"Some people regard discipline as a chore. For me, it is a kind of order that sets me free to fly" - Julie Andrews
We had a very successful AFACT "Time for Tea" event yesterday for members to catch up with each other and share their trading strategies. Didn't expect such a huge turnout of nearly 80 members, luckily the restaurant was big enough to accommodate all of us. We only have indicated interest of around 60 members who signed up 3 days before the event.
Of course, there were many who signed up for the event and didn't turn up and many more who turned up without signing up. It's really a huge challenge for us, the organiser to estimate the turnout for the next event and to look for a suitable venue.
So is there a lack of discipline? Many of us take things for granted in life despite the good fortune that we have. As a trader, we need discipline and more discipline.
Our next event will be the traditional Chinese New Year Lunch on the 27th February, "Lo Hei" a Cantonese saying for tossing up good fortune for a better Year. We have around 300 members, how many will turn up, especially the old birds?
One of the pioneer trader IAN, in his sharing reminded aspiring traders to be discipline, trade within their limit and not to fall in love with a position that has gone wrong.
Yes, any trader know discipline is important, successful traders are mostly discipline and follow strictly to their rules of engagement.
So, what is the meaning of discipline? Checking the wikipedia, one that applies to a trader is "The ability to do the right thing even when no one is watching or suffer the consequences of guilt which produces pain in our bodies, through pain comes discipline"
I remember telling a group of new traders some time ago that if I will to carry a cane and sit beside them, they will definitely make it as a trader in a very short period of time. A whack every time they don't know how to cut their losses, how cruel!
Can we train our self to be discipline?
Start with being punctual, I'm hardly late for any appointment in my life, unless there is a very good reason.
I'm always at the Phillip trading arcade 15 minutes before the market open to prepare myself.
I have never get myself drunk, hardly entertain except during weekends and no matter how late, I will still crawl back home.
Always think about others and be responsible for our own action.
I am sure most of us can accomplish these simple tasks to change our behaviour and attitude. Then we can become better traders.