It's hard to be consistently self-disciplined for trading. Traders start out with a disadvantage when it comes to self-discipline because it doesn't come naturally to us as humans. But, we do have the power to change our thoughts and attitudes about self-discipline and how we approach it through practice, practice, and more practice. And we may fall back from time to time, but pick ourselves up, and do it again.
This week's episode helps to reveal the realities of self-discipline and rethink how to approach it in a different way.
“And we may fall back from time to time, but pick ourselves up, and do it again.”
EP 013 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 13 of the Affirmations for Traders podcast.
Have you had set backs recently, that make you doubt your own strategies and abilities as a trader? Did you feel like you were being whipped around in the market? Oh yes, it made feel that way recently. I'm not going to pretend that it didn't affect me because it did. I still get hurt too, even after trading for years now.
Trading really is one of the hardest things to do in the world for most people, if not for everyone. It's that actual trading is hard, because anyone can just place an order and hope for the best. And people will be thinking that I am going to say that it's hard to trade profitably consistently. I think it's more accurate to say, that it's very hard to be consistently self-disciplined and calm enough to trade like a professional and follow our own trading routines, rules, plans, and processes regardless of what the market's doing.
It's been awhile since we had an episode about Self-Discipline. The last one was in Episode 3. But I want to revisit often because it's that important.
So, we try to be self-disciplined. Now, it makes you wonder naturally then, is it even possible to be consistent in being self-disciplined for trading? So long as there are those natural human traits and problems that we have as humans, such as fear, greed, ego, addiction, attachment, anger, revengefulness, complacency, laziness, and others. Then yes, there will always be challenges to be self-disciplined.
We can blame it on these things and that the market is wild and we have no control over it. That's true that we don't have control over the markets, but it's more like we don't have control over ourselves when we really should. Ouch. It's hard to hear that about ourselves. But we need to hear it. I need to hear it.
Rather than trying to be self-disciplined though, perhaps it's more effective to accept that the truth is… self-discipline is a daily, continuous practice. We don't graduate for becoming self-disciplined because it's a never ending practice so long as we're still trading. So, it makes sense to accept that there are real challenges to being self-disciplined so that we are aware of it and that we would be ready to recognize those challenges when it stands in our way.
Before we get into Affirmations, I just want to say this, when you do feel down about trading, look up and remind yourself of the reason why you chose to trade in the first place, the reason why you have put in so many hours of learning or if you're a newer trader, why you are willing to go through this.
If your WHY is there, loud and very clear, and bigger than the pain that you will go through from time to time in trading even after putting in many hours of learning and building the strategies and processes, than you have a chance of staying in the game long enough to get better with the continuous "practice" of getting better at self-discipline.
I would like you to think about that for this week. What is your WHY. Is your WHY big enough?
Let's now turn to our affirmations for this week.
What will you this week to take a deeper look at how you practice your self-discipline?
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.
Let's begin.
I accept and embrace all the things that make me human.
Trading challenges my mind in unique ways, but I am prepared for it.
I incorporate practicing self-discipline regularly in my trading routine.
I know when my self-discipline is being challenged. I am ready to call out and deal with that challenge head on.
I am aware of the natural human weaknesses and I feel empowered to control my weaknesses.
I am patient towards my practice of self-discipline.
I manage my emotions and focus on my positions.
I am aware of the status of my positions at all times.
I exit my positions according to the scenario defined in my trading plan.
I am on high alert when my fear, greed, ego shows up.
I direct the fear, greed, and ego to the backseat, and put myself upfront in the driver's seat.
Trading is a journey of discovery about myself and what I am capable of.
I am a trader with a long term vision towards success.
A year from now, I am thankful that I am working on improving my trading today.
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.