Discipline in trading
The article below represents an author's opinion on a disciplined tradingand in no way can be interpreted as endorsement to certain actions.
It only takes one bad decision to cost you the hard earned efforts. In a disciplined trading there are no shortcuts.
I believe the best way to trade discipline is to take a long term position that will give you the maximum return with the least possible risk. It’s really that simple. The way to take this journey is a good navigator in the trading discipline. Chart your journey navigated your course, be certain on critical areas like support and resistance. Simplify and simplify again. Get rid of all unnecessary distractions. Only use the most important indicators and get rid of everything else. Then you can drive to your destination and sail the Charts like a navigator or sailor who casually knows the sea and that his course is set, he has peace and is not worried at all. Even if it comes back he know that, so he has that planned too.
After I enter I make sure that my Stops are around 25 – 40 pips. Then I go for the full journey, at the end of the first day I will see the chart move my Stops to break. Now I leave it to journey the course. There is no worry I am in risk free. If it comes back I have already marked the areas so that I will be able to get in even better again later. The most important thing is to enter during London sessions.
So I like my charts, because I have prepared them carefully with hard work and many years experience I know the key areas. You must study hard and go on all the courses to become the best. Only then can you be a super trader, and even then you must be disciplined.
Here is how I will turn $10 USD into $100, 000 in 7 trades:
In the next few examples I am going to show you how I will turn $10USD into $100,000. 00
Chart 1 GBP CAD
Will fall 650 Pips from current position:
Take profit at.01 = let call $50, 00 –New total profit $60
When reaches 1.950 I will buy. 300 pip Take profit .05 = $150 New Total = $ 210. 00
Next Trade opportunity is GBP NZD reaches 2.365 Sell for 300 pips which at 2 will bring yield $375. 00 on this pair. New total = $585
AUDUSD 0.7400 Buy for 450 pips at $.5 per pip = $225 New Total = $810
Then when the price is at .75, Short for 180 pips At 0.7 per pip = $ 1260. 00. total is $2000. 00
When Euro reaches 1.08156, Buy for 1400 pips, Buy at 1.8 per pip = New Total $27000, 00
When the price reaches 1.22428, Sell for 650 pips at 24 LOTS = $156, 000
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