How to have discipline, consistency, and discipline in the forex market? These are the three most common struggles traders have when we ask them at Special FX Academy…
“How can I become disciplined in the market?”…
“How do you maintain consistency?”…
“When I get confident then I will pick my strategy and do all the things you suggest Callum”…
So, how do you have discipline, consistency and confidence in the forex market?
Good Question
- Don’t wash your underwear… ever!
- Change your underwear every other Sunday.
- Always wear a lucky hat.
- Keep reading quotes on Discipline.
- Find quotes on Consistency and keep reading those.
- Stumble across quotes on Confidence and… keep reading them.
- Read a few books on the above subjects… leave said books on the bookshelf… believe that you now know all there is to know on those subjects, because you read those books once!
Sounds a bit silly when written out like that. And yet how many of you have done or are doing 4-7?
For those of you that are sticklers for correct grammar and proper writing habits. I have written that list in that order for a reason. They are linked, you can’t get them out of books or absorb them through osmosis. As with everything in life there is a process to go through to achieve these very important traits.
Discipline
I’ve said this before and no doubt I will have to say it again… many times. One doesn’t suddenly become disciplined because you decide you want to be. You must practice not doing undisciplined…
Let that sink in…
At present you are choosing to be undisciplined. How so? You may ask. In order to know that you are not being disciplined. The implication of the previous question “how can I become disciplined in the market?”. Means that you know what disciplined looks like…
You actually do know what you should be doing. As you are the boss of you, that means that you are making the decision not to be disciplined. You are choosing to be undisciplined in your life… which is rolling into your trading.
Because…
“How you do A thing, will be how you do everything!”… Callum McLean Special FX Academy. Repeated at regular intervals throughout our ETP course.
If you are not punctual in your life, you are going to turn up late to the market and keep missing your trades. Unorganized in life, you are going to be unorganized in your trades. You will not journal, therefore you cannot review. How do you really know if something is working or not if you do not journal and review? You may believe that it is by your results that you will know.
That can only be true if you know for certain that you aren’t making any mistakes…
Consistency
It may surprise you to learn that it is through discipline that we build consistency. If you want to be consistent at anything you must first be disciplined.
It’s called a trading system for a reason. Systems are repeatable processes. That’s why the McDonalds, the KFC franchises work so well.
Everything is exactly the same. From welcoming the guest to cooking the burger or chicken (possibly chicken, not entirely sure). You are the floor cleaner? you will be given a system of how to do it the McDonald’s way. It’s repeatable and it’s consistent from outlet to outlet. You have just got to follow the system exactly… which is discipline.
In order to be consistent, you must have a repeatable system in place and then follow it without deviation. Welcome to being disciplined!
Confidence
People have it all back to front, not just traders. Confidence never comes first. When I hear people declare that they would do this or that if only they had a bit of confidence, I feel like crying. What are we teaching our children? Confidence comes from stepping outside of our comfort zone and doing. That’s how you become confident.
When I hear traders saying that they just need confidence to become a better trader, I know their journey is going to be a long one…
Possibly for eternity if they never lose that belief.
When you have a system that is profitable (tested) and you follow the rules to the letter. Which is discipline…
You WILL be consistent. How do you think you are going to feel if you are consistently profitable?
CONFIDENT… like you have the whole world in your hands?
A Task
For those of you that are keen to practice your discipline or perhaps you believe that you are already have the required discipline. We have a task that we get our Elite Trader Program clients to preform before moving on to the next level of learning. Because it is at this point we find all the issues and blockages that people have that is preventing them trading a system properly.
It’s a simple task with simple rules that do need a lot of specific instructions for traders to get the most benefit out of it. It will make a post far too long and not very engaging for those who maybe don’t want to test themselves…
For that reason, I will be running it from the newsletter. It will include all the downloads you will need and easy to follow rules. You will have all the detailed instruction you need to take your trading to the next level. The newsletter will come out this Sunday so don’t delay join today…
It may open your eyes to what is really possible if you actually put in the effort…
Click here to get taken to the top and fill in your details…
And let’s see who has what it takes to complete the task first!!!
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Callum McLean
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[…] use it as a guide”… this statement more often than not ties in with “It gives me confidence to place my trades”. To me they’re saying one and the same thing… I don’t trust my […]