If you have no discipline, trading is not for you
There are a number of traits that successful traders possess. Taking the top spot is discipline.
If you don't have discipline, chances are you're not going to do very well at trading.
So why is discipline so important to be successful at trading?
Read on to find out…
The importance of discipline as a trader
is a vital trait to possess as a trader.
When you trade, make a few mistakes and you could turn a profitable run into a losing one.
For example, you decide to put a long trade on as you think the price of a particular share is going to rise in price. After a few days you can see the trade isn’t going as you thought it would, but you hang on regardless, Frank Hemsley in Profit Watch
You wait in the hope that the share price will recover and bounce higher. When there’s a glimmer of a rally, you hang on longer in the hope you’ll make money.
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Then the share price falls again, but this time keeps falling.
A trade that you planned to be in and out of within a week is starting to look like a long-term endeavour.
A lack of discipline translates into a lack of profits
Discipline is critical to trading success. You must take a disciplined approach to trading. One of the main reasons why traders fail is because they lack this essential trait.
You need to stick to your trading strategy. Just hoping that a trade will eventually work out isn’t going to make you money.
Discipline is truly one of the most basic and essential traits of a successful trader. You need to remove your emotions from trading with an effective strategy and stick to it, no matter what.
So there you have it. Why if you have no discipline, trading is not for you.
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