In This Episode
- Why brushing your teeth with your other hand can help you trade better
- Why the Neurophone can help you change your mindset
- Other things you can do to get out of a rut
Tips for Changing Your Trading Mindset
There are some simple ways that you can start changing your trading psychology.
…and some are a little unusual.
But they are very easy to implement and have unexpectedly beneficial results. Listen in to find proven ways that we know of to “jumpstart” a positive trading mindset.
Read the Transcript:
Hugh: Hi, Walter. What do you think about doing things a little bit differently during the day; like brushing your teeth with your other hand stuff like that in order to get your brain going?
Walter: I think that's good. I think in some ways like traders can do that too. If you're used to trading the daily charts, what if you started demoing it on the five-minute just so you know to exercise different muscles and things like that.
I think in some ways the theory of the Neo Neurophone or the Neurophone that we talked about before in another episode; you guys can go back and find that — we can put that in the show notes — that's meant to kind of activate more of a whole brain.
They say that women have a much, like their corpus callosum between the two hemispheres, they have a stronger one. So that's why they often are better at verbally speaking than we men are.
The Neurophone is meant to sort of activate the whole brain in a way kind of help with that. Which is I think what's happening if you tie your right hand behind and you just use your left hand for the whole day to brush your teeth, and you know make your lunch and whatever that's kind of the same idea. You're kind of just becoming a little bit more, I know it's just spatial but it's a way of becoming more whole brained.
We really do have a lot of flexibility. We know about neuroplasticity. People who get horrible brain injuries and the area of the brain for example, that is supposed to make your legs move that's eliminated; eventually your brain will get to the point where you can start walking again, those sorts of things happen.
It's easier when it happens when you're younger, obviously but those sorts of things are possible. I do think there is something to that. I think also, just looking back in my life, the best times I've had in terms of success and achievements have been when I stretched; try to do something just a little bit harder than you know a little bit more uncomfortable. Being uncomfortable is when I find a lot of growth comes; so that's something that I think people might want to think about. In a way what you're talking about is that, isn't it?
I'm really big on going home in different ways. So where I live, I can walk a lot and just walk to the shops; so I like to not be a habit and always walk the same way. Do you know what I mean? Go through different neighborhoods or whatever and take a different path just stuff like that. Otherwise, you end up on autopilot; you just do the same thing. If you allow yourself you will. So it's kind of good to mix it up a bit.
Hugh: If you look at the world just in a little different way, it'll help you see other things differently also. I think just opening yourself up to new ideas or even new people like walking home a different way; meet new people, you’ll never know what can happen.
Hugh: Hey there! I hope you find this episode useful. I just want to let you know that Walter and I give away something valuable every month that helps traders improve their skills. You can enter to win by simply leaving an iTunes review and leaving a comment on our YouTube videos.
At the end of each month, we'll look at the comments and reviews from the month and we'll pick a winner at random. Each comment and each review counts for one entry during the month that it's pitted.
So, if you're interested in that, be sure to enter after this podcast is over. Alright, back to the episode.
Walter: Exactly and you know what? You bring up a good point because that's a technique that you can use in your trading; to see yourself. I don't know if we've talked about this. Let's say for example, — this is what I did with myself — I used to always move my stop loss.
So let's say, you go, “Okay, I don't want to move my stop.” In other words, I go, “Okay, I have one hundred fifty pips of risk.” Trade goes one hundred thirty pips against me so I go, “Okay, I'll move my stop loss to one hundred seventy pips because it's going to turn around now” or whatever that's bad news because you never really define your risk but what you can do is you can see yourself doing that.
Imagine you're at your trading station and you're like a fly on the wall or like from god's point of view looking down at you or maybe a cockroach on the floor looking up at you so you see from a different perspective. You see yourself doing that and then eventually what you want to do is kind of eliminate that.
See yourself stressing out because you keep moving your stop and taking really bad losses and then you kind of see it in like black and white so it's not so colorful. You can see it in a black and white movie and then you can just kind of take that movie and just tear it up or burn it and watch the film melt.
It's a way of letting go and saying, “Okay, that's not me anymore; I don't do that. That person that I saw in that movie was making a mistake and that's not part of me anymore.” It's just like a technique that some people use to eliminate old bad habits.
Hugh: I think that's super powerful. I mean I think back to some of the things I've done in the past. If I was up from the outside looking in, that would have been a pretty ridiculous situation. I would have been laughing so hard but being in the moment and being in the body, it was serious to me being a third party onlooker, probably would have looked really ridiculous.
Walter: It's a great way to see it. Seeing it from a different perspective; it's a great way to see it for the problems that are there and to let go of it. So it's a good technique for people who you know if you have a habit. It can't be like a crazy terrible habit. For the right kind of habit it can definitely work.
Hugh: Cool, alright. Thanks, Walter.
Walter: Thank you.
Hugh: All the information in this podcast is for educational and informational purposes only and is not trading or investment advice.
SHOWNOTES:
Enter the Monthly Contest
We give away a trading prize every month, so be sure to enter to win.
You can win by doing one or more of the following:
Each action counts for one entry in the month that it was posted. We will pick a winner at random from the entries that month.
The giveaways can include books, coaching sessions, trading tools, or surprise gifts.
It will usually be something that will help you improve your trading psychology.
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