Keeping Your Discipline Whilst Trading
There is no denying that trading betting exchanges can be frustrating. When you first start, it becomes very easy to go against your plan by chasing losses or going for even more profit, discipline is be the most important asset a trader has.
As soon as you lose discipline, you start to lose money. Let’s face it, we have all lost our way from time to time even when we were experienced enough to know better, so here are four simple tips on how to keep your discipline whilst trading. Particularly if you're betting large stakes.
Talk Out Loud - Keeping all our thoughts in our mind isn't as powerful as when you say them outloud, we often don't act on inner thoughts which can lead to poor decisions and a loss of money. Why not talk to yourself throughout the day? Initially it may sound mad but, If you actually say the words out loud, you can look at them from an objective point of view and you will soon realised if you are going against your plan. Sometimes, there is something comforting about talking to yourself and it can almost seem reassuring.
Don’t Get Distracted - Trying to make money from trading is strange because you can do your work whilst also eating, checking your mobile phone, tweeting, and doing anything else. However, these are all unnecessary distractions that will take your focus away from trading. Try to treat it like a new job, this should allow you to keep focused and keep your mind on the plan. If possible, only keep what you need around you so then, you won’t even be tempted it.
Have A Break - What happens when you get frustrated and start to lose money? You try to make up for it by going against the plan and this leads to poor decisions, even more money lost and even more anger. This is exactly why you need to take breaks from what you are doing; if you don’t have breaks, you will be too consumed in trading and after a while, you won’t be able to think straight and this will affect your personal life too. It's important to take yourself away from this world for a while, even if it is just to go for a walk, visit the gym, walk the dog, or whatever it may be.
Keep Track - Writing down all your trades from each day can be a great way to learn discipline; if you notice that there were a number of trades that weren't in your plan, you can find out why and how to improve so you don't do it again in the future. All the money you earn whilst trading is for you so you need to learn how to risk money sensibly because no-one's there to knock you into line.
These are four extremely simple tips but if you apply them to your trading, you should see an instant improvement. It doesn't matter if you're betting on football, greyhounds or horse racing. These points remain the same.
It is very easy to become frustrated in the early days and want to give up but this is probably because you aren't disciplined enough; use these tips today and become a better trader.
Related: YouTube Trading Videos
