Do you ever feel ‘stuck’ in your trading? You KNOW you need to change the way you are trading but you keep making the same mistakes over and over. Perhaps you don’t honor your stop loss because you KNOW the trade is going to turn around and you take a bigger loss than you should have. Perhaps you don’t allow your trade to run to its profit target because you are afraid of giving up the profit you see in your account. Perhaps you risk more than you should on a trade to make up what you lost on the last trade or couple of trades.
You might have even addressed some of these issues in the past and made a change for the better but soon found yourself falling back into old, bad habits.
Here’s the problem…It’s easy to MAKE a change…The hard part is SUSTAINING the change.
Think about other aspects of our lives. How many times have we started a new diet, only to fall back into old habits after a week or so? How many times have we said we were going to take control of our finances, only to succumb to impulse purchases that wreck our budget?
So, the key is to MAKE the change and then SUSTAIN the change until it becomes a HABIT and a ROUTINE in our daily lives. The change needs to become SECOND NATURE!
Think about brushing your teeth. It’s probably too far back to remember but there was a time when you had to be TOLD to brush your teeth. You didn’t want to. You didn’t enjoy it. You didn’t want to take the time to do it but you were made to do it. Now, over the years, it has become a HABIT and is SECOND NATURE (well, I hope it is) …
So, how does a CHANGE become a HABIT and SECOND NATURE! You must SUSTAIN the change long enough to give it a chance to become a HABIT and SECOND NATURE.
To do that, you must back the change with EMOTION! EMOTION is what adds the powerful WHY of the need for change.
You must have a strong enough WHY to make the change…..Back to the diet analogy ..What if you doctor came to you and said ‘Bob, without a doubt, if you do not have this surgery in the next year, you WILL die. However, you are too over-weight to have the surgery and you have to lose 50 pounds before we can do the surgery to save your life’. Now, let me ask you a question…Do you think you could lose 50 pounds over the next year! I bet you could!!!!
So, why haven’t you lost the 50 pounds up to this point? You have not had a big enough WHY that is backed with EMOTION.
This week pick one area of your trading that you need to improve upon. Let’s say it’s honoring your stop loss. Now, each day before you begin trading, take a few minutes and visualize your trading day. See yourself placing a trade, putting in your stop loss, placing your take profit target order and calmly letting the trade play out. If your stop loss is hit, imagine yourself saying ‘That’s ok. Next trade please’. Imagine the feeling of pride that you stuck to your plan and you are achieving one of your objectives this week, honoring your stop loss. Enjoy that emotion of accomplishment and the fact that you have protected your account and have done something that few traders do…Honoring their stop loss. You are experiencing the emotion of PRIDE, ACCOMPLISHMENT, of doing something that few traders do. You are doing what PROFESSIONAL TRADERS do. Honoring their stop losses.
Now, visualize that you did not honor your stop loss. You did not honor it Monday, Tuesday, Wednesday or ANY day this week. At the end of the week, on Friday afternoon, you see a MASSIVE DRAWDOWN in your account. Maybe even wiped out your account. How do you feel? Disgusted, sad, embarrassed? GOOD…You NEED to fell that emotion to help sustain the change of sticking to your stop loss.
These emotions are your FRIENDS to help keep you on track. To help you sustain the change you want to make. In this case, honoring your stop loss.
Perform this visualization each morning, before trading, and I know it will have an impact on your trading this week!
So, the key is to MAKE the change and then SUSTAIN the change, with EMOTION, until it becomes a HABIT and a ROUTINE in our daily lives.
Making these kinds of lasting changes takes time but you CAN do it!
If you want to join a group of traders who understand that trading can be difficult, but who have worked through this type of issue and other difficult trading issues, come check us out at www.Bennathanfx.com You’ll find a traders there who trade real money, post real trading results, coach others, all with complete transparency!
By the way, Ben Nathan (the founder of Bennathanfx.com) is putting on a FREE FOREX BOOT CAMP, JULY 19TH, 8PM (GMT). Go to the website and register now! Even if you pick up just one tip to improve your trading, it will be worth it!
Important...There are only 100 seats available so sign up now!