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    Thread: How can a trader maintain discipline when trading Forex to make profit and control loss?

    1. #1
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      Lightbulb How can a trader maintain discipline when trading Forex to make profit and control loss?

      Maintain discipline is very important for Forex trade but I want know that how can trader do that. So please every trader try say that how can a trader maintain discipline in Forex for makes profit and control loss?????


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      Maintaining the discipline in Forex trading is not easy but there are some steps if we followed it we will be able to maintaining our discipline such as :

      1- The trading with plan For making a specific daily percent as 0.5 to 1 % and the discipline with this percent only because this will help us to control on every thing while the trading because our trading with be with very low risk for making only 1% and this will make us maintain our discipline .

      2- After making any loses while the trading we have to leave the market for some time to take a rest and to refresh our mind from this loss then we can back again to make another trade based on good entry point without any mistakes or trading with high risk because the trading after making loses directly may lead us for making mistakes can make us lose the discipline .

      3- Never think in the big profits that always lead you for the trading with big lots and greed but always discipline with making your monthly target only as 20 % or less than 20 % without the thinking in making more than that percent .

      4- Every Day Define your daily target and write all the rules in front of you to avoid forgetting any of it beside the remembering to all your previous loses which happened because the indiscipline with your rules because this will help you in keeping the discipline with your rules .

      5- Always use stop loss to all your trades because closing your trades on small loss help you in compensating it easily with any other lots but don't leave it without stop loss because this may make your loss increase and increase until you lose the discipline and the control while the trading .

      If you followed the above four steps it will help you too much in maintaining your discipline while Forex trading that will help you on the controlling on your loss and making good profits more than your loses .


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      to successfully trade the foreign exchange market, the forex trader must be disciplined. find below the areas where he needs to focus.
      1. trading goal: to really be disciplined, the forex trader must know his mission. he has to set clear cut goal which must be worked on with good focus.
      2. trading plans: having set the trading goals, the trader needs to set the trading plans that would make the trading goals achievable. that done, the trading plans must be followed. there is no good in having a trading plan that is not used.
      3. have a good trading strategy: strategies are quite important for success to be achieved in this business. the trader should work on getting a good trading strategy that builds his confidence.
      4. patience: patience is a trait that the trader needs to become disciplined. a trader should work on this tirelessly and never rush into trades.
      5. apply good trading rules: traders should learn to apply good trading rules. this is one test of discipline. we need to pass it!
      ''Too many times we settle into a set way of thinking and accept limitations that need not be placed on us'' -John C. Maxwell

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    7. #4
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      How can a trader maintain discipline in Forex trade for makes profit and control loss???
      Some traders are naturally disciplined and some have to be learnt. To become a good trader in Forex market, discipline is a must needed things. A discipline trader can easily prosper in Forex trading. There are some good things you should practice to become a discipline trader. These are-

      1. Always use stop loss and take profit level in your every trade.

      2. Risk/reward ratio should be 1:2 or 1:3 according to your trading plan.

      3. Always strict on your own trading analysis.

      4. Use demo account for developing new strategies and learn discipline from this demo experience.

      5. Mark the mistake and learn from it. Never repeat the same mistake again and again.

      6. Maintain a target. It could be daily target, weekly target or monthly target. It will help you to avoid greed and emotion.

      7. Keep patience when get loss. Take a break after getting good profit or big losses. Mental refreshment is essential for a Forex trader.

      Always follow your heart. Be patient and learn how to keep proper discipline. Follow these above advises, you will become a discipline trader for sure.


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      Discipline is something which you can't achieve in theory and even though you have a vast knowledge about how to become disciplined you won't be able to implement it if you don't practice it properly and make it a habit. So it's more important to practice discipline than to learn how to become disciplined. There are lot's of way we can maintain the discipline in our everyday trading.

      Sticking to one strategy is part of the discipline and if you just try to use every trading strategy on the internet it won't be productive for you. So to become disciplined and confident develop your own strategy and stick to it if it's still working for you.

