You probably already know that discipline is essential to trading success. Yet, what exactly is discipline? Discipline entails learning to accept a set of rules without raising questions. Entry and exit points for positions are governed by the rules set by your trading strategy. This is a standard that must be applied to every single one of your transactions. If you get a bullish indication, you should pay attention to it and act accordingly. Apply this rule if your strategy calls for a reduction in your current position. It would be best if you executed your plan methodically, step by step. 

There can be no exceptions. To imagine that breaking the rules even once won't have any negative consequences is naive. Just one instance of deviating from your trading approach might have far-reaching effects. Because of this, you risk losing everything you own. For illustration, consider the following: 

Suppose you are long the GBP/USD currency pair. You see the price beginning to drop but are convinced that your bullish scenario will ultimately come to pass. So, you decide to abandon your stop loss for the time being. At last, the price continues to plummet, and a huge red line appears on your trading account. Even though your approach normally prevents you from losing more than 1% per trade, this loss has cost you 10% of your capital. You can forget about all your hard work because of this exchange. In order to mitigate the situation, you decide to terminate your position. After that, you swear to yourself that it will never happen again. Will you be able to pick up where you left off in terms of trading if you return to strictly adhering to your previous strategy? 

Quite the opposite, in fact. Everything will shift since you will suffer this loss. Emotions are stirred up as a result. You'll probably want to get better. And even if you tell yourself, "I'll make up for my loss and then I promise to apply the rules of my approach again," it's too late; your lack of discipline has allowed your emotions to take control of your trading. Consequently, you'll apply even more pressure. Your next trade will either wipe out your whole trading account or more than makeup for your previous loss. However, even if this is the truth, your next few trades will still involve a significantly higher degree of leverage than you are used to. When you can make 5% to 10% in a single trade, you may wonder why you should exercise any self-control at all. You will experience elation and a sense of invincibility as a result of making amends for your misfortune. If you continue to be so self-assured, you will eventually make a mistake that will wipe out all of your money. 

Trading discipline is more difficult than it appears at first glance. A trader might have picked up on this already. It's all because of how you feel. Trading amplifies and ensnares us in our feelings. Your trading has become irrational, and you have no idea what you're doing. It's the antithesis of self-control. The issue is that many traders enter the market seeking the thrill and complete autonomy that they perceive trading to provide. The financial markets are not a place to experiment with such a strategy since you will inevitably come out on the losing end. 

If it's any consolation, trading is dull. It's monotonous to stick to a trading plan to the letter. You feel like you're losing control of your trade, that you're turning into a mindless robot that just follows commands. The truth is, this is the norm. For traders, discipline is being forced to endure monotony. I think it's best if you get really bored. That's the unfortunate truth of the situation. Following your gut, making new discoveries, and taking calculated leaps into the unknown with each trade may be exhilarating when you're just starting out in trading. It's like looking for and finding a new job. After the initial excitement wears off, life settles into a comfortable routine. But seriously, the only way to make any money in trading is to be extremely disciplined. Because of this, many traders stress the significance of the trader's mental state. 

Thankfully, the thrill of trading comes from the challenge imposed by discipline. The ability to trade whenever, whenever, and for as much money as you like is just one of the many perks of being a trader. Other perks include being your own boss, learning something new every day, networking with other successful people, and meeting inspiring traders. Being a trader is a lot like starting your own business, which is a common aspiration. This is why becoming a trader is like becoming a CEO.