Tax Lien Investing - Selected Resources For Tax Lien Investing

by Ioannis Evangelos (Akis) Haramis

Discipline can be simply defined as your ability to follow your investing and trading plan.

Discipline is a rather simple concept. You just need to define what, when and how you want to trade and manage it. You also need to decide how to handle your account when you are making money and also when bad days come along!

Psychological issues make up 90% of the trading equation. Discipline is the essence of all of the psychological issues. It permeates throughout the whole process. All the rules and procedures and plans do not matter if they are not followed.

There is little doubt that for those who seek success in trading, failure rarely comes from writing the wrong plan. It comes from not writing one at all, or not following the one that is written!

Once you make your plan the following three rules are in order:

1. Don't change your plan during the trading day.

2. Commit to only making changes when the market is closed and

3. Go over your plan every morning before you trade.

The best way to enforce discipline is just by awareness. Keep records of your trades. On every trade, include an answer to the simple question, "Was this trade part of my trading plan?". Yes or no. There is no in-between!

Be aware that the undisciplined traders are almost guaranteed failures.

Ask yourself if you are keeping the discipline, or are you just taking random trades that look good at the moment?

You can't fix something if you do not know it is broken.

You must first be aware that you have a discipline problem!

If you do have the discipline problem, there is an absolute answer for you!

The answer is this:

JUST DISCIPLINE YOURSELF... There is no alternative!

About the Author

Copyright © 2005 I.E.C. Haramis

haramis@greekshares.com http://www.greekshares.com

Ioannis - Evangelos C. Haramis was born in Greece in 1951 and he studied in Greece, USA and in Belgium. He has been active in the stock markets since 1972. Since 2002 he is New Business Development Managing Director at an Investment Bank and publisher of GreekShares.com

Yahoo! Finance: Top Stories
Top Stories from Yahoo! Finance

World stocks fall as data takes shine off earnings (AP)
30 Jul 2010 at 4:10am
World markets fell Friday despite another batch of positive earnings statements in Asia and Europe as investors fretted about a key U.S. economic growth report due later.
Disney sells Miramax to investor for $660 million (AP)
30 Jul 2010 at 3:37am
The Walt Disney Co. has agreed to sell its Miramax Films to an investor group for about $660 million, ending a 17-year association with the studio and a six-month bidding process.
Honda posts record quarterly profit on sales rise (AP)
30 Jul 2010 at 3:08am
Honda's quarterly profit ballooned to a record 272.4 billion yen and the carmaker raised its full year earnings forecast as sales grew in North America, Japan and the rest of Asia.
Samsung says 2Q net profit surges 83 percent (AP)
30 Jul 2010 at 2:53am
Samsung's quarterly profit surged to a record high as sales of semiconductors, flat panels and TVs climbed, but the electronics giant warned that intensifying competition in areas like mobile phones could dent earnings in coming quarters.
Obama to sell auto bailout good news in Michigan (AP)
30 Jul 2010 at 2:26am
President Barack Obama is going to the heart of the U.S. auto industry to push an important election-year claim: his administration's unpopular auto industry bailout has turned into an economic good-news story.
US gas stations: Stay BP or change name to Amoco? (AP)
30 Jul 2010 at 1:51am
BP gas station owners across the country are divided over whether the oil giant stained by its handling of the Gulf spill should rebrand U.S. outlets as Amoco or another name as part of its effort to repair the company's badly damaged reputation.
EADS raises outlook despite drop in Q2 profit (AP)
30 Jul 2010 at 1:48am
EADS NV, the parent company of plane-maker Airbus, on Friday raised its outlook for 2010 -- despite a 61 percent drop in second quarter earnings -- as a resurgence in commercial aviation boosted hopes that a painful two-year downturn is over.
House passes bill to boost commuter airline safety (AP)
29 Jul 2010 at 11:22pm
Far-reaching aviation safety legislation developed in response to a deadly commuter airline crash in western New York last year was approved by the House late Thursday.
Economic growth likely slowed in second quarter (AP)
29 Jul 2010 at 11:08pm
The already fragile economic recovery may be getting weaker. Economists expect the government to report Friday that economic growth slowed in the April-to-June quarter as consumers bought less, builders pulled back further, and cash-hungry state and local governments cut spending.
Attacking the edges of secure Internet traffic (AP)
29 Jul 2010 at 10:51pm
Researchers have uncovered new ways that criminals can spy on Internet users even if they're using secure connections to banks, online retailers or other sensitive Web sites.

Investing and the Fear of Regret and Greed