      Maintaining a trading journal is another way to stay disciplined as a forex trader. In a trading journal you will record everything about your trades. Things like why did you enter the trade, what was the setup and why did you exit etc. This practice will make you more rational about the market and will improve your skill as a trader.

      Identifying mistakes is another way to stay disciplined. If you don't know why you are wrong it will get more worse and you won't be able to trade in a prudent way. If you can't identify your mistakes you are highly likely to repeat the same mistake which will lead you to more loss.

      Taking responsibility is another good way to stay disciplined and honest about yourself. If you don't blame yourself and try to blame the market it won't work because market is same for every trader out there. It's you who needs to adjust with the market.

      Overall, I would say that there is lot's of way we can become a disciplined trader but if we don't practice and implement it in our trading then it won't be successful and we won't be able to make good profit and control our loss smartly.
      Yesterday's wins and losses are yesterday's wins and losses -- and the yesterdays are gone


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    11. #6
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      How can a trader maintain discipline in Forex trade for makes profit and control loss??? Discipline in trading is suppose to guide you to achieve your intended goals in the market.This decision is relative and depend on individual.However, for traders to minimize loss and improve on profit making.[a] Drawing out a good trading plan and decision to follow it to the letter.[b] Your strategy must be up to date ,and working on improving on it for better result. [c] Employing risk management tools as a matter of must.It is usually easier said than done ,no matter how skillful you are in this field, if discipline is lacking ,you may find it extremely difficult to achieve the very purpose and objectives of your trading plan.


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      I know we all have different approaches to the market, but for me to maintain discipline is not a very very easy thing to do if am to be honest but I think it first requires lot of self evaluation.
      The first thing we need to do is first examine the areas where we might be doing wrong things, then jot it down, after I think we have to work on it.

      Being discipline can mean a lot of things in the market,

      This can Mean controlling of greed : how do we control greed? We Have to always be satisfied with whatever profit that comes or way in the market and never want to be rich overnight.

      Over trading : some trader do over trade but yet they don't know, but over trading is opening too much of trades on which some traders even exhaust their margin, so a trader need to trade less.

      Stick to your own plan: planning is very important when it comes to forex market, but some traders are bound to changing of plans when things seems to be going wrong so it's important to always stay faithful our trading plan and techniques.

      With all The above explanations we should be able to reduce the rate at which we loose.


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      Discipline is needed by a trader in order for them to control the various aspects that are connected to the Forex trading business. No one joins the Forex currency business and has a natural ability to apply discipline in their trading in order to get good trading results and control their trade decisions properly, Its all about a simple matter of learning and practice. We develop every single aspect of ability that we need in order to be successful in the Forex trading business and this is only gotten from direct Forex currency Market trading. As long as we keep trading through practice, We would slowly but steadily increase our trade experience and on the long run we become better with time.


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      Traders have to understand the real rule of the Forex field and should show self control over their tradings because as we are Human beings its very easy and simple for us to be controlled by the greed factor and for that when we can have a proper positive impact over the emotion control ,its very easy that we can maintain the discipline and go with the right path.

      Actually the hard work and the dedications are the main factor which can make a trader successful because here the market is always unknown to us and for that we should be very much focussed on the work we are doing and like that one day we can reach to the peak of the success because we should know that at which condition what work is the best for us to deal with the situation.


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      You can maintain discipline during forex trading and be able to make profit while controlling loss by trading strictly according to a predetermined trading plan. Such plan should include the conditions under which a trade can be executed as well as integrate proper risk and money management.

      Trading plan are best written down and applied systematically, though you can also mentally follow your trading plan. Using a clearly defined trading plan will also enable you to review your strategy and improve on it when the need arises, by either tweaking it a bit or replacing it with a better one.
      Last edited by fanatic; 07-31-2018 at 08:25 PM.
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