Trading is a business and like any good business, it requires trading discipline and positive habits to have the best chance at success. Most traders fail to think about how to incorporate the right mindset and discipline into their business plan. Most top-performing traders have come to realize that trading psychology and discipline are integral to their overall success. You have to feel comfortable with the trading process and work on your execution skills before you can build a consistent track record.
Emotions can play an equal if not a larger role in determining your success as a trader than the strategy you develop. For this reason, you cannot underestimate the importance of discipline as a trader. There are stories of countless traders who have had less than successful careers because they were unable to develop the proper trader mentality.
For this reason, you should take several steps to enhance your discipline in trading. Spend some time developing your own customized routine which can include, reading the news on a daily basis that can affect the securities that you are trading. Look at charts, including weekly charts, which will provide you with a big picture view of where your currency pair is going or likely to go. Re-Evaluate your risk and determine if the risk-reward that you are currently taking is the same as the risk profile that you analyzed when you initially placed your trade. If you work on these steps and set up a routine you will find that you will enhance your discipline in Forex trading.