You don't need more willpower, you need less temptation
We have a finite amount of willpower in us everyday and every time you have to make a decision, experience temptation or a stressor, you lose some of that willpower. When we deplete our willpower, we are less focused, make poor decisions and are prone to negative emotions. To solve this issue you must instead reduce decisions and remove as many temptations and stressors as you possibly can. I refer to this as willpower accounting. "I have 100 willpower bucks in my account to spend every day from the time I wake up to the time that I go to bed. I will never have more than 100 and must budget them and use them wisely."
Ways to reduce your willpower spending:
- Only log in to your trading account when you have been signaled to enter or exit a trade. This will fight off any urges to make irrational trade decisions. Don't use trading aps on your phone.
- Limit your trades. If you day trade, take 3 trades a day, if you swing trade, take 3 trades a week, etc.
- Don't let trading make you fat and out of shape. Put on gym clothes every morning so you don't have to talk yourself into changing into them to exercise or worry about what to wear every day. Don't buy snack foods at the grocery store and you won't snack all day.
- The news is meant to entertain, not inform. You can't be fooled by headlines if you turn the TV off. You won't give in to market hysteria if you don't cling to social media all the time. Turn off the tv and have set hours for social media or turn your phone off while working.
- Using too much risk to make ends meet? You need more capital, not more leverage. Get a job or a second income until you have saved enough for a full time account. Take less trades on higher time frames if you want larger returns.
What stressors, decisions and temptations are eating away at your willpower bank? Start budgeting today!