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Discipline in daily life helps us stay focused on reaching our goals practically while sticking to the relevant rules. This allows us to overcome obstacles pushing us to newer heights.
Similarly, imbibing discipline in trading means that traders stick to well-known rules and maintain a practical approach towards achieving their financial goals objective.
Developing disciplined trading with objectivity calls for mastering the art of managing powerful emotions such as fear and greed. Fear Of Missing Out (FOMO) in trading is an important part of trading psychology, but sometimes Joy Of Missing Out (JOMO) is a better emotion to have than FOMO.
However, it is easier said than done! Discipline in trading must come from within. The trader must have the willpower to stay firm on the decided plan and follow the trading strategy religiously.
Reckless Trading VS Disciplined Trading
| Reckless Trader | Disciplined Trader | |
Approach |
Has a casual approach towards trading, thinking it is easy and every order would lead to profits | Considers trading seriously and sets realistic goals |
| Avoids following a systematic strategy or a planned approach | Trades methodically and follows the plan consistently | |
Research |
Whimsically places orders based on random tips/advice/recommendations without any due diligence | Makes informed decisions backed by research and sufficient trading practice on demo accounts |
Risk Consideration |
Does not implement risk management tools to protect the portfolio | Is mindful of the risks at hand and adopts risk management tools to protect the investment portfolio |
Realistic |
Tends to overtrade, which could result in heightened losses | Is aware of the law of averages and does not panic when trades go otherwise. The disciplined trader understands that not all orders would result in returns |
Consistent Learning |
Does not upskill and remains unaware of advanced tools, new strategies required to stay ahead of the curve | Understands the importance of new trading strategies and keeps upskilling to stay aware of the current circumstances |
Emotional Quotient |
Panics with every order placed and obsessively watches his holdings | Has a better hold on emotions as the trader understands the influence emotions like fear and anxiety have on trading |
| Trades with anxiety and tends to stay clueless of what’s going on | Is watchful of the orders placed but does not obsess over it | |
Patience |
As the trader is on the whims of market movements, high chances the trader might incur losses higher than the amount the trader can afford to lose | Understands that with patience, experience and consistency comes success |
You are the best judge. Which category do you fit in?
To learn more, speak to us today
#InformedTrading with Century Financial
Century Financial has been at the forefront of financial investment in the region for more than three decades and has a profound understanding of the mindset of investors, making it the pioneer of the global financial markets investments. Century has always emphasized the idea that knowledgeable investors often make better judgments.
New opportunities and new developments are everywhere in the world of investing. In order to seize these possibilities, you must be quick and flexible.
With our in-depth market research, round-the-clock alerts, wide array of investment alternatives, and the world’s best trading platform, Century Financial keeps you one step ahead of the competition.
So that when it comes to making the most of financial opportunities, you have the knowledge to make the right call and the confidence to go through with it too.
#Youareindependentbutneveralone. #InformedTrading
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Century Financial Consultancy LLC (CFC) is licensed and regulated by the Capital Market Authority (CMA) of the UAE under license numbers 20200000028 and 301044 to carry out the activities of Financial Products dealer, Trading Broker in international markets, Trading Broker of OTC derivatives and currencies in the spot market, Introduction, Financial Consultations, and Promotion. CFC is incorporated under UAE law, registered with the Dubai Economic Department (No. 768189), with its office at 601, Level 6, Building No. 4, Emaar Square, Downtown Dubai, UAE, PO Box 65777.
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