A successful Forex trader is a person who develop the proper trading skills before making market entries. It is a person with a high level of Forex trading discipline. By conditioning the mind in your desired direction you will start being consistent in your way of trading. That means, the market entries will be according to the trading plan every single time. This is the major reason why consistency is so important.
Many traders are moving the focus away from their trading plan from time to time. It doesn’t feel wrong if you are making profit anyway. However, and even if you are on a winning strike, moving your focus away from your trading plan might feel more like playing in a casino in the end. Positive results of Forex trading without discipline tends to be short lived. The lack of trading discipline will create the trading losses over the long run. This is why we distinguish sharply between justified- and unjustified wins in Forex trading.
Do you have Forex Trading Discipline for Consistent Results?
Lack of trading discipline will give only one result in the end. You will start believing that abandoning your trading plan wasn’t so bad after all. Thus, you will not create justified winning trades and apply a growing level of luck into your trading game. A justified trading win is when you enter the market by actually follow your trading plan. A justified winning trade occurs because you have a solid trading plan. It reinforces discipline. Your trading plan is created by you because it describes your way to success. Maintaining discipline is thus of greatest importance for achieving consistent and profitable trading.
First step is to develop a proven Forex trading strategy. That means, your trading strategy should have an overall performance to be profitable over time. Second step is to apply, and develop, your trading discipline to include it in your trading plan. Lastly, follow your trading plan in each and every market entry you make. Do not allow inconsistency by making your trading a hazardous game. Apply the law of averages into your trading!