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Chapter 16
Step Six
I Don't Have the Willpower to Be Disciplined |
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When you believe in a thing, believe in it all the wayimplicitly and unquestionably
WALT DISNEY |
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All the pieces have come together. You have now acquired a set of skills, some valuable insights, and a body of trading knowledge. You are now close to knowing all you need to go into the market, to make trades, and to make them profitably. |
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But don't we come back to the one central issue that has dominated trading foreverdiscipline? It is entirely appropriate that we once again visit the concept of discipline. All you have learned about tradingall you will ever learnis hostage to your ability to act automatically and without emotion in the face of what the market gives you. |
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Trading success is contingent on more than just focusing on a trading process, learning profitable strategies, and sticking to your trading plan. Discipline is the key, but how do you get it? |
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It is a well-known fact that emotional traders are losing traders. An old floor-trading saw puts it this way: "Nervous money soon becomes someone else's money!" In our experience, the primary reason most traders fail is not because of strategy lapses or poor market timing. |
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