What Does Discipline Mean in Forex Trading?

Everybody has a different definition for discipline.  Most people think that discipline means seriousness in doing something. This is true but discipline has a wider meaning when it comes to forex trading.

In forex trading, discipline means following your trading system rules exactly and precisely. Over 95% of forex traders lose, not because they do not have a good trading system or they have not learned the techniques. They lose because they fail to follow their trading system rules. They lose because they have no discipline. When you ask them about the techniques, indicators and systems they use, they explain very well, but when you ask them about their performance and results, you will see that they are not profitable yet.

• Do you trade without setting a proper stop loss?
• Do you make your stop loss wider when it is about to be triggered by the market?
• Do you trade everyday, even when there is no strong trade setup?
• Do you insist to take a position whenever you sit at the computer?
• Do you try a different trading strategy, time frame, indicator and… everyday?
• Do you take a position when you hear that someone else has the same position or some people say that a currency goes up/down against another currency?
• Do you close your positions before they hit the stop loss or target?
• Do you take too much risk?
• Do you overtrade?
• Do you overanalyze?
• Do you take a position because you need to make money?

If the answer of any of the above questions is positive, it means lack of discipline is your problem and you will keep on losing as long as you do not change yourself and you don’t trade like a disciplined trader. And finally you will give up and you will lose the chance of making money through forex trading for the rest of your life.

Who is a disciplined trader?

A disciplined trader…

• Has a well-developed and at the same time simple and practical system.
• Trades only when there is a strong and perfect trade setup. He doesn’t mind not to trade for several days. He is like a hunter. He doesn’t waste his bullets when he knows that the prey is not close enough.
• Doesn’t look for new trading systems everyday, because he has come to this conclusion long time ago that his own trading system is the best for him and he has the best result with it. He also knows that there is no Holly Grail system and “grass is not greener on the other side”.
• Sets a proper stop loss for each of his positions and never makes his stop loss wider when it is about to be triggered by the market.
• Never lets a profitable and nice trade to be converted to a losing position because of maximizing his profit and breaking the others’ records. He knows where he will be out as soon as he takes a position.
• Never tries to make a huge profit by taking too much risk. He is always loyal to his Risk/Reward and money management rules.
• Never gets upset when the market hits his “reasonable stop loss”.
• Never regrets when he misses a strong movement just because the trade setup that was formed before the movement, did not look strong and perfect enough.
• Doesn’t get overconfident when he achieves several winning trades or even several winning days, weeks, months and years.
• Doesn’t lose his confidence when he has a losing position, day or even week or month.
• Doesn’t take a position just because the others have the same position or he has read or heard from somewhere that a currency will go up/down against another currency.
• Doesn’t take any position based on his thoughts. He trades based on the signals that he sees on the charts.
• Doesn’t overanalyze.
• Doesn’t overtrade.
• Doesn’t see beyond obvious. He just sees the signal which is in front of his eyes.
• Is not greedy.
• Has no fear.
• Doesn’t exaggerate about his success.
• Is humble and helps the novice traders to find the right way easier. He never misleads the other traders, specially the novice ones. He is aware of “Karma”.
• Is…
• Doesn’t…
• Is…
• Doesn’t…

Are you such a person and trader or you are trying to make money through forex trading while you have not reached to such a level of confidence, discipline and personality?

Forex trading is not about the techniques and trading systems only. 90% of forex trading is related to the things that I explained above and this is what Forexoma members learn to achieve. They not only learn the techniques, but they learn to become a disciplined trader within the shortest time. I help them not to make the mistakes that 95% losing traders do, the mistakes that I also made when I started.

I tell them how I was about to give up at least for a few times, but I gave it one more try and finally I reached to the level that was described above. I recommend you to join us. There is nothing to lose. However if you don’t join now, one or two months later can be too late, because I can not continue this service forever.