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How to save a fortune.

Yeah I know talking about self-discipline isn’t something traders enjoy reading about because it’s probably the biggest challenge they personally have and nobody likes dealing with pain. So if you want to turn off now do so, but if you want to learn more about how to overcome one of the biggest challenges in trading then read on.

I often talk about the importance of developing and implementing the right trading habits that leads to being able to be disciplined. You cannot immediately become disciplined as you need to practice the right habits and then it becomes part of your human nature and you can become a disciplined trader. It’s a bit like putting the cart before the horse.

As a trader there is going to be a constant stream of price movements in the Market that will entice you and from time to time you will find yourself getting lured into placing trades. Here is where you must control how you react to this situation and Recognise your human response. The markets will easily suck you in and before you know it you’ll be taking trades with absolutely no logical plan. Here is the secret sauce in today’s lesson.

Don’t worry so much about seeing your plan; you will see your plan when it appears I am sure of it but the first point is you better have one. What you need to focus on is building your mental strength to recognise when you are about to trade outside the plan and learn to ignore that human instinct. You must ignore the natural lure of the markets and refuse to allow your mind to wander and get sucked in.

Recognise it, acknowledge it and ignore it. This skill is a success habit that won’t make you money but it will save you a fortune. If you don’t control and recognise how you are thinking then you won’t be able to control what you do.

Recognise it, acknowledge it and ignore it. Unless it meets the plan.

One trade at a time. Go get ’em!

About the Author: Andrew Barnett

Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts, and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular key-note speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).

If you would like to speak to one of our Senior Client Advisors regarding the relative client opportunities offered at LTG GoldRock and how you can follow along with our Professional traders each day in our live trading room please contact us today or you can register for one of our a live coaching and trading webinars by clicking here.

The post How to save a fortune. appeared first on Ltg Goldrock.



This post first appeared on LTG GoldRock Australia - Forex Trading Training Ed, please read the originial post: here

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How to save a fortune.

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