Self-discipline is the key to success in any field. Traders
especially need to maintain discipline to manage themselves
during good times and bad. Here are some of the key issues
on how to keep yourself in line.
The list of personal qualities required
to build a successful trading
career (or a successful career
in any area of the financial
and investing world, for that
matter) sometimes appears to be
endless. However, one quality
is always first on the list: self-discipline.
Self-discipline is, in
turn, composed of many parts, the cornerstone of which is the
ability to set limits.
Setting limits can be viewed in many ways — as an ability
or an innate talent, as a gift, as a willingness or personal
decision, an inner discipline, or even as a virtue to be
developed through personal commitment. However you define
the quality of setting limits, without it, success is either
an elusive dream or a temporary condition. Further, many
people seem to have areas in their lives in which they can set
limits and other areas in which they are incapable of doing so.
Such a dichotomy is often seen as the ability of a person to
set limits in his professional life while being unable to set
limits in his personal life. A prime example are the fabulously
successful stars of the entertainment and professional sports
industries who have lost it all or have tragedy fall upon them
due to their inability to set limits on their personal indul-gences:
from Fatty Arbuckle to Elvis Presley, John Belushi,
Mama Cass and Janis Joplin, all the way to Mike Tyson.