discipline

[trader44]

hi guys i have been researching discipline with regard to trading and i am wondering what makes people lose their discipline heres a few of mine that i have had and overcome

mine are in running

1) desperation
2) trying to recover a loss
3) mental excitement ( already green and go in again near end of race )
4) ) Physical - trading when tired, poorly, hungover.

feel free to add from your own experience or not

[trader44]

5) complacency after a long profitable run probably my hardest one to identify and learn to control

[JPK65]

Hi trader
For pre-off tading you can add;
Entering too early - You are watching a market and see all the money stacked on one side of a ladder, so you have a pop, only to find that when the real money comes things quickly turn against you.
Exiting too early - You have a good trade running and you can't resist exiting when you have a decent profit, just in case things go bad, only to see the price moving at a far greater pace in the direction of your trade.

[ShaunWhite]

5) complacency after a long profitable run probably my hardest one to identify and learn to control

+1

[LeTiss]

Alcohol..............NEVER attempt to trade after a drink

Also, there's nothing worse than trying to trade with a raging boner, it's impossible for a man to concentrate when he has an erection - either go and shag the missus, have a wank, or just wait until it's gone

[Bluesky]

Also, there's nothing worse than trying to trade with a raging boner, it's impossible for a man to concentrate when he has an erection - either go and shag the missus, have a wank, or just wait until it's gone

Sounds like someone has been spending too much time in the 'Land of Green Ginger'

[trader44]

Exiting too early - You have a good trade running and you can't resist exiting when you have a decent profit, just in case things go bad, only to see the price moving at a far greater pace in the direction of your trade.

am guessing this is trading not to lose

[trader44]

also for myself when i lose say £40 or some amount and i casually say to myself, oh i will get that back later as if someone is going to knock at my door later saying heres that £40 you lost added to that is the invincibility of the feeling after a run of profitable days saying to myself , i cant lose i am supertrader , strutting about like a cockerel only to have some kryptonite rammed up my a**e by lex luthor

[trader44]

[JPK65]

I hope I get to the stage where I feel invincible one day. I still can't resist throwing in an odd gamble, hence my results are still up and down and I never really feel confident

[trader44]

JPK65 thats the problem when i feel like that it tempts me to take chances i shouldnt so am working on not feeling like that and confidence comes with experience if you are profitable i am guessing

[max_usted]

Alcohol..............NEVER attempt to trade after a drink

Also, there's nothing worse than trying to trade with a raging boner, it's impossible for a man to concentrate when he has an erection - either go and shag the missus, have a wank, or just wait until it's gone

lol ... +1. So true.

[JPK65]

PATIENCE, PATIENCE & MORE PATIENCE…….whoops I did it again….I just lost 3 weeks profit in one race….I was up about 75% of my bank after (pretty much) keeping my discipline this month. Then I was pushing for my target of doubling my bank before the end of the week (so I could get of minimum stakes) and I let one too many go in-play….I knew I was pushing my luck and I got a kick in the balls as the price plummeted. DON’T SET TARGETS as you will only take chances and get punished.

[Jamie]

I guess setting targets is really not much different to chasing losses. You'll likely take more risk in order to reach your goal, and get caught out sooner or later.

[Thebest147]

The thing is about discipline is,if everyone is waiting for the perfect senoirio before they pull the trigger then i would assume that the opportunity may have passed,if you're right you will be particularly matched but if your wrong you will be fully matched,why not go with the psychology ever trade has a cost to find out and trade from there