You have heard discipline is the key to trading success and it is but it's hard to trade with discipline, here we will explain why and how you can get the mindset of the professional traders. If you think discipline is easy here's why its not.
You need discipline to executer your trading signals through losing periods and stay on course and you may have read online that systems can trade with little or no losses, so let me tell you the reality, even the best traders suffer weeks or months of losses, before they hit a home run.
To stay on course when you are losing, requires confidence in what you are doing and an understanding of why your system will come good and hit a home run.
It's a fact If you don't have confidence in what you are doing o try and follow others you won't have discipline.
An Inspiring Story
Anyone can learn to trade but 95% fail through lack of discipline and here we will look at a rather inspiring story and how important discipline is.
Richard Dennis conducted a famous experiment where he taught a group of ordinary people to trade with no experience in just 14 days and the result was they made $100 million in 4 years and went down in trading history.
When you read their story you will struck by how simple the system was, essentially just a simple, long term breakout trading system.
Anyone could learn it but the key was executing it with discipline and strict money management, many of the group spoke of the emotions that come to the fore when you are executing trading signals, losing and the market is making you look a fool.
They were able to succeed because they knew what they were doing had confidence and strict money management.
If you think it's easy its not but it can be done, if you learn and have confidence in what you are doing you can get the mindset to win.
Mindset the Key to Longer Term Success
I would say trading success is about 20% method and 80% mindset.
If you have a forex trading system you must execute your trading signals with discipline, otherwise you may as well not have a system.
Think You Won't Lose for Weeks on End Think Again!
Today most traders believe the hype and think they won't have drawdown periods which can last weeks or even sometimes months - but that's the real world of trading and happens to the best traders however you can win long term by...
Hitting Home Runs for Huge Gains
Of course, when you hit a home run you can clean up profit wise - but to win at currency trading, you need to accept and take your losses. Most traders never acquire inner confidence and therefore never have discipline to ride out losing periods if you do, you can win and pile up huge profits.
Any trader can learn to trade and get discipline and success ultimately depends on how much you want it.
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