If you want to improve your trading an experience consistent success, there is one very important thing that you will need to work on – your mindset. If you have ever said to yourself “I’m not going to eat junk food for a month,” or “I’m going to go to the gym 3 times a week” and didn’t follow through on your goals, then your mindset needs work. It doesn’t matter if it’s trading, sticking to a diet or going to the gym, you need to be disciplined to be successful. Discipline is the key factor in developing a success mindset.
There are so many different strategies and information on trading out there, yet despite the profusion of information available the average trader remains frustrated and less successful than he would like. So here it is: you can choose to be mediocre and experience mediocre results, or you can separate yourself from the masses by becoming disciplined. The first thing you need to do is to stop blaming the outside world, and take full responsibility for your trading success or lack thereof. The markets owe you nothing and don’t care about you, so you must put in the time and effort to develop yourself in order to be successful. You must hone your skills and execute your plan perfectly. Anyone can learn about strategies, but it is the person who sets about diligently implementing it, the person who actually does the work, who claims the glory. You cannot blame the market, news announcements, volatility,or your broker or platform for your losses. You have to learn that you are the only one with the power to change your circumstances. You do this by changing how you think and operate in your trading.
After we take responsibility for our actions, a plan is needed. In order to be disciplined we need a specific set of rules that must be followed. Having a plan outlining exactly how you’ll trade takes time and it takes discipline. It is not glamorous, and it can be tedious, and if you can’t be bothered doing it, you will most likely fail. Discipline requires practice, and to practice discipline you must simply be disciplined. There will always be temptations for you to deviate from your plan. So you need to commit to your plan. Then stick to it.
Don’t strive to make a plan that is perfect, simply strive to execute your plan perfectly.