Having Trouble With Forex Discipline, Try Accountability

Forex Discipline

You too can be a solid trader

Do you have Forex discipline to follow your rules and practice proper money management in Forex trading? No? Why not, when you know that following ALL the rules is critical to success in your trading. I think I can answer that one for you, we human beings are weak and have trouble being strong, that is why we can’t stop smoking and always fall off that diet. Does that make us a bad person that will never have success? No, it just means that we must work extra hard to make sure that we succeed.

It is time to look deep inside and ask yourself the eternal question, why have I been failing? Ok, I fess up for me It was not my strategy or my plan but it was always my discipline I could never follow the rules. I wanted to follow the rules but I couldn’t, I was weak. So what is a weak trader like me to do, quit? No, how about find a trading partner who will go over your trades to make sure you follow all the rules to your trading plan. You will submit your trades to each other each week and that way you will get the feedback you need to gain that strength to succeed.

This trading partner must be one that cares enough about you to hold your feet to the fire when it comes to you following your plan. Someone that will look you in the eye or in the email as the case may be and say. “Dude why did you take these trades, you didn’t follow your plan?” That is when you look back at them with your mouth open, having no excuse except your weakness. If you have to experience that enough times, it can change your bad habits real quick. That is a real friend one that will keep you honest and that my friend will keep you successful and is willing to not be the most popular person when he or she is willing to uncover your faults.

So if you are weak like I was, do whatever it takes to get yourself to follow the rules and trade successfully. I believe that Forex discipline is the key to success in trading, but actually doing it is easier said than done. Not everyone is so weak but for those of us who are let me give you a word of encouragement, YOU CAN DO IT !!! But be smart and if you struggle put yourself in position to be strong and find that faithful trading friend that will help you with your Forex discipline until you can it on your own.

Please share your own experiences with your own faults, failures, strengths and victories. If you need a Forex accountability partner post some comments and maybe we can get some match ups here.

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • Martin

    I do self study of forex , I also loose alot of money , but I still believe in forex , but I battle to stick to my plan and discipline , I get to a desprit stage to make a success of trading , I need some help. Martin

  • willie

    Say…. thanks, to develop my forex discipline I would go for walks of 8 to 10 miles at least four times each week. Completing these walks help me to become more discipline.

  • Pamateriales
  • Anonymous

    Sabina, Thanks for your comment. You can reach us on twitter almost 16,17 hours a day and ask any of your questions there. @caseystubbs @isitcoffeeyet @neo761 @fxstorm and mine is @manimohseni

  • Sabina chadliwa

    can you help me find a good friend trader who i can liase with before taking a trade.
    thanks

    Patience

  • Muhamed_afizan

    I think all I need is a partner… I been trading alone it is true I always skip my own rule due to greed and fear

  • sharon

    hi casey,
    like your idea very much.90% times my calculations are right . but no descipline.
    Now i’m asking my husband please be my boss. so we can make money togather.

  • Great, points,

    Team work has helped me out and I build a team in everything I do.

    Thanks

    casey

  • Dboland1

    Mike, I havee been reading through these posts and found yours as being very close to my own circumstances. 1 event comes to mind I started to trade with $500 AUD – traded consistently for 6 weeks, and made $30K AUD.. then lost it in the 7th weeks, repeated the process several times and went crazy for a little while. as I know that I am a smart person, but couldn' possibly be this Friggin dumb. A little while back I employed a personal coach/Mentor – as trading is 20% skill – 80% psychology. i have now identifed a similar pattern in other parts of my life – Health/relationships e.t.c, and have also been workign on them. I really recommend/commend you exploring the psychology side of things. Someone told me once Success is a team sport. – its so true, build a great team. accountants, solicators, mentors, coaches e.t.c… i really hope all works well for you. as I know I am starting to see improvments in all aspects of my life.

  • Thanks for the comment, I understand where you are coming from that is why I have created the Forex Trading Journal where I teach traders how to be accountable and keep a log.

