Lets face reality !

Old habits are hard to break!!

Look how long it took Superman to figure this out! 

Don't agree? 
Lets use an example you may be able to relate to. 

We are coming up on the New Year, this is one of my favorite examples.

 How many people do you know or how many times have you made a New Years resolution to get into better shape? 

Here is what usually happens.

 We run out to the gym sign up for a membership (December and January are normally the best months for Gyms in terms of new members) We work out really hard for a week or two. Usually over doing it so that our bodies are so sore we can't  sit,sleep or walk because every time we move we are in excruciating pain. Then, if we haven't given up from that ordeal, we give it another weak or two and when we don't see immediate results like the six pack abs and the python arms we revert back to our old ways of being the couch potato. Sound familiar?

Why does that happen to 85 percent of the people that try to make a change that is clearly in their best interest?

Its simple, old habits are hard to break, it requires a ton hard work, conditioning and mental endurance to make the change. You have to be 100 percent committed and you have to have realistic expectations. 

So what's my point? 
My point is this, day trading or investing is the same way.

 You can not expect to break your bad habits if you have established them over months or in some cases years.

 You don't just rush out and take a course on trading or join a chat room and "VOILA" you are now a successful trader. You are going to go through pain just like you do when you first start working out again. The results are going to take time so it will require patience. Most importantly you are going to find yourself being drawn back to your old ways. Frustration, fear, uncertainty and anger are almost guaranteed. There is no quick fix, there is no silver bullet. You are going to stumble, You are going to have losing trades, You are going to make some of your old mistakes.

In this day and age we want instant gratification, heck I get irritated when it takes 3 seconds longer than I think it should for a web page to load.

Reality is It takes time to replace old  bad habits with new good habits. 

Remember replacing a bad habit with a new one doesn't replace the bad habit. It will always be lingering around in the shadows tempting you. What you have to do is continue to strengthen the new habits so you can suppress the original.

Recognize the significance of the task that you put before yourself.

Ask yourself how committed you are to make the change? How much pain am I willing to endure? How patient am I  prepared to be before I start seeing the results I want? How much time am I willing to commit? How much capital are you willing to spend ? How much is it really worth for me to take on this kind of endeavor? Is this really the right time for me to be taking this on? Do I have external pressures that would make this more difficult? Do I have a solid enough financial foundation built to endure a long journey? Am I mentally prepared for this? Am I being realistic? Am I really cut out for this?

These are hard questions that require you to really dig deep and see if you truly have the passion and fortitude to see things through. If you can't answer those questions honestly and know that you are going to do whatever it takes to succeed. 

(Not just say it but really feel it. ) 

Well then, I suggest you save your money and time because you are in for a long disappointing and most likely a costly trip. Quit before you even start!

If you feel it! If you have full faith and conviction that failure is NOT an option!!

If you are truly committed to taking the challenge here are a few pointers to help you succeed. 

Avoid temptations:   If you are a person who gets caught up chasing stocks and you take trades first thing when the market opens try making yourself sit on your hands for the first 15 or 20 minutes of trade better yet don't even turn the computer on till 20 minutes after the market opens.  Then look for setups to develop. 

 If you have a tendency to do really well in the morning but then over trade in the afternoon and give it all back then stop trading @ noon. Shut the computer off and walk away.

The point is try to break your old routine.  

Replace unhealthy with healthy Behaviors:  Chasing, not honoring stops, not having a detailed trading plan for each trade, size positioning, recognizing the overall market phase, trading out of boredom you get the idea. 

Prepare Mentally:  If you can't avoid tempting situations, prepare in advance, Plan how to handle temptations and mentally practice what you plan. >Stop trading and paper trade

Enlist Support: Tell your fellow traders what you are having trouble with. Ask them, friends, family, mentors, and coaches, to support your efforts to change and ask them to hold your feet to the fire. This only works if you share what you are doing wrong which may mean eating a little humble pie. 

Reward yourself for small steps in making progress: Set some small reasonable goals, give yourself a treat or seek out a pat on the back when you reach that goal. Celebrate the small victories. 

Change is hard, habits are hard to break.  However, after all the pain and all the suffering, after all the stress and all the fear, after all the waiting and frustration, the end results from overcoming the odds and accomplishing what you set out to do are often life changing and frankly AMAZING!!

If you are committed to the journey, I wish you the very Best of Success. I  sincerely hope this helps you along the way. 

Have a great night all! I will post my weekend video watch list later this weekend.