Mark Roemer Oakland believes that strict self-discipline is what separates successful and professional traders from amateurs. Sure, you can learn a whole lot about how to become a successful trader online and memorize the essential trading strategies recommended by experts. However, if you don’t have the will necessary to exert constant self-control, chances are you won’t get far in such a risky career line.
Tips & Tricks
Here are a few tips you can follow for maintaining self-discipline at trading:
- Create achievable goals – Proper goal setting is crucial to gain success in any professional field. However, most people don’t know how to set proper goals. As a trader, you should always set realistic and achievable goals. Otherwise, it can be detrimental to your motivation and success. For instance, if you set a goal to earn a billion dollars at the end of the year, it can set you up for failure since such as goal is not achievable for the vast majority of people.
However, a better goal would be to maintain a 50-60% win rate every week or gain 1% each week. Setting a measurable and attainable goal is the first step to improving your self-discipline.
- Stick to the plan – Once you have a clear and realistic goal, it’s time to stick to it to stay on track. Now, this is the part where you require good self-discipline. If you find yourself constantly chasing after a new shiny goal, it could indicate that you have set an unrealistic goal.
Thus, you should assess your original goal if that’s the case. Next, you should maintain a dogged conviction to pursue your goal. You have to set boundaries and rules for yourself so that you don’t get cornered when things seem bad.
- Get rid of negative vibes – The best way to ensure self-discipline is to have fun pursuing your goals. And the only way to do that is to ensure you surround yourself with positive vibes. That means you must avoid being too critical of yourself when you lose a few trades and keep your focus on the long-term goal.
It’s easy to lose faith and focus after a few losses, but you must remember that it’s all a part of the learning process. Thus, you must learn from your mistakes and pep yourself up whenever you a feeling down. Otherwise, you can spiral down the negativity train and lose your self-discipline pretty fast.
- Reward yourself for success – It’s important to treat yourself well whenever you achieve a small success. This builds a habit that allows you to enjoy what you want while also taking care of important matters. For instance, you can treat yourself to some scheduled leisure time after the end of the workday or some tasty snack that you like whenever you meet your weekly goals.
Mark Roemer Oakland suggests you identify your daily distractions such as unimportant social media notifications, emails, news, and block them to achieve proper focus during work hours. Without proper focus, it’s easier to lose self-discipline and lose track of your goals.