    You can get started by going here and then after read the updated journal daily. I am showing traders how to wait on trades and then how to get control of their trading.

    http://winnersedgetrading.com/forex-trading

  • Ik

    Casey, you've said the truth. One of my problems has been my psychology. But Casey, What if you can't find that friend who'll really understand you and with whom you'll share you trade plans? Or can you introduce me to one, who'll keep mailing me and encouraging me?

  • mike

    Hi Casey. Thank you for your kind offer. I sure am interested. How can i contact you?

  • Mike, perhaps if had some one check up on you once a week to make sure that you were following your plan and not making those silly mistakes that you obviously know not to make. I would be willing to check up on you if you are interested?

  • mike

    Hi,
    I've just stumbled across this article. I am going through some real rough period right now. I have a system, i know how to trade, i even make profit. I follow risk management … up to a point. I am not sure what is missing … maybe it's my greed/impatience. Over the course of 3 months i made over 80% following most of the time money management rules. Yesterday i lost 30% in one trade. I went completely ballistic with position sizing – went on a binge. I knew i shouldn't trade and should have kept my results but somehow i found myself in front of the pc, putting the trade, adding to it and finally blowing up. This is the third time that i repeat the same behavior. I've scheduled an appointment with a psychologist … am willing to try anything. Do you have any suggestions?

  • Thanks for stopping by and leaving a comment. Please come back again.

  • I am glad that this article was useful to you. Keep coming back for more information. If you need any help at all just send me an email.

  • luter orkar

    great. just my sentiments as regareds trade partners.as for our indisipline its lengedary.we most make changes if we will move on.and why not yes we can,never ever give up.

  • Khalid Rashid

    Casey.Thanks for posting such good articles.They are very helpful to a beginner like me.

  • Thanks ojo,

    I appreciate your support as well.

    Casey

  • shallom

    thank u once again ,its always like ..personally to me and 4 me u hit the nail on the head and bring me to where i desire,long to be or want ing to do..casey u are a light set on a hill..shining brighter and brighter.
    i will really need not just a trade buddy,but a mentor as well
    i will really appreciate a hand-lifter who will call aspde a spade for me.
    Flag Like ReplyReply

  • ojo

    thank u once again ,its always like ..personally to me and 4 me u hit the nail on the head and bring me to where i desire,long to be or want ing to do..casey u are a light set on a hill..shining brighter and brighter.
    i will really need not just a trade buddy,but a mentor as well
    i will really appreciate a hand-lifter who will call aspde a spade for me.

  • Ray Barton

    Hi Diane , I trade in NZ , Can you let me no how it works out with geff . I have a problem of jumping in to trades and exit to soon. Looking forward to your comments.

  • Thanks Gus Let me know how everything works our for you I am always looking for ways to improve my own trading.

    Thanks

    casey

  • Thanks Diane,

    Let me know how it works out with having Jeff hold you to your plan. Thanks for everything else as well.

    Casey

  • Diane

    Great article, Casey! I'm guilty of not following the plan because I get excited when I hear about successful trades that are being called out in the trading room. If they don't match my “defined pairs” outlined in the plan, I jump over to them anyway, place the trade, get too many trades on – and don't manage the trades as well that are within my plan. Not good!

    I took the time to talk with my friend, Jeff, about this today. He agreed to be my “forex accountability partner!” We are both excited and know we will have a much better week ahead of us!
    Thanks for all your notes of encouragement!
    Diane

  • Jennie

    Hi Francisco, I can sympathise with your situation as I went through a similar stage with my husband, when I was spending all the hours under the sun watching the charts. I now limit myself to trading at set times 2 or 3 hours a day, and leaving the rest of the time for my husband and living. I study Forex when my husband is at work, and now things are a lot more relaxed all round. Good luck in trading and keeping the peace!

  • Guus van Goethem

    To email my trades to one or two of my trading buddies is a great idea. I won't hide and see what are the reactions I get. Thanks, Guus

  • Vida, Sometimes think skin is required, because we need to hear the truth about our trading.

