How to Stop Trading Pocrastination – 8 WaysIf you find it hard to press the trigger, you may be suffering with…
Trading procrastination.
This is definitely a major hurdle with trading well.
The good news is that, this is a temporary problem that you can fix today.
With the right strategies and mindset, you can overcome this challenge.
I have a few ways you can stop procrastinating.
#1: Choose Your Trading Days
One of the first steps is to get your schedule right.
If you’re trading stocks, indices, forex, commodities or crypto – choose the days you want to trade each one.
First you’ll need to analyse the markets and your watchlist.
Write down the trades that are most likely going to line up.
And then, you’ll be able to condition your mind to prepare for trading on designated days.
This will take away the analyses paralyses and overwhelming effect of looking at too many markets at once.
#2: Set Smaller Tasks
When you have gone through your watchlists on your charting platform.
Plot all the potential entries and exits and write down notes on what you will be trading.
This will help you remind you what you’ll need to take action with.
#3: Track Results on a Specific Day
You don’t have to review and track your performance everyday.
Trading is a medium to long term approach.
So, maybe choose a Friday or Saturday to go through your track record and see how you performed or are performing.
It will also tell you which trades are working in your favour or whether you’re in a drawdown or not.
A regular check-up with your performance, can serve as a powerful deterrent to procrastination.
#4: Remove Distractions
You need to create a calm and serene environment when you trade.
Clear your desk, close your tabs, switch off your TV.
Create laser focus and it’ll help you be more inclined to act on what needs to be done.
If you lower the interruptions, your productivity and alertness will also pick up.
#5: Self-Talk
Trading is a mindset game.
Sometimes, you need to have a few conversations with yourself.
And there needs to be positive reinforcement and self-talk to overcome procrastination.
Say things like:
~ This is a high probability trade lined up according to my strategy – I need to just take the trade.
~ I only have 2% of my portfolio to lose – so I am prepared.
~ The trading portfolio is not going to grow by itself – I need to act.
Train your mind to recognize negative thoughts and replace them with affirmations that boost your confidence and belief in your trading abilities.
Build a strong self-belief system with strong action points and it will help you tackle challenging trading situations head-on.
#6: Reward Yourself
If a trade lined up and you get in – reward yourself.
If you took your take profit according to your strategy – reward yourself.
If you stuck with your guns and took the loss according to your system – reward yourself.
If you need to adjust a trade according to your rules – reward yourself.
Go for a walk, grab a drink, make a meal, smoke a cigar or whatever you enjoy.
You need to celebrate the small things to help with your trading accomplishments.
Set up a reward system to recognize your efforts and achievements.
This will motivate you to stay on track and keep going.
#7: Visualize Success
If you have your trading plan and strategy in place, you have the game-plan.
Close your eyes and envision when the days are good and when your portfolio heads up to all time highs.
Visualizing successful trading outcomes can be a powerful motivator.
Embrace the feeling of achievement and success, as this mental rehearsal which can positively impact your actual trading performance.
#8: Learn from Mistakes
When you learn something new from trading.
Jot it down with strong lessons to apply in the future.
Also, analyse your past mistakes and use them as stepping stones toward improvement.
Adopt a growth mindset to help empower you to make proactive decisions and drive your trading progress forward.
FINAL WORDS:
You can conquer procrastination, one step at a time.
Take action.
Stay consistent.
Attain and measure attainable goals.
Never give up.
Let’s sum up the actions you can take to stop procrastinating.
#1: Choose Your Trading Days
#2: Set Smaller Tasks
#3: Track Results on a Specific Day
#4: Remove Distractions
#5: Self-Talk
#6: Reward Yourself
#7: Visualize Success
#8: Learn from Mistakes
If this resonated with you let me know :)
