Would you agree that share trading needs a lot of discipline? So, how do you attain discipline?
The key is to have good HABITS! A week ago, I came across a book called "The 23 Winning Habits of Master Investor's Warren Buffet and George Soros". It is a fantastic book and if you haven't read it as yet, I suggest to get it.
With the permission of the author Mark Tier, I have compiled the 23 Winning Habits and if you want a copy please go to [http://www.onlinetradingcfd.com]
One of their winning habits, habit number 8 - " refuses to make investments that do not meet his criteria. Can effortlessly say NO to everything else". This winning habit which go hand in hand with winning habit number 13 - "Follows his system RELIGIOUSLY".
So my question is : Do you follow your trading system religiously and say no to a trade that doesn't meet your criteria? Do you over trade and just trade for the sake of trading?
During my earlier years of trading, I used to over trade thinking that I could earn more money if I placed more trades. Obviously not! It got too tidious and I had to concentrate on all of the trades I put in. When I reduced my trading and FOCUSED on 1 or 2 trades at a time, I made more money! Ain't that interesting!
Why? FOCUS! How can you put all your energy to 5-10 different trades?
Picture this, if you take a broken mirror and put a ray of light on it. How many rays will it reflect back? I guess it depends on how many pieces the mirror was broken into. Now if you take an unbroken mirror, how many rays will it reflect back?
So what I am trying to say is that if you put all your energy and focus into 1 or 2 trades at a time, you can concentrate better psychologically, mentally, and emotionally on those 2 trades.
Also, you can manage your risk and money management better as well - another winning habit!
The key is to have good HABITS! A week ago, I came across a book called "The 23 Winning Habits of Master Investor's Warren Buffet and George Soros". It is a fantastic book and if you haven't read it as yet, I suggest to get it.
With the permission of the author Mark Tier, I have compiled the 23 Winning Habits and if you want a copy please go to [http://www.onlinetradingcfd.com]
One of their winning habits, habit number 8 - " refuses to make investments that do not meet his criteria. Can effortlessly say NO to everything else". This winning habit which go hand in hand with winning habit number 13 - "Follows his system RELIGIOUSLY".
So my question is : Do you follow your trading system religiously and say no to a trade that doesn't meet your criteria? Do you over trade and just trade for the sake of trading?
During my earlier years of trading, I used to over trade thinking that I could earn more money if I placed more trades. Obviously not! It got too tidious and I had to concentrate on all of the trades I put in. When I reduced my trading and FOCUSED on 1 or 2 trades at a time, I made more money! Ain't that interesting!
Why? FOCUS! How can you put all your energy to 5-10 different trades?
Picture this, if you take a broken mirror and put a ray of light on it. How many rays will it reflect back? I guess it depends on how many pieces the mirror was broken into. Now if you take an unbroken mirror, how many rays will it reflect back?
So what I am trying to say is that if you put all your energy and focus into 1 or 2 trades at a time, you can concentrate better psychologically, mentally, and emotionally on those 2 trades.
Also, you can manage your risk and money management better as well - another winning habit!
SHARE
