Discipline is probably the single most important characteristic that all successful forex traders have in common. The consistently profitable forex trader has discipline enough to stick to his or trading plan, manage his or her emotions effectively, manage his or her money effectively, and has enough discipline to not over trade. A lack of discipline is the single biggest factor that contributes to aspiring traders blowing out their trading accounts and walking away from the forex world a quitter. Discipline is difficult; discipline takes a conscious awareness of one’s self enough to make a concerted effort to function according to a plan. Most people simply lack the will power to make themselves do things the right way. Just as most aspiring traders know they should not over trade or risk too much on any one trade so over weight people know they should not that extra doughnut or continue not exercising. The cold hard fact about discipline is that it is uncomfortable at first and it is much easier to be undisciplined, this is precisely why so few people succeed at forex trading long term and why we always here the statistic that only between 5 and 10 percent of aspiring traders ever become professionals.

Price action analysis is the art of identifying repeating and profitable price action setups within the context of price movement in the forex or any financial market. I say “art” because no two price action setups are exactly the same; this is because no two moments in any market are exactly the same. However, this is part of the beauty and relevance of adopting price action analysis as your method to trade the forex market. Price action analysis is the only method I am aware of that will consistently provide profitable signals in the ever-changing forex market. Despite the fact that no two moments or setups are ever exactly the same in the market, there are a handful of repetitive price action setups that can be traded by the discerning eye to make consistent profits.

Traders who have been mentored or trained in the art of price action analysis have obtained a skill that will never lose relevance or fade over time. Price action can be used to develop and solidify a trader’s market discipline because the better formed setups that occur at confluent levels will naturally be more accurate. After learning a few solid price action setups we can hone our discipline by waiting patiently for them to form and then striking with precision. Learning to wait for the best price action setups will improve your winning percentage as well as build your trading account much faster. All trading methods will encounter losing periods; most methods give you little control over which setups you will take and which you will not take however. An indicator based entry will either tell you to enter or not enter and will not leave any discretion up to you.

An advantage to using price action is that we get plenty of signals in the forex market but we are left with a unique market perspective that allows us to discriminate between those signals we feel have a higher probability of moving in our favor versus those that do not. So, the amount of discipline you apply to the art of price action analysis will be directly correlated to your trading account. The more discipline you apply to price action setups the faster and larger your trading account will grow. The degree of control that price action analysis offers traders is a significant factor amongst many others that sets this method far above any other

Author's Bio: 

Nial Fuller is a Respected Trader and Forex Coach. He runs a Forex Training and Education Website, Visit his site here Learn to trade the FX market