Let us discuss DISCIPLINE.
Stock Prince (股票王子）
Stock Prince's Insights
Author: Stock Prince (股票王子） | Latest post: Mon, 22 Feb 2021, 8:48 PM
Why am I here? Recently I have witnessed many novice traders rushing into the market to simply buy penny/speculative stocks at very high prices. Causing them to lose their hard earned money or worst their life savings. This breaks my heart and as a very experienced investment bank trader, I believe that it is my duty to teach the public the right way to day trade.
One of the most important aspects in trading is discipline. However, it does not come naturally. You have to work your way into it. So here are a few pointers to make you more disciplined.
1. Be consistent in your way of life
To be disciplined in trading, you have to be disciplined in everything else too. Like waking up and not snoozing your alarm, making your bed before you jump out of it to start your day, being on time in a meeting or something as simple as taking out the trash.
2.Take baby steps
Many people asked Stock Prince why I have tried over and over again but why am I still not disciplined when it comes to cutting my losses. My answer is because you demand too much from yourself. If you were to set your target this year to hit the gym 5 days a week, the probability of you failing is high. But if you start by going to the gym once a week in your first month, twice a week in your second month then three times a week, the chance to succeed is higher.
3.Fix your issues one by one
Let’s say you are a hot headed trader who loves to average down and not cut your losses. Instead of tackling all these problems in one shot, why not face them one by one. Break your problems into smaller pieces then face them one by one. Work on averaging down prevention first, when you are better then work on your speed of cutting losses.
4.Get a mentor/ trading buddy
If you were to find issues during your trading, get a mentor (someone with a consistent profitability record) to guide you and fix your issues. Take the responsibility writing your issues down and discuss with him. There is no shame in admitting your mistakes and having someone to fix it.
As someone with little discipline, doing what I want, when I want, whenever I want, he will head to a shipwreck life. I have progressively worked myself over the years to become a better trader and person, I believe these tips are able to help you guys improve.
All information shared here are strictly for educational purpose only. There is no buy or sell recommendation for any counters mentioned in this channel. We hold no responsibility for your trades. You should make your informed decision by consulting your licensed remisier or investment advisor before making any investment decision.