Wednesday, September 19, 2007

How is your discipline doing?

One of the biggest challenges of new traders is that they have an itchy trade-trigger finger. They have a hard time sitting still and waiting just for the setups that offer them the highest probabilities. Instead, they feel that because they are in front of their screen and their account is funded, the need to trade is very strong. I've heard it said that sometimes the need to trade is stronger than the need to trade well. I used to be like that but as I've progressed in my trading career I've come to realize that I get paid to wait, wait for MY setups that follow MY rules. Developing trading discipline is certainly not done overnight and requires practice and patience, but pin up a reminder next to your monitor that says, "I get paid to wait." You'll find that the less you trade, the more profitable you tend to become. Good trading everyone.

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