Summary
In this blog, Louise Bedford and Jordon Mellor, discuss the importance of incorporating effective habits into your trading routine. They emphasize the need to find small, measurable habits that align with your goals and values. The blog explores various habits that traders can adopt, including reviewing stopped-out trades, examining trades not taken, and having regular boardroom meetings with partners or spouses. Louise and Jordon also touch on the significance of keeping a trading journal and tapping into your unconscious desires. By implementing these habits, traders can improve their mental clarity, enhance their decision-making skills, and achieve long-term success in the market.
Finding the Right Habits for Your Trading Routine
Louise begins by highlighting the importance of finding small habits that are easy to incorporate into your daily routine. She suggests starting with one tiny habit at a time to ensure gradual progress. By doing so, traders can avoid overwhelming themselves and increase their chances of success. To identify the right habits, Louise introduces three criteria: easy measurability, frequency or immediacy, and a high confidence level. Traders should be able to measure their progress and outcomes easily, perform the habit frequently or immediately, and have a high level of confidence in their ability to execute the habit consistently.
The Power of Reviewing Stopped-Out Trades
Louise and Jordon discuss the habit of reviewing trades where traders were stopped out. They emphasize the valuable lessons that can be learned from these trades and the importance of analyzing one’s performance rather than solely focusing on the profit or loss. By examining stopped-out trades, traders can identify patterns, evaluate their decision-making process, and make adjustments to improve their future trades. Louise stresses the need to measure progress, perform this habit frequently, and have confidence in its effectiveness.
Examining Trades Not Taken: Uncovering Your Edge
Another habit Louise and Jordon explore is the practice of setting aside time to examine trades that traders did not take. They explain how this habit can help traders identify their edge and improve their decision-making skills. By comparing the outcomes of trades taken and trades not taken, traders can gain valuable insights into their trading style and refine their strategies accordingly. Louise emphasizes that this habit should also meet the criteria of measurability, frequency or immediacy, and a high confidence level to ensure its effectiveness.
The Importance of Boardroom Meetings with Partners or Spouses
Louise and Jordon discuss the significance of involving partners or spouses in the trading journey. They highlight the importance of open communication and setting goals together to create a supportive and accountable environment. By having regular boardroom meetings, traders can keep their partners informed, address any concerns, and work as a team towards their trading goals. Louise emphasizes the need for traders to measure their progress in maintaining this habit, perform it frequently, and have confidence in its ability to strengthen their relationship and trading performance.
Keeping a Trading Journal: Unleashing Your Subconscious
Louise introduces the habit of keeping a trading journal, which goes beyond a simple trading diary. She explains how a trading journal allows traders to delve into their emotions, thoughts, and gut feelings associated with their trades. By recording not only entry, exit, and position sizing, but also personal reflections and insights, traders can gain a deeper understanding of their decision-making process and identify areas for improvement. Louise emphasizes that this habit should align with the criteria of measurability, frequency or immediacy, and a high confidence level to unlock its full potential.
Aligning Habits with Your Values and Goals
Louise concludes by highlighting the importance of aligning habits with your subconscious desires, values, and long-term goals. By consciously choosing habits that resonate with your personal aspirations, traders can create a more fulfilling and successful trading journey. Louise encourages traders to reflect on their childhood dreams, teenage aspirations, and ideal day to gain clarity on their values and motivations. By ensuring that their habits align with these values, traders can create a solid foundation for their trading success. In conclusion, incorporating effective habits into your trading routine can greatly enhance your performance and mental clarity. By focusing on small, measurable habits that align with your goals and values, you can create lasting change and achieve long-term success in the market. Remember, consistency and accountability are key to maintaining these habits. So, take the first step today and start incorporating these powerful habits into your trading routine.
