Posts Tagged ‘ discipline ’

Goodbye Profit!Hello Stupidity


Today will go down as my stupidest day, ever. I broke all of my own rules and quite simply chased my losses and lost the plot. Yes it was a bad day with TUFXP hammering me for -21% and a loss of 6% on my morning trade. But that is where it should of stayed; yet somehow I’ve added over 17% of extra loss through recklessness and greed. What tilted me over the edge was the fact a TUFXP trade stopped me out by 0.3 of a pip before screaming back up to its scalp. That tiny difference would have made an exceptional difference. To compound my errors, I took the decision to up my risk on a strategy I’ve been testing the last few weeks. You can guess what happened. 3 losing trades which resulted in the extra losses.

I am bitterly disappointed with myself and I have massively let myself down. I displayed all the qualities of a desperate trader chasing losses and going beyond my own risk control. It is going to take a monumental effort to rescue this from here and I owe it to myself to do my damned hardest to bring it back. I thought I was a better trader than this but today really was a black day.

I am going to try my hardest to forget today and concentrate on the future and take one trade at a time and I’ll see how I go from there. It’s very tough writing this but also a relief to get the burden off my shoulders. This will serve as a stark warning to me in the future, I  am determined to make this work and whilst today has been an absolute wipe out, I aim to succeed.

Are you?


Seeing as I ramble on about discipline and it’s importance I thought I’d add a post about how I go about ensuring I keep my discipline in check.

A good trader can be expected to win around 60% of the time and as long as they employ worthwhile money management and risk/reward they will win long-term. I feel the biggest weakness of any new trader or inexperienced trader is the fear of losing. The ability to accept the fact losses will happen is a big advantage. From what I’ve seen on various forums and chats, an individual will panic when a loss occurs and then begin to question either themselves or the strategy they are using. This is a huge downfall in a trader’s mindset. My advice would be to firstly make sure you are using a strategy you are 110% comfortable with and know the workings of. If you’re trading something that is new or unfamiliar, the confidence is highly unlikely to be there. If you trust something, you can the ability to keep with it through the rough times. Secondly is to think long-term not trade by trade. Jumping from one system to another is the short route to losing and should be avoided at all costs. Granted, if you are using a losing strategy, change it out for a new one but do not try and manage 5/6 systems at once and change them weekly due to a loss.If you having a losing day accept it and be ready for the next day.

Another downfall I believe is exiting a trade to early. You have defined stops and profit targets and unless you have a good reason, let the trade play out. Exceptions are high impact news items and if you understand support/resistance levels you could exit when you know there is a strong area to pass. Otherwise, I firmly believe you should let the trade run out. If you’re uncomfortable watching a trade pip by pip, go for a little walk, take a breath of fresh air and clear your mind.

Having a trading checklist is also a nice little thing to keep next to you whilst trading. Constantly remind yourself of your rules. Also keep a pad of paper or diary to keep notes in. If you messed a trade up, write down why and try and learn from it. I realise this is a vast subject and other traders will have their own views but I’ll try to keep updating ideas/thoughts on being a disciplined trader regularly.

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Fantastic week, discipline and gumby’s…


This week is fast becoming incredible and I’m feeling on top of the world. These purple patches seem to occur once a month without fail lately and it’s always a timely added boost to the monthly gains. I’ve had two trades this week go to -24 pips, 1 away from my SL before slowly making the climb back up and hitting my scalp target. These types of trades make for hard viewing but keeping the discipline is equally as hard. I’ll talk a lot about discipline throughout this blog as I feel it’s priority number 1 when it comes to dealing with any form of trading, gambling, car racing etc.

You can have all in the talent in the world but without discipline you’ll never get anywhere. Keeping your cool when things get bumpy is extremely important and I try and help others keep their discipline and focus in the daily trading room I use. We are all mostly beginners at various stages of our trading careers and we all have our weaknesses. The main benefit of a trading room is the ability to share ideas and help each other work on various weaknesses/strengths. It is also a massive help when it comes to breaking up the boredom of a trading day, there are many dull hrs and being able to have a chat really helps.

The US GDP q/q release was always going to be an interesting event, I personally thought the forecast of 3.2% was high but as I hedge the news, I am personally not too fussed as to whether it’s over or under. It turned out to be higher than expected and caused a massive upswing on EURJPY. I ended up exiting even a little too early but whenever I can take home 65 pips, it’s a welcome bonus! Speaking of news, the NZD release late last night wasn’t a firecracker but I did manage to gain 15 pips on the short. I await my rematch with it next time out, we still have unfinished business.

There’s an interesting thread on FF here and I have to say I’m amazed by the rudeness of some people. I guess there is no helping some people. Any community should be a friendly one and rude, arrogant members really need to wind their necks in. Nobody can argue with the that fact pips are not the be all and end all of trading, they simply tell part of the story. Anyway, I’m not going to let a few gumby’s get in my way. Onwards and upwards..

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Fantastic week, discipline and gumby's…


This week is fast becoming incredible and I’m feeling on top of the world. These purple patches seem to occur once a month without fail lately and it’s always a timely added boost to the monthly gains. I’ve had two trades this week go to -24 pips, 1 away from my SL before slowly making the climb back up and hitting my scalp target. These types of trades make for hard viewing but keeping the discipline is equally as hard. I’ll talk a lot about discipline throughout this blog as I feel it’s priority number 1 when it comes to dealing with any form of trading, gambling, car racing etc.

You can have all in the talent in the world but without discipline you’ll never get anywhere. Keeping your cool when things get bumpy is extremely important and I try and help others keep their discipline and focus in the daily trading room I use. We are all mostly beginners at various stages of our trading careers and we all have our weaknesses. The main benefit of a trading room is the ability to share ideas and help each other work on various weaknesses/strengths. It is also a massive help when it comes to breaking up the boredom of a trading day, there are many dull hrs and being able to have a chat really helps.

The US GDP q/q release was always going to be an interesting event, I personally thought the forecast of 3.2% was high but as I hedge the news, I am personally not too fussed as to whether it’s over or under. It turned out to be higher than expected and caused a massive upswing on EURJPY. I ended up exiting even a little too early but whenever I can take home 65 pips, it’s a welcome bonus! Speaking of news, the NZD release late last night wasn’t a firecracker but I did manage to gain 15 pips on the short. I await my rematch with it next time out, we still have unfinished business.

There’s an interesting thread on FF here and I have to say I’m amazed by the rudeness of some people. I guess there is no helping some people. Any community should be a friendly one and rude, arrogant members really need to wind their necks in. Nobody can argue with the that fact pips are not the be all and end all of trading, they simply tell part of the story. Anyway, I’m not going to let a few gumby’s get in my way. Onwards and upwards..

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine