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Achieving Success in Trading

fresh start psychology - success in trading
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Introduction

Welcome to the Mind Over Market segment! In this episode, Louise Bedford and Jordon Mellor discuss the concept of Fresh Start Psychology and how it can help traders overcome obstacles and achieve success in trading. They explore the idea of new beginnings, habits, and the importance of taking personal responsibility in trading.

The Power of Fresh Start

When pursuing a goal or trying to achieve something, it’s common to encounter obstacles that make us feel stuck. The key is to either give up or push through these obstacles. Fresh Start Psychology offers a powerful approach to overcoming challenges and achieving success.

Creating Habits for Success

Many people struggle with forming and maintaining habits that contribute to their success. The hosts emphasize the importance of habits, both in and outside of trading. They discuss the high percentage of people who fail to stick to their New Year’s resolutions and the impact of not forming habits in various aspects of life.

Using Fresh Start Triggers

The hosts highlight the concept of using triggers to initiate a fresh start. They mention how walking through a doorway can serve as a fresh start and how Alzheimer’s patients experience a shift in mindset when moving from one room to another. They encourage listeners to find everyday cues that can symbolize a new beginning and trigger positive changes in their lives.

The Importance of Internal Locus of Control

Internal locus of control refers to the belief that individuals have control over their own actions and outcomes. The hosts discuss the impact of locus of control on traders’ mindset and performance. They explain how having an internal locus of control allows traders to take responsibility for their actions and learn from their experiences, leading to better decision-making and performance in the markets.

Developing Specific Habits

The hosts delve into the specific habits traders can develop to enhance their trading success. They discuss the importance of setting aside time for chart analysis, revising trading plans regularly, setting stop-loss orders, and keeping up with paperwork for tax purposes. They also stress the significance of tracking trade details and maintaining a consistent position sizing strategy.

Initiating Change and Setting Goals

The hosts provide guidance on initiating change and setting goals. They encourage listeners to identify specific habits they want to develop outside of trading and within trading. They emphasize the importance of setting achievable goals and attaching them to specific events or time frames to create fresh starts. They also discuss the significance of visualizing one’s future self and how developing habits can contribute to personal growth and success.

Success In Trading – Conclusion

The Mind Over Market segment concludes with a reminder to take action and implement the discussed strategies. The hosts express their enthusiasm for helping traders achieve success and encourage listeners to take advantage of the opportunity to learn and grow. They remind everyone to keep a notepad handy and actively engage in the process of self-reflection and improvement.

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