  • Vida

    I would llike a forex partner that thinks really big. ..with a very thick skin…no crying; although raw emotions are welcome. Name calling only when I trade from fear..
    Thanks

  • Francisco,

    Thanks for sharing and I know that not everyone was supportive of my decision to trade either. I had people that would say you have a family, why are you doing that?

    Among other things that I heard from people as well.

    I do have this one advice, if you are losing money that you can't afford to lose than you should be careful and reevalute your plan to trade.

    Anyways if at any time you need any help at all please don't hesitate to contact me.

  • Ryan,

    thanks for the compliment and I believe we must have the ability to go alone but I don't ever want to leave the group because I highly value every team that I have been on and I have way of drawing on the strength of the unit.

  • Dean,

    Wow I must remember that I am writing to some very intelligent people out there. I know that I quite smoking 5 years ago and that was one battle that I won. The diet thing is my next victory I must conquer I just can't seem to get it right.

    So thanks for the compliment and I am trying to get people to understand that they too can have the same internal strength. I didn't realize I was shaming people, or that I was even shaming myself.

    I just know that I want to have self control in every area of my life, it is extremely important to me.

    Thanks

  • Devadas it sounds as if you are learning much. thanks

    Casey

  • Good job Stuart, Keep up the good work and I can't wait to hear of your future success.

  • Forex is a tough game that is why I recommend finding like minded people to work together. We must all learn discipline and strategy and ultimately the responsibility falls on each one of us. But it is still good to work together at improving each others skills.

    I am glad that you liked the webinar we are going to continue to be giving more of those in the future.

  • Thanks I completely agree with that statement. That is why so many traders struggle.

  • Thanks for the comment I agree Kim, That is why I am glad to be a part of our group here we have some people that are willing to help each other.

  • Thanks Lawernce I will answer that question off line, but yes you get one month of our trading service.

  • Brian,

    Thanks for the comment. I recommend you get your trade plan setup as soon as you can.

  • AS ALWAYS, YOU ARE RIGHT, ONLY THAT NOT EVERYONE HAS SOMEBODY TO ENCOURAGE THEM OR POINT OUT OUR MISTAKES, ME FOR EXAMPLE, MY WIFE IS ENEMY #1 OF THE FOREX MARKET, SHE JUST PLAIN HATES IT, AND I LOVE IT EVEN THOUGH IT HAS BEAT THE LIVING CRAP OUT OF ME LATELY, WHEN I TALK TO HER ABOUT MY TRADING DAY, SHE GETS PISSED, AND ASK ME THIS VERY IMPORTANT QUESTION, WHEN ARE YOU GOING TO GET SOMETHING OUT OF IT? AND AS ALWAYS, I HAVE NO ANSWER.

    WELL, ALL OF THE ABOVE JUST FOR SAYING THAT SHE TOUGHT ME SOMETHING VERY IMPORTANT, YOU HAVE TO LEARN TO FEEL NOTHING IN SOME CIRCUNSTANCES, TAKE THE WIN AS YOU TAKE THE DEFEAT, I SAY THIS BECAUSE, NO MATTER HOW GOOD I DID, SHE ENDS UP ANGRY, AND IF I DO BAD..WELL YOU CAN IMAGINE, SO I JUST DON'T SHARE THIS WITH HER AND TAKE ALL THE LOAD BY MYSELF, IT WAS HARD AT THE BEGINNING, BUT IT TOUGHS YOU UP AT THE END.

    EVERYBODY SHOULD HAVE SOMEONE TO CHALLENGE THEIR FEELINGS, AND BEATS YOU AGAINS REALITY, THAT WAY YOU KNOW IF YOU ARE REALLY UP TO THIS OR NOT, I GUESS IT IS LIKE THE ARMY (I KNOW, I WAS A SOLDIER ONES).

    AND ALTHOUGH YOU MIGHT THINK THAT THIS IS SARCASTIC I HAVE TO SAY….THANKS WIFE, I WOULD'NT BE THIS DETERMINED AND TOUGH IF IT WASN'T FOR YOU.

