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EP37: How to Stay on Track
In this episode of Truth About FX, Walter talks about a common trap most traders fall into while sitting in front of the computer. He indulge into trading addiction, its consequences, and how it can lead into serious trading mistakes.
Walter delve into his knowledge of trading psychology and how this can be solved by just simply taking a time-off and re-aligning your beliefs.
Download (Duration: 05:44 / 6.56 MB)
In This Episode:
00:37 – killing a trading account
01:15 – an addiction
01:54 – self-sabotage
02:30 – take a 72-hour break
03:08 – overwriting subconscious desires
04:04 – hypnosis download
05:12 – good but still losing
Tweetables:
You have to treat trading like an addiction. [Click To Tweet].
Start working on your beliefs. [Click To Tweet].
Overwrite negative thoughts with more successful ones. [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! This is a question that I hear quite a bit and I’ve definitely done this myself. I have a trading plan and a trade checklist but I can’t help from taking trades when I sit down on my computer even if it doesn’t follow my trading plan. This is killing my account. What do I do?
Walter: This is a really good question. This might sound like a funny answer but I can actually post a video in the shownotes for this episode for everyone listening to this and if this is an issue for you.
A video that goes into the neuroscience behind this. Basically, here’s what’s happening. You have to treat this like an addiction just as you would if you’re an alcoholic or you’re a heroine addict or a sex addict or whatever your chosen thing.
For me, it’s ice cream. So I’ve got this ice cream problem, everyone has got something. What you have to do is you have to treat it like an addiction. What happens in your brain is you’re building this neuro pathways and you literally have to stop doing it for seventy-two hours before you can make some head wave.
What that means is it’s doesn’t matter what your addiction is: if it’s trading, buying the CD or pants, if it’s drinking too much alcohol or whatever it is. You’ve got to stop doing that for seventy-two hours.
After you do that, what you want to do is you want to start working on your beliefs. What’s happening is there’s something subconsciously inside of you that’s allowing this to bubble out.
It could be as simple as self-sabotage. A lot of us don’t believe that we are worthy of money or we don’t believe that we should be wealthy because we think wealthy people are assholes or whatever.
We don’t want to be one of those so by extension we do not want to join that group of wealthy people because we feel like, “If I make all these money then I am going to become an asshole an...
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By Walter Peters (FXJake) and Hugh Kimura (Trading Heroes)In this episode of Truth About FX, Walter talks about a common trap most traders fall into while sitting in front of the computer. He indulge into trading addiction, its consequences, and how it can lead into serious trading mistakes.
Walter delve into his knowledge of trading psychology and how this can be solved by just simply taking a time-off and re-aligning your beliefs.
Download (Duration: 05:44 / 6.56 MB)
In This Episode:
00:37 – killing a trading account
01:15 – an addiction
01:54 – self-sabotage
02:30 – take a 72-hour break
03:08 – overwriting subconscious desires
04:04 – hypnosis download
05:12 – good but still losing
Tweetables:
You have to treat trading like an addiction. [Click To Tweet].
Start working on your beliefs. [Click To Tweet].
Overwrite negative thoughts with more successful ones. [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! This is a question that I hear quite a bit and I’ve definitely done this myself. I have a trading plan and a trade checklist but I can’t help from taking trades when I sit down on my computer even if it doesn’t follow my trading plan. This is killing my account. What do I do?
Walter: This is a really good question. This might sound like a funny answer but I can actually post a video in the shownotes for this episode for everyone listening to this and if this is an issue for you.
A video that goes into the neuroscience behind this. Basically, here’s what’s happening. You have to treat this like an addiction just as you would if you’re an alcoholic or you’re a heroine addict or a sex addict or whatever your chosen thing.
For me, it’s ice cream. So I’ve got this ice cream problem, everyone has got something. What you have to do is you have to treat it like an addiction. What happens in your brain is you’re building this neuro pathways and you literally have to stop doing it for seventy-two hours before you can make some head wave.
What that means is it’s doesn’t matter what your addiction is: if it’s trading, buying the CD or pants, if it’s drinking too much alcohol or whatever it is. You’ve got to stop doing that for seventy-two hours.
After you do that, what you want to do is you want to start working on your beliefs. What’s happening is there’s something subconsciously inside of you that’s allowing this to bubble out.
It could be as simple as self-sabotage. A lot of us don’t believe that we are worthy of money or we don’t believe that we should be wealthy because we think wealthy people are assholes or whatever.
We don’t want to be one of those so by extension we do not want to join that group of wealthy people because we feel like, “If I make all these money then I am going to become an asshole an...