The main reason why people lose their discipline is that they are not able to sacrifice short-term pleasures for long-term rewards. It means our current mood, current needs and current state of mind usually exceed our intentions for longer range and there are also some factors such as boredom, fatigue, impulsivity, overconfidence, low confidence, etc. that negatively affect our ability to be fully intentional.
But what makes people lose their discipline? The answer is distractions.
The number of distractions may vary based on the fact whether you are a private trader who works from home (checking email, surfing the internet, some jobs around the house, the need for shopping or getting some bills paid, even just the fact of sunny day, etc.) or an investment bank trader (again internet and email, also meetings, chatting with coworkers, etc.)
All the above mentioned distractions don’t allow to get properly focused on your activities in financial markets. The good news is that you can find some ways to eliminating those distractions. For example, you may get distracted from an ambient noise (kids running around the house). It may be because of a working place that is poorly organized, so if you are trading from home it would be great if you could perform your online trading activities in a separate room (with a closed door) that will help you to concentrate on what you are doing.
You can also use some effective time management techniques to minimize other distractions so that they do not interfere with your online trading.
Boredom is somehow connected with distractions as when you are bored you start seeking distractions to keep yourself occupied that may lead to trading losses.
So what mostly distracts you and cause to lose your discipline?
But what makes people lose their discipline? The answer is distractions.
The number of distractions may vary based on the fact whether you are a private trader who works from home (checking email, surfing the internet, some jobs around the house, the need for shopping or getting some bills paid, even just the fact of sunny day, etc.) or an investment bank trader (again internet and email, also meetings, chatting with coworkers, etc.)
All the above mentioned distractions don’t allow to get properly focused on your activities in financial markets. The good news is that you can find some ways to eliminating those distractions. For example, you may get distracted from an ambient noise (kids running around the house). It may be because of a working place that is poorly organized, so if you are trading from home it would be great if you could perform your online trading activities in a separate room (with a closed door) that will help you to concentrate on what you are doing.
You can also use some effective time management techniques to minimize other distractions so that they do not interfere with your online trading.
Boredom is somehow connected with distractions as when you are bored you start seeking distractions to keep yourself occupied that may lead to trading losses.
So what mostly distracts you and cause to lose your discipline?