For the continuity of any business or any other thing's success in life, there's some high level of consistency and discipline required. Trading falls right into the money-making ventures-business category. The ups and downs of trading are such that one needs to recognize the best practices and make them rules to follow and stick to them. Trade or trading requires some special abilities or qualities to ensure success. And like other fields in life, when you do not consciously practice good habits over time, you learn bad habits unconsciously. The void is always filled therefore, to unlearn bad habits, you have to learn good ones consciously. Here are some five (5) ways to break bad habits and follow your rules.
During our routine daily business life, we find that we practice some really imprudent practices. You are either going all in on a trade without studying the trade trends or being impatient with a deal. Sometimes you just focus on the big returns and rather take unnecessary risks that prove very "fatal". Maybe you just go all in without much or no research, losing money in the process.
To break these bad habits requires maximum self-discipline to follow your rules judiciously. The five (5) main ways to effectively follow your rules are:
Planning extensively is a vital key to success in every field you can find yourself in. A plan has to be based on enough research and should guarantee success or profitability. A good plan should be detailed enough to aid the decision-making process. To follow your own rules demands primarily that you have a meaningful plan already in existence. Planning right helps you save time and saves you a lot of unproductive hustle. An extensive plan contributes to a profitable deal and a successful career ultimately.
The focus on the well thought-through plan set in place is to put things first. It is essential to prioritize knowing what to do first and what is next on the checklist. You need to put your plan to work, one step at a time. Patience, they say, is the surest weapon of the hunter. It is effective and efficient to do a thing at a time rather than multitask unnecessarily, especially due to procrastination.
Discipline is the one principle every successful individual or organization possesses. Change is difficult to effect in a short while and impossible with minimum effort. It demands maximum effort compared to the amount of energy or power needed to propel a rocket into space against gravitational force. You need to keep your eye on the goal to feel motivated, in order to keep up the grind.
Be objective instead of subjective regardless of any bad decisions made in the past. Any mistakes made in the course of business should not be taken personally. Taking blame and feeling defeated that a plan didn't go well resulted in decisions taken with frustrations, fear and may result in greater loss. As a trader, you need to take losses on the chin like a pro boxer takes a punch on the chin and recovers quickly to counter attack at the right time. Be proactive rather than reactive, making decisions based on market information available.
Finally, you need to be consistent with your plan of working each day to achieve its goals. Always celebrate following or executing a plan to the last detail. Even when plans fail, review the plan and carry on correcting all shortfalls. Do not ever abandon a plan mid way into the plan. Some amateur traders abandon their plans or rules anticipating lucky days. Trying to predict the market void in the study of the market trend is suicidal. Trading requires that you follow the trends, work within the trends closely, and study them so as to know the most effective and efficient paths to profitability.
The bottom line to breaking bad habits and following your rules is discipline. Discipline is pivotal to making a plan successful or following a rule religiously. Without it as a principle, it is impossible to achieve anything. Make all good habits as routine as you can. Follow the plan in situations when you find it convenient and on occasions you find it inconvenient. Most people only follow their rules when they can, this will always lead to failure. Following a rule in a difficult time is the real test of self-discipline and the surest way to achieve anything.