Sometimes, a Trading Plan is not the most exciting thing to think about isn't it? Naturally, we like to be free and not bound by any rules. But, it is a necessity in successful trading, and having a trading plan actually frees us to focus on critical moments in trading and make better decisions.
Having a trading plan also helps keep us out of big trouble, but it doesn't work if we don't follow it either.
“Putting together a trading plan and then following it takes practice until it becomes a habit..”
EP 007 Transcript
Welcome to the Affirmations for Traders podcast, a special space created, especially for you to listen to affirmations that make a positive impact to support you in your trading journey. I'm Tessa your host, like many of you as a trader, I understand the struggles of this journey very intimately. I believe that by adding the power of affirmations to your toolbox, it can be the game changer that you're looking for to help you improve your trading potential and to develop yourself into a better trader. You're listening to episode 7 of the Affirmations for Traders podcast.
Whatever or however you got here, I'm so glad you're here! And you are in good company. And if you're new to the podcast, I welcome you to this special space.
Whether you trade stocks, options, commodities, forex, futures, or whatever it is that you trade, we encounter similar challenges in our trading journeys, don't we?
I happen to trade options for about 7 or 8 years now and still going. I've been through the ups and downs of trading in my own journey! And it's been quite a ride, and sometimes I do still experience the crazy rides, but it has been occurring less and less frequently over the years. I attribute this, in part due to making many, many mistakes and in the beginning I kept repeating those same mistakes without learning from them.
And eventually, I came to my senses and incorporated a process to learn from my mistakes. I also honed in on really understanding my strategies really well, and what makes it work and understanding why I should stick to them and when I should let go and adopt a different strategy. I also started applying risk management more consistently. And then, I started to see a change in my performance gradually.
But, there were times when I slipped back in my progress, and what I realized was that even if you've been trading for a while, and you're knowledgeable and educated in a technical sense of what you trade, or have systems and processes in place to help automate steps in your trading and to facilitate risk management, all these things help tremendously...so don't get my wrong on that.
But at the end of the day, we're still human, and as humans we do what humans do naturally, we can get discouraged still, get bored, get complacent, get cocky, get sloppy, get distracted by another shiny object, or get tired of following our systems and processes that we know works, and we may still lose motivation and confidence due to other factors in life that spills over to how we trade.
When these things that I mentioned show up, it can really mess up our psychology and set us back in our progress. Is it to be expected? Yes, because things happen.
But, this is where the power of affirmations come in. With regular practice of applying affirmations in our daily routines, it helps to strengthen our mindset to "bounce" back when we encounter and experience these dark moments. It's like maintaining your health as much as possible by eating healthier and staying physically active, so that when you inevitably get a cold, flu, or the thing the whole word is going through now, there's a highly probable chance that you will bounce back faster and back to being yourself. So, I think this is a good analogy for affirmations in this context, and I would love for you to take time to think about it for this week.
Now, let's turn to our affirmations for this week.
Before we start, let's prepare ourselves. Take a moment and close your eyes. Give yourself permission to be open to the affirmations you're about to hear. And feel free to repeat along with me.
My Trading Plan keeps me focused, on track, and decreases my urge to trade irresponsibly.
I take time to put together a well thought out Trading Plan in advance.
Before I begin my day with trading, I am rested, clear minded, and focused.
I am alert and aware of what's in my trading plan for the day.
My trading plan reflects a detailed and well thought out game plan.
I hold myself accountable for following my trading plan even if no one is holding me accountable.
My trading plan has a degree of flexibility to handle changing market conditions.
My trading plan reflects my objectives and is aligned with my abilities, skills and trading style.
Having a trading plan is crucial to keep me in the game.
I am strategic in what I put in my Trading Plan, it's more than just a plan, it's a "winning" plan.
During the week, reflect on these affirmations and repeat them with deep intention. Feel free to add any of your own to this week's affirmations.
You were listening to Affirmations for Traders. Thank you for listening and I look forward to doing this again with you next week! Take care.