{"id":784,"date":"2012-10-30T00:13:26","date_gmt":"2012-10-30T00:13:26","guid":{"rendered":"http:\/\/priceactiontradingsystem.com\/?p=784"},"modified":"2026-09-02T17:04:06","modified_gmt":"2026-09-02T22:04:06","slug":"why-discipline-is-so-important-in-price-action-trading","status":"publish","type":"post","link":"https:\/\/priceactiontradingsystem.com\/why-discipline-is-so-important-in-price-action-trading\/","title":{"rendered":"Why Discipline Is So Important In Price Action Trading"},"content":{"rendered":"\t\t
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If you have read any of my previous articles here on the website, or even if you have listened to more than a few of my videos, then you have most certainly heard me say that trading itself is not really that hard, but in fact, the reason there is so much failure in this business is because most people are not\u00a0disciplined\u00a0enough to succeed in day trading. \u00a0The issue that creates such a lack of success is the inability to follow a trading plan, and this is why discipline is so important in price action trading<\/strong> strategies, or any trading strategy for that matter.<\/p>

\"Day<\/a>
Day Trading Discipline
(informedtrades.com)<\/figcaption><\/figure>

Personally I believe that anyone that is making money consistently as a trader understands how to read a price chart, and that’s where price action trading becomes important. \u00a0Even if a profitable trader uses an indicator or even if they have some private technique that they have created on their own that is not public, there is no way to make money on a consistent daily basis using that alone. \u00a0Even if profitable traders don’t realize it, they have learned to read a price chart, or else they are not making money. \u00a0There simply is no way to make money trading without the ability to understand prices, which is what we call or describe as price action trading. \u00a0Price action trading is simply using the prices as they print to the chart to know and understand why prices are doing what they are doing and most importantly, to understand what prices are going to do next.<\/p>

Hopefully we have sold you on this fact and that you do not disagree, because if you do not agree, you still have a long journey ahead of you as a trader. \u00a0However, even if you do understand and we have convinced you of the importance of learning to read a price chart, now comes the hardest part of trading, and the real reason most never succeed. \u00a0Once you learn to read a price chart, you have only conquered half of the success equation that is needed to make money as a day trader. \u00a0The second half of the equation is related to your emotions and your ability to remain disciplined and not allow. \u00a0You can not allow your emotions of fear and greed to interfere with your trading decisions. \u00a0No matter how disciplined you are in the rest of your life, you are not going to be able to translate that same success to day trading immediately. \u00a0Your previous success at discipline may speed up the process or learning curve, but it won’t ensure your success, I can assure you of this fact.<\/p>

Below is an excerpt from a trading document that we found at www.invictatrader.com. \u00a0This PDF discusses the importance of discipline and gives a solid over view that we thought was worth sharing with our readers. \u00a0Here is a small portion of what that article has to say about discipline.<\/p>

The success that a trader achieves in the markets is directly correlated to one\u2019s trading\u00a0discipline or lack thereof. Trading discipline is 90 percent of the game. The formula is\u00a0very simple:Trade with discipline and you will succeed; trade without discipline and you\u00a0will fail.<\/p>

I have been a trader and member of the Chicago Board of Trade (CBOT) for 20 years.<\/p>

During my successful pit-trading career as a scalper, I traded in three different contract\u00a0markets: 30-Year Treasury bonds at the CBOT, the S&P 500 at the Chicago Mercantile\u00a0Exchange (CME) and the Gilts at the London International Financial Futures Exchange\u00a0(LIFFE). Currently, I also trade the electronic $5 Dow futures contract on the CBOT as\u00a0time permits.<\/p>

Although my formal academic education consists of a bachelor\u2019s degree in business\u00a0administration from the University of Denver, I never considered myself to be an\u00a0extremely gifted student. I have no formal training in market technical analysis. I\u2019m\u00a0unable to even set up a Fibonacci study or Moving Average study on a charting package, let alone know how to trade with such data. I have no formal training in market fundamental analysis. I don\u2019t understand the economic causal relationship between the\u00a0actions of the Federal Open Market Committee and Treasury bond prices or equity
prices.<\/p>

