Discipline is the deciding factor between success and failure.
I wanted to give you some tips and tricks I use everyday to improve not only my trading, but my personal, social, and financial discipline. Discipline is an incredibly important thing to have on your side, and with trading it may be the most important thing in terms of consistent profits. It also happens to be extremely challenging to maintain discipline, so hopefully these will help.
I've been going through a rough few days after losing the only person that really meant anything to me. I'm going to keep this short and sweet and I hope it brings you great value.
1. Make a Plan.
We all have certain visions of ourselves. But are you really fulfilling your ultimate vision? Are you living up to the expectations you set? Probably not....
So grab a notepad and pen and make the decision to be disciplined in the attainment of your goals. At the top of the page you can write Discipline Goals. Write out 5 things you need to start doing every single day in order to improve a certain aspect of your life, for example (Trading, Health, Relationships, Etc.)
Start off small with something like, work out every morning for 10 Minutes, or stop trading the asian session, whatever you want.
Just some things that you know you can do, but don't necessarily really want to. Then next to each goal, write a reward for your discipline. It can be anything you want, a cookie, a pat on the pack, etc...
2. Go To Bed Early. (That's you FOREX TRADERS)
An often overlooked and underappreciated aspect of discipline is getting your 8 hours. If you aren't getting the sleep you need, than you may feel lethargic and apathetic. You won't want to step out of your comfort zone and start doing the things you need to in order to be a success if you feel some type of way. So just for tonight get to bed early, and wake up refreshed and ready to take on the day tomorrow.
3. Make The Choice.
Ultimately your only competition is you, no one else cares if you are disciplined. In fact most people want you to not be disciplined because they don't want you to do better than them. Until you quite literally "flip the switch" of your mind and choose to start being more disciplined, than it won't make any difference how much you try to change your bad habits.
Make the choice to start being more disciplined, and if it helps repeat this statement.
"Until I start being more disciplined, Success will continue to elude me."
4. Extinguish Temptation.
This is probably the most important way to become more disciplined. Until you rid yourself of all the things that drive you to be undisciplined, you will continue to stick with your bad habits. This can really be anything, and I think it's better to find out what it is about you that needs work before you start throwing stuff out. This might mean throwing out that "paraphernalia" or putting lower limits on your credit card. Imagine that, lowering your credit card so you don't spend so much on crap you don't need! Tomorrow try to get rid of something that has a negative effect on your life.
5. Replace Bad Habits with Good Ones.
This one is pretty self explanatory but it can be helpful to make a T chart. Just write out bad habits on one side, and good habits you hope to attain on the other. If you can cross a bad one out every week, and start implementing a good one, it will have a significant impact on your overall livelihood.
6. Find Yourself.
Last but certainly not least, and perhaps most important, find yourself. Now this can be achieved in quite a few ways. But for starters, you can begin meditating, start exercising, find your purpose through "personality tests", start eating better (What you put in, you get out). This only a start and only you will be able to fin yourself, in the meantime be patient and continue to work hard. The universes master plan will eventually unravel before you, I promise.
BONUS: Do it for 5 minutes.
5 Minutes? Brian, what the hell are you talking about?
Yes, the next time you find yourself in a conundrum where you don't want to do something. Just do it for 5 minutes. That's it, 5 whole terrifying minutes. Chances are it won't be so bad and you'll actually enjoy doing it.
I didn't want to write this email, but I did it for 5 minutes, and now I'm glad I did.
See how that works? Like magic.
I hope that these little tidbits give you some help with your discipline.
May you find nothing but total and utterly ridiculous success.
Sincerely yours, Brian.
P.S: If you like the way I write, than please grab one (or all 7) of my books.
in terms of investments, this is the only one you'll never regret.
Every cent makes the difference in me continuing to do what I do.
Without your support, quite frankly I'm not sure how much longer I can keep this up.