The topic of discipline comes up in almost every workshop or training session that I deliver to my trading clients and is often defined as 'have a plan, and trade the plan'.

However, this traditional model of discipline may have limitations, it may be too rigid for performing in the dynamic nature of the markets.

In fact, I have seen many traders lose out on P&L by being too disciplined.

What is the alternative?

Discipline 2.0 – a combination of committed action, traditional discipline, but with an element of flexibility, of fluidity.

In this episode I discuss trading discipline 1.0, present a case for 2.0 and share four key factors that I believe are key to maximising market returns.

Key themes covered include…

• Discipline 1.0 – have a plan, trade the plan

• Why being disciplined may be costing you money – rigidity v flexibility

• Why old school discipline may be useful for new traders and those developing new strategies

• Flexible response – a key psychological skill for maximising your trading results, shared with high performance in sports, and in military combat

• Discipline 2.0 – a new paradigm

• Committed action, the power of process and the 6 P's

• The importance of developing the psychological skills for managing your thoughts, emotions and actions

• Situational awareness – developing the skill to separate responding to the market from reacting to me

• Behavioural flexibility – no plan survives first contact

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