  • RYAN

    CONGRATULATIONS ON AN EXCELLENT ARTICLE. YOUR ANALOGY OF DIET AND SMOKING WAS A GOOD ONE REGARDING FOLLOWING RULES. WE ALL KNOW THAT KIND OF WEAKNESS. AS YOU KNOW CASEY STAY FOCUS AND DON'T WATCH THE GIGGLES. ONCE YOU ARE COMPETENT AND STRONG ENOUGH AFTER 1 MONTH OR 1 YEAR YOU NEED TO WEAN YOURSELF FROM THE GROUP. GOOD LUCK TO ALL.

  • oghototuya, lawrence onome

    hi casey
    if i open acct with fxcm through you . you said you wll give me some of you product.

    regards
    lawrence

  • Dean

    There is much more to this than 'weakness' and the people you are reaching out to have probably been 'shamed' enough in their lives that they may see your important message as another shaming coming from yet another external source.

    In the case of diets, it is well known that food producers use excitotoxins (e.g. artificial sweeteners or MSG) to not only enhance flavours but to also disrupt physiology in an addictive way. American Congressional records show ample documentation that American cigarette manufacturers had R&D programmes in place for years to produce tobacco formulations that were as addictive as possible within the parameters set by existing laws and their marketing was consciously and deliberately aimed at market segments who would be the most vulnerable to their product. If people who have been raised in a society to believe in the 'common good' that the social institutions are supposed to provide for us all, can we really say that these people are weak when the 'system' doesn't fully benefit them?

    Hence, the true benefit of mentoring comes not from shaming people, but rather from showing them how they have the same internal strength to draw upon as the mentor and that they can take advantage of the mentors greater level of experience and success to develop their own base of successful experiences. This doesn't preclude 'tough love'. Even basic behavioural psychology teaches that reinforcement (positive and negative) are more effective in creating new and lasting behaviours than punishment. I have seen evidence of supportive mentoring at Winners Edge. Don't lose the faith.

  • Devadas

    Forex discipline to follow your rules, only can be achived when trader stop looking for the holy grail willing to take losse and stop picking tops and bottoms. no fear buying the top and selling the bottom.

  • stuart croppert

    casey ,an interesting subject ,resraint ,order ,discipline, it comes through wanting to be in control of what you do .being lax through lack of knowledge is the sin most training forex traders suffer it is not because you are not in control of ones life but initially when a person doing anything new lacks experience ,so until a trader understands the forex market he or she would be to some would be classed as reckless in trading .as a consequence he ar she would have to study and understand how at least to start to stabalize their trading through learning ,my case would be for the first three demo`s placing trades with little knowledge as a result losing and being frustrated .it is only five demo`s later that i am starting to win every day .this is my goal to show a profit every day .i have been in touch with your website at the moment i am 2-000 pips up on a micro demo and at last feel that i am starting to learn .

  • anon

    I think I would fit the undisciplined trader category, I have no problem following my rules, till my plan goes thro a series of losses, and no matter what I end up on the wrong side of a trade… So self doubt creeps in, and error creeps into trading decisions. Forex is a tough game, hindsight being just another lagging indicator! For me, this period of re-adjustment, ( losses) when what worked last week/month/year/minute is out of sync with current market actuality is the only consistency I have managed so far…I can do hindsight, and equity curve inconsistency really, really well. As for market direction, no matter what the rules, ma's, fibs, t/l, etc. harmonise, they aren't consistent enough either, by the time you've realised its a blast thro every ideal set-up day, its too late and makes (me ) to hesitant to take next 'ideal' set-up.
    Thanks for the webinar the other night.

  • Guest

    Like Richard Dennis said: Even if I give you my $400 million rules FOR FREE, it does not matter to me because human nature guarantees that it will not be followed and eventually will be no good……Trading is 75% Discipline and only 25% rules

  • Kim

    Very true. I have been in several skype rooms that start off well and then members drop out to test their new purchase, i.e., signal service, software, indicator.

    The real value of groups or partners is helping each other: keeping you honest, or sharing the burden of scanning the markets each day and alerting fellow traders of setups. No one person can monitor even one pair thoroughly.

  • Brian

    Great idea! I am still trying to find my trade plan though.