How to Build Self-Discipline100 Blog Topics I Hope YOU Write


Forex Trading Education: 5 Tips For Keeping To Your System

One of the most important things you can learn in any forex trading education is how to keep to your chosen system or systems in a consistent way.

Hopping from one thing to another will kill any chance you have of making profits, but we are all tempted from time to time. If you find it hard to keep to one trading system, here are some techniques that may help you to learn to be consistent.

1. Consider carefully before you decide to follow any system. One successful businessman has said that the secret of his success was thorough research before a decision, and then sticking to it like iron. You need to be sure that your system is profitable … not necessarily the very best. And you need to be comfortable with all the actions that it will require you to take, whether things are going well or badly.

2. If you have problems with self discipline in other areas of your life, use those to train yourself in the skill before you start live trading. Do not pick the thing that you have most trouble with, but something that you could fairly easily master. It might be getting up at the same time every day,

3. Allow yourself a small ‘fun’ budget or have a separate mini account for trades that look so tempting that you cannot pass them up even though they do not fit your criteria. You will almost certainly lose this money over a period of time, so be sure you can afford it. If not, avoid the temptation and track these trades on paper instead or use a demo account. Be sure to track them all because we have a tendency to remember the few that would have profited us and forget the majority that would have lost.

4. Do not discuss your trades or your system with anybody else. It is fine to ask around on forums before you have decided on your system, but do not be drawn into debate about the merits of a system after you start using it. You will quickly be swamped by negativity from people who want to believe that their own system is better. Equally, do not discuss it with non trading friends or family members. They will often be negative simply because they do not understand.

5. Do not drink alcohol while you are trading. In fact, it is better not to even look at the markets when you have had a few beers. If you see a tempting trade that breaks your normal rules it will be much harder to resist when you are under the influence of alcohol.

So even though we all love the idea of working from home in our pajamas with a beer at one elbow and the cookie jar at the other, reality is that relaxing to this extent does not combine with successful forex trading. A mind that is even slightly fuzzed by alcohol will not be able to keep to a consistent trading plan.

An automated forex robot can help you out here. You can set it up to trade automatically for you, if you are not yet able to act consistently while you pursue your forex trading education.

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Thursday, June 18th, 2009 Introduction No Comments

Zen And The Art Of Forex Currency Online Trading

It seems to me that we need a little zen in the jungle of forex currency online trading. We especially need it when it comes to one particular skill. It is a skill that is absolutely vital to successful forex trading and yet people do not talk about it very much.

The reason for this is that it is something that most of us do not really like to hear about. Just the name puts us off. We associate it with dark cold schoolrooms from 100 years ago.

I will tell you what it is if you promise not to stop reading. Do we have a deal? You will read to the end of this article and I will disclose the secret word to you.

OK … it’s discipline. Or more accurately, self discipline. Now, as I said we tend to associate those words with old fashioned educational styles and even punishment. But that is not what it is about.

One dictionary definition of discipline is: behavior according to established rules. Applying this to the forex markets, it means trading according to an established system, and not deviating from that system.

In fact, if we want to get around the negative associations of the word, we could describe it instead as being consistent … acting consistently in accordance with the system that you have selected.

The opposite of self discipline is self indulgence: giving in to every desire without thought for the future. Translated into trading terms, this means acting on your whims … trading on impulse and on ‘feelings’. When you do this, you are leaving your profits in the hands of pure chance.

In order to be successful at most things in life, you need to act consistently and it is not always easy. Self discipline requires saying no to an immediate temptation for the sake of longer term success or happiness. If we are to reach our goals, future consequences must be more important to us than current satisfaction.

In everyday life terms, this means turning down dessert because you do not want to gain weight, or passing on the illegal parking spot because you do not want your car to be towed.

In forex currency online trading, it means accepting a loss without losing faith in your system.

It means looking for a reasonable profit in the long term instead of taking huge risks because you want to get rich overnight.

It means not giving into the fears that hold you back from making a larger trade when you know it is the right thing to do.

It means doing your research instead of believing that the latest great technique is going to work for you just because you want it to.

In short, it means seeing that the emotions which can feel overwhelming at times are not really so important. Strong emotion, whether it is fear, anger, greed or desire for pleasure, almost always relates to a short term wish, not a long term plan. We need to get beyond this to be successful.

Our lives do not have to be ruled by emotion. In fact the bottom line is that if you allow yourself to be constantly diverted by passing feelings like a sail boat in a hurricane, you will find it hard to earn a living in the forex market until you learn to see your fears and desires for what they are: just feelings that will pass, no more important than the itch of a flea bite.

But if you have trouble with this, do not worry. Help is at hand. Try an automated forex system. They are as emotionless as Spock and will do all of your forex currency online trading for you with the discipline of a robot.

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Saturday, May 23rd, 2009 Introduction No Comments