A trader's best tool for consistent profits

[Julunguul]

1. Discipline
The self discipline needed to maintain a trading journal helps fortify a trader’s discipline in sticking to their trading plan.

This is an important tool to successfully be in the market, yes.
This covers a whole area of trading psychology including not being greedy when you have made a profit.

Which is also the hardest thing to do besides patience. Actually, we don't have to be too rigid in these disciplinary rules. we must be able to adjust the situation.

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[Mr_Akbar]

This can't be emphasized enough. You'll never succeed in the long run if you don't have a well-defined system (including strict risk/reward and stop loss rules) and consistently stick to it.

In my first couple years trading, on one of my mentor's recommendations, I kept a list of rules taped to my monitor so I saw them every time I might enter or exit a trade. Things like "Minimum R/R 2.5" and "Never remove your stop loss!" It helped ingrain these vital rules into my head.

I love the mental image of my monitors covered in sticky notes, trying to see the screen behind it.

Neat idea! Definitely helps reinforce your rules.

[cryptoblazter]

Keeping records of what had happened through the days of trading will certainly give helpful information if not now, may be in the future transactions. Evaluating past transactions somehow give insights and probably better decisions. Remember that trading is not just as easy as it seems. It is a professional tasks.

[Pamadar]

1. Discipline
The self discipline needed to maintain a trading journal helps fortify a trader’s discipline in sticking to their trading plan.

This is an important tool to successfully be in the market, yes.
This covers a whole area of trading psychology including not being greedy when you have made a profit.

It is important condition I trading to become patient and to keep your desirers limited, it is very easy and good way to have success and profit but there are some rules needs to follow such as never become worry for falling price and never take advantage of sudden rise, as some are scammers there who do this to cheat you, be careful ten everything is possible in trading.

Discipline play the big role here, your emotions will influence your actions having a right views and knowing your position each time you make the trade,
if you control such emotions you won't do anything that will harmed your investment, you can find time to wait and hold while the market still moving not according to what you expect.

[Cherylstar86]

Keeping records of what had happened through the days of trading will certainly give helpful information if not now, may be in the future transactions. Evaluating past transactions somehow give insights and probably better decisions. Remember that trading is not just as easy as it seems. It is a professional tasks.

  Precisely, trading must be deal with accurate deliberation in order to gain massive profits. I probably used my experiences to overcome consequences and to evade loses. And I think having enough knowledge will conquer all possible conclusion and will lead to gain enormous profits.

[nur rochid]

1. Discipline
The self discipline needed to maintain a trading journal helps fortify a trader’s discipline in sticking to their trading plan.

This is an important tool to successfully be in the market, yes.
This covers a whole area of trading psychology including not being greedy when you have made a profit.

It is important condition I trading to become patient and to keep your desirers limited, it is very easy and good way to have success and profit but there are some rules needs to follow such as never become worry for falling price and never take advantage of sudden rise, as some are scammers there who do this to cheat you, be careful ten everything is possible in trading.

Discipline play the big role here, your emotions will influence your actions having a right views and knowing your position each time you make the trade,
if you control such emotions you won't do anything that will harmed your investment, you can find time to wait and hold while the market still moving not according to what you expect.

right, discipline towards personal self does play an important role, analysis can be studied with limited time, but trading psychology will be different from the time needed for everyone in mastering it

[emmybd]

Traders have been losing most of the time because they are greedy, they want to make huge profits. If they trade in a disciplined manner and set their target to a decent profit then it is most likely that they would succeed.

[sana54210]

Traders have been losing most of the time because they are greedy, they want to make huge profits. If they trade in a disciplined manner and set their target to a decent profit then it is most likely that they would succeed.

Most traders that you see following these decent profit taking parts are usually pro trader that has had experienced in life and has seen how greed can really consume and destroy ones trade. Most of the traders we have now are still learners and has not gotten burnt before in their trade, once they lose their major trade one or twice, they will understand the danger of being greedy, and the remedy to solve those greed problems, which is usually to be self-disciplined first and then make use of some of the trade tools that is available on the trading platform to set trade and also take trade at a particular time.

I usually don’t advise new trader to manually trade if they really want to overcome greed, I ask them to just set their stop loss at 3 percent and then set their profit for 2 percent which they should practice that way for long for them to get use to taking decent profits when they become a pro trader.

[akram143]

I think timing is everything if a trader do proper work in the perfect time then he will definitely get the the result for that positively otherwise we don't have documents to get the success very easily so my opinion is if anyone want to be a proper and successful trader then he will need to keep the time properly.