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Stock Trading - Double Your Discipline in Three Simple Steps

By: Brian McAboy

Pick up any book on stock trading and you'll find that discipline is an absolutely critical element of profitable trading. This particular aspect of stock trading is also one of the biggest obstacles for most traders, even sometimes for those that have been trading the markets for years.

Utilize 3 simple steps to double your discipline almost immediately. Don't dismiss this method. Even though it won't solve every discipline problem you may encounter, it will move you in the right direction and you really can double your discipline very quickly.

Step one: Keep your awareness high while you're in the moment. During the moment when you find yourself tempted to deviate from your plan, pose yourself this simple question: "Am I acting on emotion here or would this be in alignment with my better judgment?" Being aware of how you're feeling - at the time - is what is key, and then asking yourself the question. Often, the mistake happens because we simply are getting caught up in our emotions and the simple act of remaining alert to the emotional surge will help to keep things in control. Awareness is only the first step though.

Step two: Realize the real source of the problem. Often the urge to deviate from your plan is coming from a fear. Here are a couple examples.

* Getting into or remaining in a trade when you know that you shouldn't often comes from the fear of missing an chance to profit. What is often incorrectly attributed to greed is often a scarcity mindset coming into play. The fear of saying "No" demonstrates the fear that there "isn't another bus coming soon". When you don't have the firm belief that there are numerous profitable opportunties to be capitalized on and that you have the know-how to take advantage of them, then the fear arises in the moment.

* Failing to pull the trigger is usually the fear of screwing up more so than the fear of loss. On the surface it feels like the fear of loss, but the risk on any given trade is easily forseeable. This one is an issue of self-doubt due to previous mistakes.

When reading the examples above, you probably noticed a common underlying factor. There is a way to counter fear, and the 3rd step is to address this specifically.

Step three: the most effective way to counter fear is through building your confidence. Your daily life is full of risk and yet you can function will amidst this risk without any fear all. Why? Because you have the confidence to deal with it effectively. When you drive your car, go out in public, walk down a flight of stairs, you have no fear. You have developed the skills to perform these activities and do them well and without getting hurt. The potential for harm is there, but you have the confidence to handle these situations.

Stock trading is a relatively simple activity compared with other professions, particularly with the tools available in today's world. It is certainly within your abilities, and as you educate yourself on and build your skills, you'll find that your fears subside as your confidence grows. The challenge then becomes how to properly go about building your confidence - real confidence, not just courage.

Article Source: http://articles.tiptopweb.info

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Stock Trading - Double Your Discipline in Three Simple Steps