In 2021 I want to work harder on my patience and discipline. It has always been something that I’ve been good in some areas of my trading and not too great in others. I’ve also come to realize that patience and discipline is something worth working on all the time, not just in trading but also my life in general.
Since I’ve never been good at setting and measuring goals, I don’t want to call it my goal for 2021 but rather see it as a way of bettering my trading and my life by incorporating patience and discipline in it; starting this year and seeing it as an ongoing process.
Patience and discipline will always come up if you read about the many problems traders face. In my opinion it is the number 1 problem traders (especially new traders) have to deal with. I also feel that by working on it, it will automatically help traders deal with some other trading problems such as:
- Fear of missing out (Fomo)
- Sticking to your strategy
- Dealing with emotions
- Overtrading
- Doubt / hesitating when entering trades
- Risking too much
- Taking profits too soon
The list is not extensive, but can you see how patience and discipline can contribute positively in all of the above?
Personally, I can only see benefitting from cultivating patience and discipline in life. Below are just a few of those benefits:
- Overcoming procrastination and being lazy
- Better health in terms of diet and exercise
- Making better decisions and not acting rashly
- Creating good habits and breaking bad ones will be easier
- Keep going in times when when there is little / no motivation
- Always delivering on promises
- Building better relationships
I don’t have it worked out 100% as to how I’m going to approach cultivating patience and discipline yet. I do know that I have to become more aware of the different situations trading and life presents. For that I know my starting point will be doubling down on practicing mindfulness. I’ve been practicing mindfulness for some time and I know it can help improve my awareness. It also has many other benefits. So I do know that mindfulness will be one of the keys for me to start improving my patience and discipline. More in future posts.
Hope you enjoyed reading this post. Happy new year and to many more!
Thanks and Regards,
Trading SOS SOS
One reply on “More Patience and Discipline for 2021 and Beyond”
[…] one of my previous posts, I wrote about how I want to practice becoming more patient and disciplined this year and beyond; not just in my trading, but also generally in my life. In that same post I mentioned how I would […]