Friday, August 10, 2012

The Daily Note - Trader's $STUDY VI

***** This weeks Trader's Study theme is discipline. It is only one aspect of trading but it's an important one because without keeping to the rules of your trading your success will most likely suffer. When your success drops and you examine the reasons, be sure to examine your discipline along with the rest of the reasons. Keeping to the trade as planned is one thing but keeping your rules for stops is where discipline is tested and broken most often.

"Start of Something Good" Remember that for a trader, each day has potential. Each day can bring is a start and each day can finish with something good.

"Outta My Head" If you can't get trading out of your head, you may be addicted to trading. This is for real. Be sure to let yourself live. Part of discipline is to allow yourself time to live outside this work. You need to keep sharp, healthy and happy in order to be successful at any profession.

"Crashed" Are you heading for a crash? Keeping your rules for stops is the single most important factor in keeping yourself from crashing. So if you trade without discipline, you may find yourself crashed.

"Breakdown" A breakdown may be necessary before recovery is possible. Yes, unfortunately, we all go through period of failure just like the markets or a stock. When it happens, use it as opportunity to refresh your strategy and/or plan.

"There and Back Again" Trading is a process and it will take you "There and Back Again" before you find a steady path.

"Open Up Your Eyes" There is a life after failure. Recovery takes time and discipline, but first you need to open your eyes to the fact.

"Who's They?" Develop and follow your own self, then know who you are following and why.

"Learn My Lesson" Developing discipline will keep you from repeating lessons.

"No Surprise" Once you're on the path of disciplined trading you will find it's the easier way.

"Spaceship" Find a trading circle to help keep your discipline. They are out there.

Today's featured artist is Chris Daughtry, who's band is "Daughtry". Chris was the surprise elimination of American Idol Season 5 but his seeming failure turned into gold with the realease of his first album which became the fastest selling rock album debut. Shows what discipline and determination can do despite seeming lack of popularity.

Photograph by Santana Feat. Chris Daughtry on Grooveshark

Happy Trading, Living and Dancing
The Daily Pick - $DJIA

©DayTrading with Anni 2011 All Rights Reserved

1 comment:

Social Jigsawtrading said...

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