How, then, have I been able to succeed, day after day, trading the markets for more than\u00a020 years? The answer is simple: I trade with discipline, and I respect the market. When\u00a0I\u2019m wrong I get out immediately, and when I\u2019m right, I don\u2019t get too greedy. I\u2019m content\u00a0with small winners and I\u2019m accepting of small losers. \u00a0You can read the rest of the original document here<\/span>. UPDATE: This document is no longer available as the website appears to be dead now. Too bad because this was a great article, but the basic points are still made right here on this page.<\/p>

I really like this guys thinking and if I didn’t know better, I would have sworn that I wrote the information myself or that he copied the information directly from my mind. \u00a0Of course that’s not true, but it feels that way because he thinks exactly like I do and he words it so similar to me that it really could be me saying it or writing it down into words. \u00a0If you get time, make sure you follow the link and read the entire PDF. \u00a0In fact, you should print it off and read it time and again until it is\u00a0ingrained\u00a0into your mind. \u00a0This guy is a real trader and he is sharing real information with you that is critical to becoming a trader and he is sharing it with you for free. \u00a0This is like finding a gold nugget on the ground and picking it up and taking it home with you. \u00a0It’s valuable information that you could not buy in most cases, so take it and use it to your advantage!<\/p>

If you learn to read a price chart or if you learn price action trading, which are actually both one and the same, and you then take this gentleman’s information and study it until you understand how and\u00a0why discipline is so important to price action trading<\/strong> or any trading plan for that matter, you will be well on your way to becoming a profitable trader. \u00a0I can say this without hesitation, and if you never take any of my advice otherwise, then don’t let this information slip by you without taking advantage of it. \u00a0Understand first and foremost that no matter what technique you use to trade the markets, you must learn to have discipline before that trading technique is going to make you money on a consistent basis.<\/p>

You have the key ingredient now, which is to learn trading discipline, but if you want to learn how to read a price chart like a pro, then you need to learn our price action trading strategies. \u00a0If you would like to learn price action trading, you can find more details at Mack\u2019s Price Action Trading Manual – Price Action Trading<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

If you have read any of my previous articles here on the website, or even if you have listened to more than a few of my videos, then you have most certainly heard me say that trading itself is not really that hard, but in fact, the reason there is so much failure in this […]<\/p>\n","protected":false},"author":1,"featured_media":787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[80,1],"tags":[],"class_list":["post-784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mental-mindset-psychology","category-all-articles-related-to-price-action-trading","pmpro-has-access"],"rttpg_featured_image_url":{"full":["https:\/\/priceactiontradingsystem.com\/wp-content\/uploads\/2012\/10\/Day-Trading-Discipline.jpg",380,319,false],"landscape":["https:\/\/priceactiontradingsystem.com\/wp-content\/uploads\/2012\/10\/Day-Trading-Discipline.jpg",380,319,false],"portraits":["https:\/\/priceactiontradingsystem.com\/wp-content\/uploads\/2012\/10\/Day-Trading-Discipline.jpg",380,319,false],"thumbnail":["https:\/\/priceactiontradingsystem.com\/wp-content\/uploads\/2012\/10\/Day-Trading-Discipline-150x150.jpg",150,150,true],"medium":["https:\/\/priceactiontradingsystem.com\/wp-content\/uploads\/2012\/10\/Day-Trading-Discipline-300x251.jpg",300,251,true],"large":["https:\/\/priceactiontradingsystem.com\/wp-content\/uploads\/2012\/10\/Day-Trading-Discipline.jpg",380,319,false],"1536x1536":["https:\/\/priceactiontradingsystem.com\/wp-content\/uploads\/2012\/10\/Day-Trading-Discipline.jpg",380,319,false],"2048x2048":["https:\/\/priceactiontradingsystem.com\/wp-content\/uploads\/2012\/10\/Day-Trading-Discipline.jpg",380,319,false],"rt_custom":["https:\/\/priceactiontradingsystem.com\/wp-content\/uploads\/2012\/10\/Day-Trading-Discipline.jpg",380,319,false]},"rttpg_author":{"display_name":"Mack","author_link":"https:\/\/priceactiontradingsystem.com\/author\/mack\/"},"rttpg_comment":6,"rttpg_category":"Mental - 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