It takes a lot of self-discipline to be a trader. Self-discipline will help you be consistent, and being consistent will help you reach success in a reasonable amount of time.
But self-discipline is also very hard because you will always find a reason to do something against your trading plan.
That voice of justification will give you a reason to cross a line you swore you wouldn’t.
But you can stop this behavior right now by doing a few simple things:
1. Start a meditation routine
Most of the time, you don’t realize that you are rationalizing. You’re so caught up in the thoughts, and they seem like good reasons at the time.
If you meditate regularly, you’ll be more aware of your thoughts and feelings as they happen. You’re building discipline and self-control by just watching your thoughts and letting them come and go.
2. Take a breath
Try doing a breathing exercise like the Pranayama or Wim Hoff technique while you sit and watch the market.
This will help turn off your sympathetic nervous system, which is a big part of why you feel like you need to act quickly on an impulse to break your own rules.
3. Set up a regular schedule
If you swing trade, think about what you’ll do with your time once your trades have been made. Keep yourself busy, so you don’t just sit there and watch the market move or your PnL go up and down for no reason.
If you day trade, you should work on being more aware. Think that your mentee is watching you trade from behind your back.
4. Write down your reasons
Write down why you want to be self-disciplined. What do you want to get out of it? Where do you want to go? Imagine how well you’ll do as a trader and be more driven to get there.
Also, as you try to reach your goals, you will likely face temptation and find excuses to give up. Write down what you will do to keep from giving up.
5. Visualize
Make a promise that you won’t give in to any urges to go against your plan, and picture how your efforts will help you.
If you keep yourself going this way, your willpower will last longer. It will help you have more self-control by getting you to focus on your goal instead of your immediate urges.
6. Eat something, or have an energy drink
Studies show that low glucose levels are often linked to a loss of willpower.
7. Use visual reminders
Use post-it notes all over your home and office to keep reminding yourself of your goal and to keep going.
8. Spend time with people who have good habits
Simple: you become like the people you hang out with. If you hang out with disciplined people, you’ll start to act more like them.
Conclusion
All done! There are eight easy steps.
If you don’t have self-discipline, your dream of being a successful trader will always stay a dream. So start working now. Commit. And keep in mind that self-control is like a muscle. It would help if you tried to use it because that will make it stronger.
