Habits

September 1st, 2013, 11:57 AM

Taken from The Power of Habit book, for use in your journalling:

determine what the habit is
determine what the reward is that you get out of doing this habit... why you crave to do it... there must be some reason, something compelling you to do it
determine what the cue is... what is triggering you to do this, think this, say this?
create a plan to change existing habits and create new, positive ones that contribute to better trading performance

Then, my interpretation from The Compound Effect book:

Do one thing at a time the best you can possibly do it. Focus on the process, break the goal down into steps and make it a habit to do your best.

Then, from the Coaching the Mental Game book:

"The athlete can focus on the immediate, rather than past or future (The next task -- "now -- is all that can be acted upon.) -The athlete can focus on his approach, instead of results -- past or future."

October 28th, 2013, 05:13 AM

Yes, very wise. I agree. I also find it useful, but it's very tiring, to stop every few minutes and ask myself if I am acting in my best self-interest. You will be surprised how often I find myself not doing it.

Another related thing, related to living in the present, or rather "being aware of the present", is to always ask yourself what you should be doing NOW rather than waste time wondering what you should have been doing yesterday. For example, you often are busy thinking what you should have done BEFORE, and you forget your keys or something else... by being busy with the past, you make mistakes in the present. Then you later start focusing on those mistakes and make even more mistakes.

Habits

Discussion in Psychology and Money Management

Habits