In the field of forex, the word discipline means you as a forex trader you are going to strictly and correctly obey the laws of the trading. For others, discipline means that they are adamant about doing anything but when you compare discipline with forex trading it is a whole lot of ball game. Getting forex discipline is important as more than 80% of forex traders lose their trades, not because they don’t follow a successful trading method or because they don’t implement the correct strategy, they lose because they don’t follow the trading laws. Traders, in a simpler word, have no discipline.
Discipline can not be taught in a class or contained in tools for trading. Forex Traders spend a lot of money attempting to make up for their lack of self-control. The trader that has lost all control at a certain stage behaves in a way that is strikingly reminiscent of a gambler because they have practically lost being a business person whenever it comes to the trade. Such a gambler may be rewarded with a long list of winners, only to play away all the winnings and more before they left the table.
Less discipline leads to emotional trading, and this is the main reason most traders fail. Losing discipline in a trading situation happens every day on the market, and traders use any of a variety of reasons and explanations to defend their mistakes. Sadly, a trader losing control would ultimately lose money as well, more often than not. That is unless, of course, they’re incredibly fortunate.
Forex Trading is practically boundless, the markets being a fully open environment. At any point in time, you are fully free to buy or sell the currencies. There are essentially no rules requiring you to open or close a trade at any particular price or any time. Traders that losing mistakenly think the key to winning is to master the market itself. They fail to confront the truth of not being able to master the forex market. The market is not controllable. Trading can be very difficult, being your own coach would be the only thing that will allow you to be positive about your trading condition. Self-alertness can also help you keep your market discipline. This will also help you make the best choices, and make the right changes.