Its an well known fact 90% of traders lose money and one of the reason for Losing is not having discipline in their trading. Many trader will say only people having insider Info,knowing a holy grail trading system,FII etc can make money. The fact is anyone can make money if he follows his trading plan with discipline. The truth is, self-discipline is a learned skill, not an innate characteristic.
Only way to improve your self-discipline is through dedicated practice.Any Change is difficult and it takes time but with dedication and persistence it can be achieved and you can see dramatic improvement in your trading.
How to increase your Trading discipline:
Know Your Weaknesses – If you know neither the enemy nor yourself, you will succumb in every battle. This is the problem with most of the traders they do not know/acknowledge their weakness and hence they never improve, Lack of trading strategy, not having emotional control etc. Try to find your weakness.
Have Clear Plan – No one wakes up one day suddenly blessed with trading-discipline. Instead, you need a strategy. Develop a plan that outlines the action steps you’re going to take to reach your goals. I will take 1 trade in a week, Without having clarity will not enter the trade.
Remove the Temptations – Its just 1 trade which breaks the trading account and this is what which needs to be controlled. Making it difficult to access those temptations can be pivotal to increasing self-discipline. If your weakness is taking impulsive trades, close your terminal once you are done with your trades.
Visualize the Long-Term Rewards – You’ll be less likely to cave to temptation when you focus on the long-term gain. Visualize yourself meeting your goals and reaping the rewards that you’ll gain by practicing self-discipline on a daily basis.
Trading-discipline is the key to reaching your goals as a successful trader. Ee all have the ability to be trading-disciplined—it requires lots and lots of practice.