You don't need to be a more disciplined trader.

You need a trading system that gives you an edge.

This gives you confidence and conviction in yourself and your system.

Your discipline is a by product of it.

Being a disciplined trader without an edge is like being a disciplined player at a casino, you'll lose in the long run.

Find your edge first, then work on your discipline.

The interesting thing is, once you find your edge, discipline becomes 10x easier.

[Don’t quit your job, yet]

Let me share with you a quick story…

John (not his real name) just started trading the Forex market.

He funded a live account and made a $1,000 profit after a few trades.

So he thought to himself…

“If I can make $1,000 trading part-time, then I’ll make even more money trading full-time.”

So, John quit his job to trade full-time.

The first few days were good as he was making consistent profits from the markets.

Then the market changed and the losses crept in.

Eventually, he gave back all his profits and blew up his account—now he’s looking for a job.

The lesson?

Don’t quit your job, yet.

Just because you’ve made some money from the financial markets doesn’t mean you can do it full-time.

A safer approach is to trade part-time and develop the skills to become a profitable trader. Once you have acquired it, then you can consider the transition to full-time trading.

You don't need to be a more disciplined trader.

You need a trading system that gives you an edge.

This gives you confidence and conviction in yourself and your system.

Your discipline is a by-product of it.

[How to set proper profit targets (hint: it’s not about your risk-reward ratio)]

I laugh to myself whenever I hear traders comment:

“You must have a minimum of 1:2 risk-reward ratio if you want to be a profitable trader.”

Now let me ask you…

What’s so special about having a 1:2 risk-reward ratio?

Why not have a 1:10? Or even a 1:100?

So here’s the truth…

The market doesn’t care about your risk-reward ratio—it goes where it wants to go.

The only thing you can do is, observe what the market has done previously, and use it as a clue to where it might go in the future.

For example:

If the market previously collapsed at $100, then the next time it approaches $100, there’s a possibility of selling pressure coming in at that level.

As a swing trader, you don’t want to set your target at $105, $100, or $110 because the market might not get to that level due to selling pressure.

Instead, you want to exit your trade before opposing pressure steps in which is before $100 (around $99 or so).

This means if you’re in a long trade, you’ll want to exit your trade before:

–Swing high
–Resistance
–Downward trendline

(And it’s just the opposite for a short trade)

Trading isn't some online business where you can start with nothing.

You need money to make money.

Discover how swing trading can improve your trading results and profitability—without spending hours in front of your monitor

Learn More 👉 https://www.tradingwithrayner.com/swing-trading/

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How To Apply Risk Management In Forex (The Complete Guide)

Learn More 👉 https://www.tradingwithrayner.com/how-to-apply-risk-management-in-forex/

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If trading is 80% psychology, then monks will rule the world. Instead, it's a combination of math, logic, and psychology.

[Consistent actions lead to consistent results]

I remembered my first trading system.

It was using Bollinger Bands—buy when the price is at the lower band and sell when it’s at the upper band.

Using this approach, I had 3 winning trades in a row!

I thought to myself…

“This is it!”
“This is wive life-changing money.”
“I can’t tell anyone less they copy what I’m doing.”

How naive.

Because the next 5 trades were losers!

So I concluded this trading strategy doesn’t work and look for something better.

Then, I chanced upon harmonic patterns.

(Basically, you use tools like Fibonacci retracements and extensions to draw patterns like Crab, Bat, Duck, Dinosaur, etc. as they’re supposed to predict market turning points.)

I spent 6 months learning how to draw these patterns.

As you can tell, I’m a slow learner.

And guess what?

The same thing happened!

I had a few winning trades followed by a series of losses.

Again the voice in my head said…

“This trading strategy doesn’t work. Let’s look for something else.”

So I went around searching for the holy grail.

I’ve tried different indicators, chart patterns, volume profiles, etc.

And the results were similar.

At this point, I’m starting to doubt myself.

I have questions like…

“Why does this always happen?”

“Why am I not getting consistent results in my trading?”

“Why do I make money at the start only to lose it all again?”

Now, do you know what I realized?

It’s me.

The problem lies in me.

That’s because I was hopping from one trading strategy to the next.

My actions were inconsistent. And because my actions were inconsistent, I got inconsistent results. Like duh!

So the bottom line is this…

If you want to be a consistent trader, then you must have a set of consistent actions.

Find a proven trading system that works, and follow the rules day in and out. If you can, consistent profitability is not far away.

And if you want to learn a proven trading system that works, then check this out.

Professional traders:

Manage risk

Stay humble

Trade with an edge

Continuously improve Winning rate

Know they can be wrong

Focus on what they do best

Never let ego get in the way

Know when to stay out of the markets

[Here’s why you need proper risk management in trading]

Imagine:

There are two traders, John and Sally.

They both start with a $1,000 account

John is an aggressive trader and he risks $250 on each trade.

Sally is a conservative trader and she risks $20 on each trade.

Both adopt a trading strategy that wins 50% of the time with an average of 1:2 risk to reward.

Over the next 8 trades, the outcomes are Lose Lose Lose Lose Win Win Win Win.

Here’s the outcome for John:

-$250 -$250 -$250 -$250 = BLOW UP

Here’s the outcome for Sally:

-$20 -$20 -$20 -$20 +$40 +$40 +$40 +$40 = +$80

Do you see the power of risk management?

So here’s the deal:

As a trader, you’ll encounter losses regularly.

But with proper risk management, you can contain these losses till it feels like an “ant bite”.