Well in my opinion Shegoo!
Bringing up a child is a parent’s main responsibility. You know your child more than any one else....each child has some unique qualities and obviously he may have some negative habits as well. Training a child with the combination of reward and Punishment is the best way.
Discipline can be taught to a child by teaching him some rules first...If he follows those rules...encouragement is a must...
Your punishment shouldn't be severe, keep in mind his age; he is totally dependant on you.
Don't blame him everytime, you’ll destroy his personality.
Ignore his small mistakes sometimes...but do let him know afterward about those mistakes.
Be friendly, Share your thoughts with him, and he'll consider you a friend.
Encourage him on his small achievements.
Punishments:
Stop his outing for one time, stop some amount of his pocket money, give him some strict warnings and be firm on it.
Rewards:
Take him for his favorite fast food, play area, offer him a cartoon film, or a toy.