Only A Disciplined Trader Can Succeed!
Great traders started with only a small capital but ended up making millions or in some cases billions
. Take the case of Bruce Kovner. He was a NYC Taxi Cab driver in 1977 when he started trading forex and futures by borrowing $3,000 on his credit card. How much did he make? A whooping $11 Billion. This is true. He had no money but he learned the art of consistently compounding the trading account and ended up making a fortune. He lives in New York. Why most fail and Bruce Kovner succeeds? Many don't even make a few winning trades in a row.Trading is infact a mind game. Trading is all in your mind. Many traders don't realize it. Consistent winners think differently from anyone else. Whether you trade stocks, forex, options, commodities, futures, bonds, ETFs or anyother security, you need trading discipline in your trading decisions.
Richard Dennis was a great commodity trader. He had started with only $400 and over a period of a decade or more made more than $200M in the commodity market. How did he do that? Simple, trading discipline.
He would tell his famous turtles that he could give away the trading rules that had made him rich to anyone. He could even publish them in the newspaper. But that won't make anyone rich as long as they didn't have the trading discipline to follow those rules consistently no matter how bad the market.
Now as a trader, your worst enemy is you. Yeah, you are your worst enemy of yourself in trading. Trading is a solitary game. You are pitted againt the market. You have to make your decisions alone. You cannot depend on anyone. All the time, you will pulled by opposing emotions like fear or greed.
Fear will always make you afraid. We all are afraid of losing our hard earned money. This is natural. This is a safety valve put in us by nature to make us cautious. But imagine, you have a great opportunity lurking infront of you like George Soros. But you are afraid to plunge for it. This is fear. All the time, you will be trying to avoid making a trade and pull the trigger. The fear of losing will stop you from acting.
So you keep on waiting. The opportunity slips away. This is what fear is. Now, let's take the opposite example. You have a few winning trades. You made a profit but in hind sight, you think that you could have more profit. So the next trade you want to make for a big profit. You are greedy now.
You become greedy. You throw caution to the wind. You enter the market, you want a bigger pie of the profit the market will give you this time. When you need to get out, you are hesitant. You want more. The market turns against you on this. You lose!
So most of your trading problems will be self created. Traders fight the markets alone. Winning and losing is all in your mind. Control your emotions and you can become a great trader!
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