Stock Market Crash I could tell you many things about different trading systems and methods that can be used in SSF trading, along with the lessons I've learned through long and hard experience, but none of them would be more meaningful than the lessons I've learned about discipline, organization, and psychology. The suggestions and directions I am able to give you about these three important areas for realizing success in difficult to learn and, moreover, to internalize. Nonetheless, it is the sine qua non of success in virtually every form of human effort, in every field of achievement, and in every generation. But to the best of my knowledge, there is no simple way to define discipline. I maintain that the single most important variable for success in futures trading is not the trading system you are using. Furthermore, the speed of your computer, the inside information you have, the amount of trading capital you use, or the broker with whom you are trading are not significant if your psychology is faulty. What eventually separates winners from losers—commercial, speculative, short- term, long-term, or otherwise—is discipline in its many aspects and at its many levels. I The Persistence of Old Issues To most traders, discipline is just another effete topic that is all too often overlooked or rejected as a result of its familiarity. Yet in no way does this minimize its importance. Although we have all heard the words and the warnings; although we may have studied the rules and the teachings; although we may believe that there is value in following the rules of self-discipline, we still tend to make mistakes in applying these rules. My observations and experiences in the futures markets and with futures traders lead me to the solid conclusion that the lessons have not been learned by far too many traders. I hope the information and advice in this chapter will assist you. I Can Trading Discipline Be Learned? The word discipline signifies something traders know they have to develop, and they often, although incorrectly, believe they have no problems with discipline. In their heart of hearts, however, most traders know they are severely lacking in discipline and that they will probably never have it. And this is a sad situation indeed, because I believe that discipline can be learned. However, it takes effort, practice, and persistence. Although some traders believe that discipline is virtually impossible to teach or to learn, they are incorrect. Because the topic of discipline is complex, elusive, evasive, and often camouflaged, it is futures trading are the most important information I can provide. In fact, this could be the most important chapter in the entire book. online stock day trading ~ forex systems |