It is always adjectives like "consistent trading," "confident trading," and especially "profitable trading" that we use to describe the good trader we ourselves want to become. It is far less common to hear people aspire simply to be a disciplined trader. Why is that?
It is always adjectives like "consistent trading," "confident trading," and especially "profitable trading" that we use to describe the good trader we ourselves want to become. It is far less common to hear people aspire simply to be a disciplined trader. Why is that?
It is not very "cool" or "sexy" to be billed only as a disciplined trader. Too bad, because consistency, confidence, and profitable trading often result from it. It is the disciplined trader, who trades almost mechanically, free from trading fear and emotion. They have more clarity and less stress than the majority of technical traders out there. It is not hard to become a disciplined trader. It takes time and the desired results to become confident. Repeating simple trading rules and proven scalping methods.
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Why being disciplined is sexy and rewarding!
See the benefits of disciplined trading immediately
How these quick and easy steps will make your P&L grow... and grow!
eToro.com is a reputable trading platform, famous in the social trading industry. In 2018, the brand decided to conquer the US market and launched the local brand there. First, the company functioned solely as a crypto trading broker. Yet, later it added other items to its list of tradeable assets. Therefore, now it offers stocks and ETF trading as well. With a history dating back to 2007, eToro has amassed a large user base across more than 140 countries. When cryptocurrency emerged, the brand used a unique chance to enter the American market. One of its key features is CopyTrader, the social trading tool and a proprietary product of the project. It allows novices to repeat trades from top traders with just a few clicks. Thus, the tool offers a fresh approach to this asset class. This guide aims to provide a comprehensive eToro review to help traders make informed decisions. eToro offers trading services across many regions worldwide including the USA OANDA (www.oanda.com) boasts of a high level of trust and reliability, as evidenced by its impressive Trust Score of 93 out of 99. While OANDA is not a publicly traded company nor does it operate as a bank, it is subject to regulation by seven Tier-1 regulators, signifying a highly trusted status. Additionally, it is supervised by one Tier-4 regulator, which means that users should utilize a cautious approach to risk management. A standalone copy-trading ecosystem, providing equities, foreign exchange, commodities and cryptocurrencies markets. Provides a global selection of brokerages.
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OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.
While the talking heads on TV and those wily marketing messages often tout "Forex trading secrets," it's truly the simple things that build a foundation for successful trading. The disciplined trader closely adheres to these rules. Inexperienced traders routinely break them, often at their own peril.
In an age of "trading secrets" and "top-secret strategies," being a disciplined trader simply takes an unwavering commitment to some pretty basic tenets. None of these are secretive at all.
It's certainly no secret that trading is all about the preservation of capital. This is both physical and emotional. As we have studied here before, once either runs out, it is game over. That is why rule #1 for most any disciplined trader is all about risk. Never trade excess capital or use money that you cannot afford to lose. "Never risk more than 1% of total account capital on any trade" is a good general rule. By limiting capital exposure, we also eliminate the possibility for a devastating loss. This helps temper costly trading biases and minimize the impact of fear and emotion. As the worst-case scenario for any one trade set up is already known, your level of disappointment will not be destructive.
It is simple trading tips that works both in and out of the markets. Do more of what you are good at and less of what you are not. When it comes to Forex trading, that means trade only the set-ups that satisfy each one of your precise technical and fundamental requirements. Do not force trades that do not follow the rules! Be selective in the market(s) you trade too. Do not constantly bounce from one market to another. Whether it is pivots or pin bar reversals in the Forex market, or opening gaps in equity indices, the disciplined trader will trade only their "go-to" markets and set-ups. They will never commit even a drop of hard-earned capital to any that do not fit their style of trading.
See also: Quick & Easy Ways to Simplify Your Trading
It is essentially just a "yes or no". There is no wiggle room when it comes to trade selection. Perhaps more than anything else, that is what it means to be a disciplined trader.
Whether it is a function of risk, trade selection, or money management, a disciplined trader does not stray from their proven Forex strategy or make exceptions. Not even "just this once" is it OK to trade without a stop. This equally applies to moving a stop to give a losing trade more time and space to turn around. Likewise, it is never OK to trade extra size trying to recover recent losses, make up for a missed trade. Indeed be wary of the ''perfect trade'', they rarely exist. By trading with exact, military-like precision, the disciplined trader executes decisively and with confidence. Without the fears and second-guessing that can often wreak havoc for less-experienced retail Forex traders.
What is it that makes great traders tick? In reality, the best traders are not necessarily the smartest people in the room. Neither are they the richest, or the ones with the newest trading tools and software. The best traders likely are the most disciplined. This is a quality that every trader can emulate.
It takes an unwavering commitment to doing what works. Protecting capital, and never allowing fear or emotion to factor into the decision-making process. So instead of just focusing on being profitable, think about your methods and being supremely committed to them. You will be a more disciplined trader for it, and are likely to be more profitable as well.
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