Breaking trading habits that are hurting your progress is hard to do. In fact, most traders fail not because of the markets or indicators but because they cannot resolve the issues that exist in their way of thinking. While I have written many articles on the power of words and positive thinking, most traders fail to realize the significance of this concept in their trading. However, remaining positive, remaining confident, remaining steadfast, is the only pathway to success.
Breaking Trading Habits – A Guide to Success
Back in 1952, Norman Vincent Peale wrote about the Power of Positive Thinking. Today, there are multiple versions of positive thinking. The Secret Within discusses how you can change your life by changing your thinking patterns. Tony Robbins teaches that you can accomplish anything if you set your mind to it. But my favorite reinforcement is scripture. The bible gives us multiple examples of our thoughts leading us into our future:
Proverbs 23:7 “For as he thinks in his heart, so is he.”
Matthew 8:13 “As thou hast believed, so be it done unto thee.”
In other words, whatever we think or believe to be true, will come to us in the future. Here is where trading gets really hard. After a day of struggling in the markets, it’s typical for traders to allow the negativity to overcome. Typical thoughts are:
- I’m a failure
- I’m a loser
- I’ll never understand this
- I’m never gonna get this
- This is just too hard
- Who am I kidding? I’m no trader
- I always panic
- I see it too late
- I can’t do it
- I always take profits too early
- I’m never right
- I’ll never be good at this
And what happens? Traders continue to fail and, as one person told me in Las Vegas, “I know why I’m failing, I just don’t know how to stop it.” There is only one way to stop it and although it sounds easy, it will be the hardest part of trading. Breaking trading habits means breaking the stronghold of negative thinking. It means that traders must become conscious of all these rambling negative thoughts and replace them with powerful “I AM” statements. It means being on alert and in control, not just in front of the computer, but every waking moment and remaining steadfast in replacing each of these negative statements with the power of an I AM statement.
Breaking Trading Habits – Power of I AM
Each negative statement needs to be discarded and replaced with a powerful I AM statement. For example:
- I AM successful.
- I AM prosperous.
- I AM intelligent.
- I AM learning.
- I AM a trader.
- I AM calm.
- I AM patient.
- I AM prepared.
- I AM focused.
When I first began breaking the stronghold of negative thinking, I actually made a book of positive statements, scriptures that reinforce my beliefs, and powerful I AM statements that I can refer to anytime I catch myself going negative. The moment the negativity begins, I immediately reach for it. Why? Because it prevents the negativity from taking hold again.
Is it hard? You bet. In fact, it is the hardest thing I have ever tackled. Not physically but mentally. It’s psychological warfare, which is always exhausting. However, it’s also the most rewarding experience because not only does it change your trading but it also changes everything you touch — your family life, your friendships, and your outcomes.