And we’re off… The first trading day of 2024 is in the books, and let me tell you, it’s wild out there.
You’ve got people shouting bullish prophecies and others painting doomsday scenarios.
But you know what? That’s just noise to me. As a trader, I trade what’s in front of me—I don’t try to play oracle. If you really want this year to be your breakout year in trading, focus on what YOU can control.
It’s easy to get swept up in the frenzy of a new year, but discipline is what separates the dreamers from the doers.
So, let me break down the tenets of discipline that have kept me in the game for over two decades…made me millions…and have helped my best students do the same.
Table of Contents
- 1 #1: Respect the Dangers of Indiscipline
- 2 #2: Duty to Discipline
- 3 #3: Bounce Back with Discipline
- 4 #4: Choose Knowledge Over Impulse
- 5 #5: Seek Consistency, Not Miracles
- 6 #6: Discipline Trumps Brains
- 7 #7: Embrace the Breakdowns
- 8 #8: Set Realistic Goals
- 9 #9: Lifestyle Influences Trading
- 10 #10: Stay Positive, Stay Disciplined
#1: Respect the Dangers of Indiscipline
Hey, listen up! Being undisciplined in trading is like walking a tightrope without a safety net. In my video, “The 5 Worst Trading Habits You Need To Stop,” I make it clear – even a tiny lapse in discipline can snowball into a full-blown disaster. So, treat discipline not as a choice, but as an essential part of your trading arsenal.
#2: Duty to Discipline
It’s not just about knowing the tricks of the trade; it’s about the mindset. In “The Hard Truth About Stock Trading You Need To Learn,“ I emphasize how critical it is to instill strong discipline habits. This isn’t just for show – it’s about making smart, calculated moves.
#3: Bounce Back with Discipline
Mistakes? We all make ’em. But in “20 Lessons From Two 20+ Year Trading Veterans Pt. 3,” I talk about getting back on track with discipline. Remember, it’s not about never falling; it’s about rising with a plan and sticking to it.
#4: Choose Knowledge Over Impulse
In “The Truth About Morons In Trading,” I lay it down straight – impulse is your enemy, education is your ally. Discipline means making informed decisions, not just shooting from the hip.
#5: Seek Consistency, Not Miracles
Hunting for that one big win? Slow down, champ. Watch “How to Maximize Profits in the Stock Market? Take Singles Over and Over Again” it’s where I highlight the power of consistent, small wins. It’s a long game, and discipline is about playing it smart.
#6: Discipline Trumps Brains
Here’s a kicker from “6 SIMPLE Rules I Wish I’d Known When I First Started Trading” – you don’t need to be a genius, but you absolutely need to be disciplined. It’s the great equalizer in the trading world.
#7: Embrace the Breakdowns
Sounds weird, but hear me out. Knowing when and why your discipline wavers is key. It’s about self-awareness and tweaking your strategy to stay on point.
Whenever I have a bad lapse of discipline I like to spend some time going over what happened. I will write a blog post about it, make a video for my students, and talk about it.
What I won’t do is sweep it under the rug and pretend it never happened.
#8: Set Realistic Goals
Don’t set yourself up for failure.
Be realistic about your discipline levels, just like you wouldn’t overdo it at the gym. Start where you are, and build from there.
Add layers to your game slowly. The reason why most new year’s resolutions fail is because people try to change too many things at once.
Do you struggle with following your trading plan? Overtrading? Whatever it is, focus on the biggest pain point, then move on to the next.
#9: Lifestyle Influences Trading
Your life outside trading has a huge impact on your trading discipline. A chaotic lifestyle leads to poor decisions.
I know, that sounds funny coming from me. I’m one of those rare exceptions where being sleep deprived and tired actually helps my trading. I have the natural tendency to want to overtrade and be aggressive. But I’m able to avoid that because of my hectic travel schedule.
I do believe in having a balanced life, and a life outside of trading. When you put all your focus on trading it could create too much pressure causing your performance to suffer.
#10: Stay Positive, Stay Disciplined
Finally, ditch the negativity. In “What Is The Proper Trader Mindset,” I talk about how a positive mindset can fuel your discipline. Every step forward is progress, no matter how small.
So, there you have it – my blueprint for disciplined trading in 2024.
Remember, it’s not about the flashy moves… It’s about smart, disciplined steps.
Stick with these principles, and watch how they transform your trading game.
Let’s make this year count!
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