to go against it's direction which ends up putting them in a loss.
hope
Procasting is really another killing factors in crypto market. After analysing a trade it's relevant you enter your position in time to avoid late entry. Crypto trading has very high volatility and as such chances of retracement are very high and this might make you incurred losses instead of making profit
fear
Fear in the sense that when you are so scared of entering a trade even when your analysis are correct or the fear of loosing a trade mostly when the trade first retraces before going your predicted direction.
greed
Trying to make excessive profit from a little account size. Most traders put their life problems into their trade thereby forcing the market to go against it's direction which ends up putting them in a loss.
hope
Procasting is really another killing factors in crypto market. After analysing a trade it's relevant you enter your position in time to avoid late entry. Crypto trading has very high volatility and as such chances of retracement are very high and this might make you incurred losses instead of making profit
Provided you have the skills. And probably even with a high level of trading skill, you can still only make much fairly accurate predictions.
Exactly. The more important thing to have is experience and the skills to trade. Otherwise without the experience the "discipline" would translate into bag holding and eventual loss. The 2018 to 2020 is an excellent example of people with discipline but no experience in the altcoin market. There are hundreds of topics in the altcoin board talking about how they have to be "patient" and not sell. Now they are all in huge losses. 
There is no doubt that discipline is required for any successful entrepreneurship, including trading. Self-control, understanding of your own risks, correct use of stop-loss, accuracy and self-control, all protect successful trading. Creating your own strategy, and regularly using your system, can ultimately build your own vision of the market.
Be discipline with your trade and you see more profit in your wallet.
Provided you have the skills. And probably even with a high level of trading skill, you can still only make much fairly accurate predictions.
In other words, discipline alone won't bring you somewhere. First and foremost, being absolutely emotion-resistant in trading, I suspect, is already impossible.
Just pointing out that you cannot make crypto trading sound so easy. In real life, even those traders with advanced level skills are quitting.
https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Lef%C3%A8vre/dp/0471770884
Reminiscences of a Stock Operator by Edwin Lefèvre (Author)
Read classic literature.
Many millionaires have gone bankrupt and died in poverty many times. Only very strong people can go through all the setbacks and make money. Exchanges ruin many traders and there are many more risks of losing money on the exchange as a result of a hack. Better to just hold.
Reminiscences of a Stock Operator by Edwin Lefèvre (Author)
Read classic literature.
Many millionaires have gone bankrupt and died in poverty many times. Only very strong people can go through all the setbacks and make money. Exchanges ruin many traders and there are many more risks of losing money on the exchange as a result of a hack. Better to just hold.
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