Thread by @Your_NLP_Coach

Common sense ≠ common practice

We know what's right, but we don't act upon what we know. There is a gap between knowing and doing! So what's happening in that brain of yours, and what can we do?

Let's close the close the gap, shall we?

Time for a thread 🧵

1) What is in for me?

Before we move on. Ask yourself how your trading performance would look like if you acted more upon what you know is right? Can you already see the benefits? And how this makes your life easier? Keep that picture in mind!

2) NLP

Quick 1-1 NLP. What you first need to understand is that your brain is very powerful and your mind wants to preserve your energy. Understand this before you continue

3) We're all creatures of habit.

A habit is actually a bunch of brains cells that formed a neural pathway. The more you do a certain habit, the stronger the pathway, the stronger the habit.

What are your bad trading habits?

4) Bad habits can give us a dopamine shot and the existing neural pathway is strong. This makes it easy for the brain to repeat/execute a certain bad habit. It happens almost automatically. You are getting a trigger, it signals a message and your brain executes the habit

5) It executes the habits as if you almost don't have a free will. The good news is, you can create new good habits and make them STICK. And you can unstuck yourself from bad habits. But you got to know your why!

6) First you want to determine which habits you want to get rid of, and which habits you want to create. Focus on a few habits, 1 up to 3 habits. Narrow the focus.

Then you need to determine how this can help you to avoid pain, and how this helps you to move towards pleasure

7) Now you've your why. And then you want to understand the triggers. Could be a thought, person, a colour a smell. I will talk about this in-depth, in a different thread.

8) Working on habits consumes a lot of willpower in the beginning. If you repeat the desired habit on a regular basis. Your brain will respond and it'll make new neural connections, a new neural path. The "secret" is repetition! Repetition is the mother of all skill.

9) Habits > Discipline

Brain cells that fire together, wire together. The more you repeat, the stronger the neural pathway. These are needed for the habit to become automatic. Eventually you just do them without thinking and it doesn't consume any willpower

10) Getting rid of bad habits consumes way more will power than forming new habits. This is because you basically need to dismantle/overwrite an existing neural path. Good readers know now that your mind wants to preserve ENERGY... Brain goes for path of LEAST resistance.

11) As a NLP master coach I highly encourage to attach a specific reward to the desired habit. Example: treat yourself with a little gift every time you execute the desired behaviour.

12) Focus on the process goals and not so much on the outcome goals. If I respected my trading plan for this week, I buy myself a sushi box. Even if my PnL is in the red. Remember process goals > outcome goals

13) My wish is that this thread inspired you to work on excellent trading habits.

As a trading psychologist and a NLP master coach I do every week a live stream and I talk in depth about trading psychology and mindset. Follow @Your_NLP_Coach for more content

It's now the time to close the gap between knowing and doing!

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#tradingpsychology #BTC #mindset #NLP