Jeff White, at The
StockBandit.net, talks about discipline.
Discipline means being willing to wait. Wait for your setup…Wait
to increase your trade size until your recent results warrant it.
discipline is a habit. So start making it a habit in all that you do.
Begin with a
little discipline and keep building on it. There’s momentum there. As
habits start to take hold, you’ll find that your discipline improves in your
trading, allowing you to better follow your intended game plan without having
that internal struggle as often as you used to.
disciplined might not ever become easy, but that just reiterates the
fact that it’s worthwhile. Making the choice to be disciplined in every aspect
of our lives will definitely carry over into trading, making you a better
protector of your capital when you’re wrong and a more profitable trader when
I agree. It’s
not easy to be a disciplined trader, but it’s crucial to your long-term
success. A disciplined trader
understands the importance of developing good risk management skills.
As an options rookie, it’s never too early to begin
working on learning those skills. If you are paper trading with practice money, don't treat it as a game. Pretend the money is real and manage it well.