Be disciplined in following your trading plan from "summary" of Reminiscences of a Stock Operator by Edwin Lefevre
Every successful speculator that I have ever known has been disciplined in following their trading plan. It is not enough to have a plan in place – one must have the self-control to execute it without hesitation. This is easier said than done, as the market has a way of testing your resolve. It will throw all sorts of distractions your way, tempting you to deviate from your plan. But the key to success lies in staying true to your strategy, no matter what. When you have a well-thought-out trading plan, you have already done the hard work of analyzing the market, identifying your entry and exit points, and setting your risk parameters. All that is left is to follow through on your plan with unwavering discipline. This means not getting swayed by emotions or external factors that could cloud your judgment. It means sticking to your rules even when the market seems to be moving against you. Discipline is what separates the amateurs from the professionals in the world of speculation. It is easy to get caught up in the excitement of the market and make impulsive decisions based on fear or greed. But those who are able to control their impulses and stick to their plan are the ones who come out on top in the long run. They understand that success in trading is not about making quick profits, but about following a consistent and disciplined approach over time. It takes practice and self-awareness to develop the discipline needed to be a successful speculator. It requires a deep understanding of your own strengths and weaknesses, as well as the ability to stay focused and disciplined in the face of adversity. But once you master this skill, you will find that your trading results will improve dramatically. So remember, no matter what happens in the market, always stay disciplined and stick to your plan.Similar Posts
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