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

    1. #11
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      One of the key sukes in forex trading is discipline, starting from making a trading plan to run it as a rule that you must meet. Any execution should not be done with doubt, but rather should rely on a trading plan that you have worked hard to make.
      Discipline does not come by itself. Have you been blessed with discipline at birth? Certainly not. Discipline is not a natural talent of a person, but must be through practice and habituation.

      In fact everyone can be a discipline, but that word is easier said than done. It is common that every first step feels heavier, including exercising discipline in trading. Take for example: execute stop-loss. The first time it's done is very painful, so it may cause you to decide not to use stop-loss at all.
      It's definitely dangerous, but sometimes people have to deal with the dangers before they realize their mistake. As the example above, without stop-loss you will face the risk of immeasurable losses, even to spend your capital. At times like that people will usually think, "If I had put a stop-loss ...."

      Usually so. But not a few who with his naked flopped into the same hole many times. Such fool traders have a history of deposit frequencies far more than withdrawal. Deposit, run out, deposit again, run out again. So over and over again. Unless you want to get caught in the vicious circle, it helps you start to know what you should do to establish discipline in forex trading.


    2. #12
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      Default Re: How can a trader maintain discipline when trading Forex to make profit and control loss?

      There are different ways by which a trader ban make profit and control loss; a. Financial goal- This should be well defined and be maintained b. There should be adequate knowledge of technical analysis, fundamental analysis and market psychology c. There should be enough consideration for risk management in terms of lot sizes and the number of trades to be executed in a day d. Rhere should readiness to exercise control over emotions d. The trader should cultivate the habit of keeping trading journal where all the records of trading sessions are kept for the purpose of evaluation and reevaluation and whatsoever is recommended should be followed strictly


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

      Discipline is a very important factor in forex trading, it is a primary requirement for every trader that wants to succeed in forex trading because nothing works fine without discipline in the business, even a good trading strategy doesn't produce good results without discipline. For a trader to maintain discipline so that he can make profit and control losses then he must learn how to control his emotions when trading because emotions is a major barrier that normally hinders a trader from maintaining discipline in forex trading.

      A trader should ensure he excludes his emotions from forex trading, whenever he is trailing the market so that he would be able to keep discipline and make good decisions without been sentimental about it To maintain discipline a trader should have a proper plan for every trade before he enters, where he would cut loss and the point he would take profit, He should make he sticks to the plan all through the trading period.
      This is how a trader can maintain discipline to enable him make profit and control losses in forex trading.


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

      To be disciplined means "to be able to control our behaviours or the way we live,work etc. So from this definition, we can derive how important it is to be a disciplined human being. Not only in Forex trading business, but it is also essential and beneficial to us, in our every day life. In Forex trading, being disciplined can take a trader a long way to becoming a successful trader. A disciplined trader would not be greedy. As GREED is one of the factors that brings losses to Forex traders. Also being disciplined teaches a trader to be patient. PATIENCE has the capacity of teaching a trader to maintain a sound emotion. And lastly, having a good and calmed emotion while trading would be of great help to the trader.


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    6. #15
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      Default Re: How can a trader maintain discipline when trading Forex to make profit and control loss?

      Dear forex market is a business we need to work in forex with diciplen and maintinance we can make diciplen in forex we can follow all rules an we can maintain our money management and follow all rules


    7. #16
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      Default Re: How can a trader maintain discipline when trading Forex to make profit and control loss?

      When dealing with a market where a small error can lead to a major loss, you must understand the importance of discipline in dealing with this market
      You may have a very successful analysis of the market but choosing the wrong entry point or wrong timing may lead to loss of your trades despite the success of the analysis
      Therefore, you must build a good trading plan that takes into account all those points and details that avoid avoiding the error and you should be given all the focus to implement that plan in a disciplined manner
      Having a trading plan is the most reliable basis for reaching a trading discipline


    8. #17
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      Default Re: How can a trader maintain discipline when trading Forex to make profit and control loss?

      As a matter of fact, discipline is a virtue, it is only few traders that possess it. Discipline is actually a good thing that every trader must make sure that they posses, either they like it or not, and they can never be disciplined when they are not patient, the two has to be working together. If traders wants to also maintain discipline, they should work on their good trading rules, and make sure that they don't go against that rule. That is what i know that will help traders to be disciplined, and the trader must make sure that the rules of trading they are working upon are such that has good strategy, money/risk management and effective plans that will always cause stability of trading and success for them.


    9. #18
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      Default Re: How can a trader maintain discipline when trading Forex to make profit and control loss?

      I think we first need to know that we Cannot avoid loss in the forex trading market, the only thing we can do is limit or reduce the rate at which we Loose in the market.
      But maintaining discipline is a bit difficult for some traders because of their approach in the market and due to the fact that many wanna be rich in a short period of time.

      How can we maintain discipline in the market?
      The only way we can do that is by following the forex rules, from the psychological rules to technical rules of the market.

      What are the psychological rules ; by avoiding greed, fear. Continuous learning

      The technical rules; making use of money management, making use of stop loss.
      Avoiding over trading.


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    11. #19
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      Default Re: How can a trader maintain discipline when trading Forex to make profit and control loss?

      Discipline is one challenge that is easily faced by every single person that has committed to trading Forex, there are many of us that learnt the hard way because we did not understand the essence of being disciplined, forex trading is not for children that are not matured emotionally and otherwise, it is meant for people that wants to survive and who use all the available techniques to fight for this survival without getting drown in the sea of lack of discipline.

      To make profits with some level of consistency, what a Forex trader needs is patience and money management, you can stop your losses by planning well for it, nobody becomes successful without discipline, this is the basic requirements for success in this market.


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    13. #20
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      Default Re: How can a trader maintain discipline when trading Forex to make profit and control loss?

      Before the Forex trader can control losses adequately and trade with profits consistently, all be needs is to use money management, loss control techniques are necessary especially if you don't want to lose the account that you are trading with, Forex trading that is done with a right mindset can bring profits, where issues always come from is the adoption of greed as the best alternative to become profitable, discipline cannot be maintained by a forex trader that does not belong to the category of patient traders.

      There is nothing you can do to achieve successful outcomes from your trade if you keep following the wrong path.


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