Comments on: Discipline is a Habit http://www.thestockbandit.net/2008/07/30/discipline-is-a-habit/ Trading blog for day trading, swing trading, and trading psychology Tue, 06 Jan 2009 09:43:10 +0000 http://wordpress.org/?v=2.7 hourly 1 By: World Series Series, Part 3 - Sacrifice Bunt | TheStockBandit.net http://www.thestockbandit.net/2008/07/30/discipline-is-a-habit/comment-page-1/#comment-113955 World Series Series, Part 3 - Sacrifice Bunt | TheStockBandit.net Sun, 26 Oct 2008 01:27:20 +0000 http://www.thestockbandit.net/2008/07/30/discipline-is-a-habit/#comment-113955 [...] Not every at-bat is going to be a glamorous one for the baseball players on TV, so when it’s time for the sacrifice play, it’s important to note that there’s actually some honor for the guy willing to lay one down for the better good of the team. Accepting a short-term setback in return for the longer-term health of the team (or your trading account) is wise. It keeps the ego out of the equation, which is great because we want to be in the habit of making good decisions. [...] [...] Not every at-bat is going to be a glamorous one for the baseball players on TV, so when it’s time for the sacrifice play, it’s important to note that there’s actually some honor for the guy willing to lay one down for the better good of the team. Accepting a short-term setback in return for the longer-term health of the team (or your trading account) is wise. It keeps the ego out of the equation, which is great because we want to be in the habit of making good decisions. [...]

]]> By: The Biggest Enemy of Traders | TheStockBandit.net http://www.thestockbandit.net/2008/07/30/discipline-is-a-habit/comment-page-1/#comment-97461 The Biggest Enemy of Traders | TheStockBandit.net Wed, 06 Aug 2008 12:51:19 +0000 http://www.thestockbandit.net/2008/07/30/discipline-is-a-habit/#comment-97461 [...] At times we all have to remember that there’s serious value in simply concentrating on the correct things. Believe it or not, that means there will be occasions when not trading is best! Most of the time though, it’s going to mean that we formulate a flexible but well-defined trading plan, and then stick with it. Hunt continually for the setups you love, but don’t ever lower your standards out of boredom or for the sake of activity - that’s never worth it. Discipline plays a major role, so if you don’t have it, you’re in no place to be trading until that’s under control. [...] [...] At times we all have to remember that there’s serious value in simply concentrating on the correct things. Believe it or not, that means there will be occasions when not trading is best! Most of the time though, it’s going to mean that we formulate a flexible but well-defined trading plan, and then stick with it. Hunt continually for the setups you love, but don’t ever lower your standards out of boredom or for the sake of activity - that’s never worth it. Discipline plays a major role, so if you don’t have it, you’re in no place to be trading until that’s under control. [...]

]]> By: TheStockBandit http://www.thestockbandit.net/2008/07/30/discipline-is-a-habit/comment-page-1/#comment-96482 TheStockBandit Mon, 04 Aug 2008 01:06:35 +0000 http://www.thestockbandit.net/2008/07/30/discipline-is-a-habit/#comment-96482 Thanks Joe, appreciate the comment. I think it's a great idea to have some important reminders right on our trading desk from time to time - thanks for sharing! Jeff Thanks Joe, appreciate the comment. I think it’s a great idea to have some important reminders right on our trading desk from time to time - thanks for sharing!

Jeff

]]> By: Joe Forsyth http://www.thestockbandit.net/2008/07/30/discipline-is-a-habit/comment-page-1/#comment-95532 Joe Forsyth Fri, 01 Aug 2008 06:15:44 +0000 http://www.thestockbandit.net/2008/07/30/discipline-is-a-habit/#comment-95532 Excellent!! Just what I needed to hear today. Discipline means being willing to wait. Wait for your setup. I'm writing that on my trading desk. Thanks Excellent!! Just what I needed to hear today.
Discipline means being willing to wait. Wait for your setup.
I’m writing that on my trading desk.
Thanks

]]> By: TheStockBandit http://www.thestockbandit.net/2008/07/30/discipline-is-a-habit/comment-page-1/#comment-95306 TheStockBandit Thu, 31 Jul 2008 19:02:18 +0000 http://www.thestockbandit.net/2008/07/30/discipline-is-a-habit/#comment-95306 Good points Mark, and thanks for the comment! I like your view that it's crucial to long-term success, and that's something that's easy to lose sight of for short-term traders. We want profits now, we want activity now, and while that is OK we always need to keep our discipline in check so that we don't ever endanger our long-term odds for survival and success. Stay in the game and you'll keep having chance after chance to profit. Jeff Good points Mark, and thanks for the comment! I like your view that it’s crucial to long-term success, and that’s something that’s easy to lose sight of for short-term traders.

We want profits now, we want activity now, and while that is OK we always need to keep our discipline in check so that we don’t ever endanger our long-term odds for survival and success.

Stay in the game and you’ll keep having chance after chance to profit.

Jeff

]]> By: Mark Wolfinger http://www.thestockbandit.net/2008/07/30/discipline-is-a-habit/comment-page-1/#comment-95299 Mark Wolfinger Thu, 31 Jul 2008 18:54:12 +0000 http://www.thestockbandit.net/2008/07/30/discipline-is-a-habit/#comment-95299 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. 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.

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