The Authority’ on Forex easy news trader v1 02 Action Trading. In 2016, Nial won the Million Dollar Trader Competition. Forex trading obviously requires a high degree of discipline, most all traders know this, whether beginner or pro.
However, knowing is different from doing, and while most all traders know they should be more disciplined, it often ends up being something they think they can put off until they make X amount of money. Trying to rationalize in your head not being disciplined is one of the biggest mistakes that almost all traders make at some point. The problem with thinking you can put off being a disciplined trader until XYZ happens is fairly obvious, yet most traders continue to do it. This is simply a mistake born out of greed, and greedy traders do not make money over the long-run. If there is one thing that will destroy your trading account faster than anything, it’s greed. The traders who survive long enough in the markets to see themselves become consistently profitable are the ones who attain and sustain positive trading habits.
Like anything else in life, habits define your reality and how far you go in any field. Habits are also reinforcing and they tend to become more ingrained into our personality and daily routine whether they are positive ones or negative ones. Unfortunately, for most small retail Forex traders, developing the habits of a successful Forex trader is an uphill battle right out of the gate. Most traders come into the market with the dream of making quick money or with some idea of making enough money to quit their job right away. So, the first step to becoming a disciplined trader is to simply accept the reality of what is possible given your account size, assuming you plan on implementing effective Forex money management. Once you’ve designed a trading plan around an effective Forex trading strategy, you need to start keeping track of all your trades in a Forex trading journal in order to develop the impressive track record we discussed previously. Trading plans and trading journals are a trader’s two main weapons against over-trading and over-leveraging.
Another problem many traders run into is that they begin changing their trading habits and remain disciplined for a period of time only to fall off the track and back into their old trading habits. You really need to remain consciously aware of the importance of discipline everyday as you trade the markets. Once you start changing your trading habits it should become easier for you to maintain them and thus staying disciplined will not seem like a chore to you anymore. If you enjoyed this lesson and want to know more about becoming a disciplined Forex trader, and the other points discussed in this article, check out my price action Forex trading course. Since day one I started reading your articles up until today, my mindset about forex trading has been transformed.
The only thing remaining of me is to apply what I’ve been reading here. Thanks a lot Mr Fuller for not sugar-coating the facts about trading, Thanks again my Mentor. I really appreciate your writing in all of your articles. Great article Nial, I’m really enjoying being part of this trading site. With each of your article, I’m a successful professional trader. Who did the analysis for you?
I thank you SOOOOO much Nial! Thanks Nial for the article, it is really educative and helpful. I am going through your lessons on forex 1 by 1 and starting off skeptically first as there is so much jokers talking about Forex on the internet who dont know there right hand from left I must say I have learntt 3 years of information in 1 night. If I read this 3 years ago I would be ina completely different position where my trading is concerned. The funny thing is that I know this and it has been repeated to me and over again but I still make the same mistake week in and week out and I keep telling myself and I wont do it again but low and behold I fund my account and I make the same mistakes again, I then fund my account and I make the same mistakes and I came to realise that I am my own worst enemy. If I never read this article I would have probably made the same mistakes again next week.
So why in the world do I chase trades that are not there. I am so frustrated looking back because if I followed what you mention in this article I could have been fairly successful trading with my small account and by now I could have probably built up my account to a descent amount. What I really enjoy about your site is not only the price action method and videos but you also tell the truth about what it takes to be a successful forex trader and you provide important lessons both in life and trading. Keep up the great work mate and take care! Thanks for sharing all this wisdom, and making us believe in our self and not giving up our goals. Eagerly I read them, like an addict. I hope you earn tons and tons of Karma points for the good intentions with which this webpage was created.
You have again touched the main cord that smooths,soothes and sweetens the music of forex trading. I have made lots of losses just because of inDISCIPLINE. One thing about it is that you will know how to do what to do to make money, but DOING IT becomes our problem which makes our unDOING. DISCIPLINE is now my watchword pasted on the side of screen. This was a real nice lesson. Thanks Nial, You’ve really taught me what to do.
I’ve just found your site and am finding it extremely helpful! I am certainly looking to become more disciplined. This is another one of your lessons I have to work on. Your tools for trading have been a great help to me so far. Traded GU for a while in Demo. Made 50K to 75K in 17 days.
Broke the dicipline with Greed on Gold and lost 28K in one trade that I was not supposed to take after the daily limit of 1K. So this artical has a meaning. I have tested by placing extra trade after making daily total nad those one have took me back to few days in my trading. Thanks for this helpful article looking to become more discipline. Having lots of success trading your price action signals on higher time-frames with proper risk reward.
As usual the presentation is great and easy to digest for especially us amateur traders . Keep up the flow Nial we are follow ! Nial, are you making a living as a forex trader or just an educator? I need to work on my discipline for sure so will continue to practice. I’ve lacked in this department but I’ll start disciplining myself better. Agreed, not having discipline is the biggest obstacle in trading and the most hurtful to an account.