SELF CONTROL & DISCIPLINE

“To the destructive element submit yourself.”
J. Conrad
Successful trading is 80% psychological and 20% methodical. As I have already said, selfknowledge
is the key to market success. A trading method by itself, no matter how well
thought out, cannot be successful if it is not applied in the correct manner. It is in the
application of a trading method that many traders end up losing. Consider the analogy of a
high performance-racing car. No matter how aerodynamic or technically advanced, it needs
to be driven. An advanced piece of engineering such as racing car needs to be driven by a
person who can drive it with care. Just as a disciplined driver is needed to race a car, a
disciplined trader is needed to apply a trading method. All traders have heard the word
“discipline”, but few really understand what it is and why it is so important to develop it.