PateSkpate

Why its SO important to stay DISCIPLINED!!!

FX:GBPAUD   British Pound/Australian Dollar
Here is a great example on why it's so important to stick to your plan and follow your rules 100%!

GBPAUD             60min Bear TCT: Notes are on the chart

Would you have been disciplined enough to watch the market get 99.9% to Target #1 and sit through a 150 Pip Reversal and losing half of your profits? Then watch the market come down and Double Bottom just ahead of Target #1. Seeing a Bullish Hammer at the Double Bottom?

If you did have enough Discipline/Focus then you would have been rewarded with a lot of Pips!

In these situations I always remember what my Mentor preaches... "It's all about Process over Outcome". What this means is that it's not about the money or pips you make but its about your process of trading. Will you follow your Trading Plan that you have backtested? Will you stay Disciplined? Will you stay Focused? Will you forget about the money and just focus on the Process!!!???

If you can then you will be that much closer to succeeding in this business!!

Happy Trading :)
Congratulations! Your chart has been selected to be highlighted as the post of the day. Sticking to the plan is an important lesson every trader should learn.
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PateSkpate walker.england
Thanks Walker! Much Appreciated!
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great tips to be in control
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PateSkpate modulus
Glad it helped :)
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Jobe well done!
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PateSkpate rozela99
Thanks Rick!
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Congrats Kenny! Great Example!
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PateSkpate Felix_Hoevelborn
Thanks Felix!
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Great insight to your trade, thanks for sharing.
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PateSkpate crunchtrades
Thanks! Just hope other newer traders can learn something new.
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It's helping me. Nick.
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PateSkpate crunchtrades
Awesome man! See ya in the Live Room tomorrow!
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Very nice chart, thanks for your efforts!
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PateSkpate lukeboland
Thank you Luke :)
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very well done my friend.
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PateSkpate PooyaSalehipour
Thanks man! Much appreciated :)
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Indeed a great lesson, Pete :) A novice trader like me almost always comes to the market with dreams of making hell lot of money and after blowing a couple of accounts, he realizes it's more about the process and discipline and money is the byproduct of it :) No matter how much you read or prepare the story is the same in the beginning.
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Thanks for the honesty Alok... I wish all new traders would understand that. It's all about following the trade plan and focusing on the process... Once you master that, the money will come! Best of luck!
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Alok PateSkpate
Thanks, Pete!
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It's about understanding market structure.Nothing to learn on these forums.Make your research on the web and find how real institutionals pro are thinking.They are our competition.100% traders on the forums are allready into the 99% loosers.Alot of misleading about the trading process wich is very easy after all, but people like allways to complicate things.GL to you.
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PateSkpate 001011001010001110110
You do realize that I'm not a retail trader right?
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Alok 001011001010001110110
Maybe, but then I evolved as a learner here like BB to trend lines and channels :) Been a long journey for me because I was focused more on $ than the discipline and process. I'm never active on the forums, just use TV for charting because one can get into fallacy of supporting one's wrong trade by seeking confirmations in the room. BTW, I looks at your charts and they look great :)
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The most impressive --- "Keep telling myself to follow the plan"
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Thanks Alex... It's not always that easy... Sometimes it's just easier to close down the platform and do something else rather than torment myself by watching it :)
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alex.a PateSkpate
I know because I am learning that right now just like you. It is not easy - it is not easy at all. Sometimes, I deliberately walk the dogs or leave the desk in order to keep the plan but unfortunately, I don't keep the plan till the last... which ends up win small and lose big. >_<
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I would recommend doing a post market review and keeping a trading a journal everyday. For me it's a great way to take notes on the trade and see what I missed. If I make a mistake I have to enter that into the trade journal.... And I HATE entering mistakes in there.. In this business we don't have a boss to keep us accountable.. We are our own bosses and have to keep ourselves accountable for trade performance!
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No, it's all about controlling your losses.It's not about winning."Stops run " is only a myth.Nobody will move the market for our SL.Just because all the retailers are max 14% in the market.If the SL is hitted you are on the wrong side.What is a "Bullish Hammer" since market is only driven by Limit orders and the pro's doesn't use charts ?ABCD pattern?Let this for some english teacher.I still didn't learned nothing form you chart.So??What's next?
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PateSkpate 001011001010001110110
Thanks for the feedback.. Maybe find a mentor that trades the same style as you and learn from him.. There are hundreds of ways to make money in the markets.. There isn't a right or wrong way.
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