Sometimes our mistakes become our habits, and that’s where it starts going south. I assume almost everyone had to quit (or at least thought about quitting) a bad habit, be it something like smoking or sleeping in late.
But what should we do when it comes to our financial decisions, especially trading? Fret not, dear friend, I’m here to give you top 3 ways to get rid of your bad trading habits.
1. Talk out loud
It might sound a bit weird, but talking to yourself (not with your inner voice though!) is actually helpful. Not only it helps you fight your impulses, but that kind of communication with oneself is also incredibly helpful in terms of detecting non-rational thoughts.
Something that is spoken out loud is perceived as something said by another person. This way it helps us critically think about it and rationally doubt it.
Try it and see - but, well, maybe it’s better to warn people you live with so they won’t be surprised.
2. Write your trades down
It’s important to track your Forex journey - and there is no better way than to write it down. You can use a regular notebook for your journaling or just download an app for making notes, it doesn’t really matter. Be consistent with your journaling, write down important things you have learnt and, of course, your trades.
It will help you observe your progress and see if something goes wrong - analysis is good not only for charts but for enhancing your success as well!
3. Learn to step away
It’s okay to take a break sometimes. Trading might be intense and overwhelming for all of us. But keeping your emotions at bay is one of the most important things a trader can learn. Without self-control, we are bound to repeat the same mistakes and bad habits. Sometimes the best way to deal with an extreme situation that causes you a great deal of negative or uncontrollable emotions is to take a deep breath and relax.
Some people prefer meditation, reading or any of your non-trading related hobbies.
Remember that getting rid of your bad habits is a matter of time and willpower. It’s okay to come back to your old ways from time to time, and it doesn’t mean that all your progress is lost.
We are all human. So give yourself a break, keep calm and rationalize.