Trading Discipline and Controlling your Emotions in Trading

Trading discipline is arguably the most important character attributes that successful traders have. Part of discipline is controlling your emotions.

The reality is that your emotions are an integral part of who you are and they often influence your decisions to do things every day. Irrational emotions however, should have little place in your decision making.

In this video, Stuart McPhee (from http://www.trading-plan.com) explains the importance of mental toughness and you must prepare yourself to deal with the situation when things don't go your way.

Whatever you do, don't get upset and take it personally. Understand that it is a normal part of trading. Getting upset about it is not going to achieve anything, and certainly wont move the price back in your favour. If anything, it will only cloud your judgement when making future trading decisions and potentially do you more harm than good.

Category:

Education

Tags:

• Trading
• Discipline
• trading
• emotions
• Stuart
• McPhee

[davesaund]

Excellent important lesson, nicely explained.