[Soultrader]

A little quote from my trading friend. Always a pleasure to get these in my email.

Joe's Trading Tidbits

HOW DISCIPLINE HELPS IN TRADING

"Discipline in executing each and every trade according to your trading methodology is the secret to your success. If you want to improve your trading, what you need to do is very simple. Before you enter any trade, imagine that you will have to explain this trade to a panel of your peers, by explaining to them the reason for your entry, your money, trade, and risk management guidelines, and why you exited the trade. Imagine having to explain why you chose this particular market and this particular time frame, along with how you set objectives for the trade, and how you determined where your initial protection would be. If you can truly do this, I strongly believe that you can be successful.

Just prior to entering every trade, try to imagine yourself executing the trade perfectly. Imagine how it will feel when you enjoy having made money with your trading.

Yes I know, you don't have time to do that. Why? Because you never plan your trades ahead of time. You probably don't have a strategy, and instead of waiting patiently for trade that meets your well-defined parameters and your thought-out plan, you just jump in the minute you think you see something that looks good.

You need to take a lesson from a spider. The spider waits patiently in his web until some unsuspecting insect flies into the spider's trap.

Have you been flying into any of my traps? I wait for trades that meet my expectations, trades that fit my plan. I wait patiently, and being kind-hearted I don't want any of my readers to land in my web. I'd rather the unsuspecting are readers of someone else's newsletter. But it's amazing how often I get to feed."

[Nick1984]

I reckon I can sum that up with a quote by Napoleon Bonaparte.

Take time to deliberate, but when the time for action has arrived, stop thinking and go in.

Plan Do Check Act - PDCA cycle at work.

[Bfbusa]

Hi James, how've you been. Nice post you have here. I couldn't agree more. Without discipline, you are finished as a trader. It is one of the best pieces of advice I ever got. Let the trade come to you. One aspect of discipline is patience. Just like the spider in the web. Unfortunately, this all too often an acquired talent. A trait developed over time and over a rising pile of failed trades and lost money.
May your pile not be as large as mine.