Waiting in 7 Steps

Here’s the Tony Robbins routine for enabling yourself to wait instead of prematurely ejaculating into a trade. There could be other ways of doing it, this isn't the only way. This just happens to be the way that works for me.

1. Get leverage. Imagine all the benefits you’ll get by waiting. Those include more money, more winning trades, leisure time, etc. Then imagine all the detriments you avoid by waiting. Those include losing money, more losing trades, wasting your time, getting stressed, etc. Decide you'd prefer to get the benefits of waiting instead of suffering the detriments of not waiting.

2. Get precise about when you’ll enter a new trade and when you’ll exit a position. See yesterday's blog article about that.

3. Interrupt the old habit of entering or exiting recklessly/prematurely. Imagine yourself feeling tempted to do that. Then immediately do something to wreck the pattern. For example, jump up and spin around until you drop!

4. Install the new habit through repetition. Imagine yourself waiting despite temptation. Imagine yourself leisurely waiting throughout the day, day-after-day if necessary, until your entry signal occurs and staying in a profitable trade until your exit signal occurs.

5. Reinforce each time you get it right or almost right. Celebrate. Congratulate yourself. Bribe yourself. Focus on just doing it right just for today, don’t worry about doing it long term. Long term success is made up of consecutive days of getting it right one-day-at-a-time.

6. Don’t beat yourself up if you don’t get it perfect. Forgive yourself. Just notice and resolve to stick to your plan next time.

7. Mentally rehearse doing it right. Rehearse everyday before you trade. Do 10 repetitions before the trading day starts. Do some for fun during the trading day.

We'll chat again next week...

Copyright 2006 Raymond T. Lee. All rights reserved.
Leisurely e-Mini Futures Trading
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