Disciplined Trader

 

Recently I’ve been watching the TED talk about the 30 Days Challenge and I thought that could be a great way to start building new pattern in trading behaviors.

There is no doubt in my mind that it takes discipline to be a consistent and profitable trader and this is one of the most important qualities a day trader must have. Discipline is a generic term so you must focus on a specific goal, something you want to do – it might be your intellect  or your emotions that are telling you what this is. It

Set-up a goal for 30 days to be routinely disciplined when you trade it will help in transforming something that previously took a lot of effort into your second nature. Setting goals, however, is easy compared with acting upon them over time. Many of us set well-meaning goals at the start of a year, only to forget our resolutions – this is where the 30 days challenge  could help.

From my experience, some of the problems that a Day Trader must overcome and that are good candidates for setting a 30 day challenge:

– Stick to your money management plan and do not enter more trades than your rules allow you to do

– Do NOT over-trade (especially when you have some losses already)

– Do not trade if you are in a unsettled emotionally or physically ill

– Do not trade if you need to attend other duties and can’t ‘babysit’ your open position

– Take you losses according with the pre-calculated risk – do  not change stop loss level just based on your ‘hope’

 30 Days Challenge

Start by choosing your goal and making the commitment with yourself

Write it down and keep a journal to track results

“Discipline is the bridge between goals and accomplishment. “

-Jim Rohn