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EP141: Overcoming The Lack Of Discipline
In this episode of Truth About FX, Walter talks about the impulse control and the psychology of overcoming this trading barrier. He shares some cognitive tricks that can help you work on your trading impulses. He also lets some other tricks off his sleeves on how you can work around your trading discipline and manage your risk.
Download (Duration: 04:18 / 4.93 MB)
In This Episode:
00:42 – impulse control
02:03 – trading partner
03:26 – tackling subconscious
Tweetables:
People can’t control themselves [Click To Tweet].
Get a trading partner [Click To Tweet].
Tackle your subconscious through hypnosis [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. A trader wrote in and asked — is asking — this person has a lack of discipline. What should they do?
Walter: There’s like a gradiance to this. What I would say is if you completely have problems with what we call in psychology “impulse control” and you just can’t stop. You just can’t like you go and gamble all the time in Las Vegas or whatever — Atlantic City or wherever. You go to Macau or wherever the nearest gambling center is. In Australia, it’s the nearest pub. They’re everywhere.
If you do that then maybe it’s just trading is not for you but if you feel like you still have some shred of discipline and you can make this work and you really believe that, you can ask people.
You can ask five of your closest friends and say, “Would you say that I would ever be able to restrain myself from doing X?” — whatever your thing is or whatever you love to do — and if they all say, “No, man. You’re not going to be able to stop doing it.” Then, maybe it’s just not going to work.
But, if you think you want to work around this — I’ll put a link in the show notes. There are basically things that can affect your subconscious based on hypnosis or subliminals or whatever.
There are different ways to do it but I’ll link some up for you in the show notes that you might want to look into that will help you with your impulse control because that’s what this is called from the Psychology point of view.
People can’t control themselves. They’re just impulsive, impulsive people. What I would say is maybe work on that. There’s another thing that you could do. Get a trading partner.
Have someone you’ll talk to every week at a minimum and they go over your statements and make sure — if you’re trading live — make sure that you’re following your system. If you’re not trading live — you’re trading demo — they can still go over your statement and make sure that your following the system.
If they noticed there’s a loss there that’s 5x what your stop should be at,
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By Walter Peters (FXJake) and Hugh Kimura (Trading Heroes)In this episode of Truth About FX, Walter talks about the impulse control and the psychology of overcoming this trading barrier. He shares some cognitive tricks that can help you work on your trading impulses. He also lets some other tricks off his sleeves on how you can work around your trading discipline and manage your risk.
Download (Duration: 04:18 / 4.93 MB)
In This Episode:
00:42 – impulse control
02:03 – trading partner
03:26 – tackling subconscious
Tweetables:
People can’t control themselves [Click To Tweet].
Get a trading partner [Click To Tweet].
Tackle your subconscious through hypnosis [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. A trader wrote in and asked — is asking — this person has a lack of discipline. What should they do?
Walter: There’s like a gradiance to this. What I would say is if you completely have problems with what we call in psychology “impulse control” and you just can’t stop. You just can’t like you go and gamble all the time in Las Vegas or whatever — Atlantic City or wherever. You go to Macau or wherever the nearest gambling center is. In Australia, it’s the nearest pub. They’re everywhere.
If you do that then maybe it’s just trading is not for you but if you feel like you still have some shred of discipline and you can make this work and you really believe that, you can ask people.
You can ask five of your closest friends and say, “Would you say that I would ever be able to restrain myself from doing X?” — whatever your thing is or whatever you love to do — and if they all say, “No, man. You’re not going to be able to stop doing it.” Then, maybe it’s just not going to work.
But, if you think you want to work around this — I’ll put a link in the show notes. There are basically things that can affect your subconscious based on hypnosis or subliminals or whatever.
There are different ways to do it but I’ll link some up for you in the show notes that you might want to look into that will help you with your impulse control because that’s what this is called from the Psychology point of view.
People can’t control themselves. They’re just impulsive, impulsive people. What I would say is maybe work on that. There’s another thing that you could do. Get a trading partner.
Have someone you’ll talk to every week at a minimum and they go over your statements and make sure — if you’re trading live — make sure that you’re following your system. If you’re not trading live — you’re trading demo — they can still go over your statement and make sure that your following the system.
If they noticed there’s a loss there that’s 5x what your stop should be at,