More on the topic of turning your New Year Resolution (of always entering a Stop Loss Order immediately after you open a new position) into an unshakable habit.
A third way of turning that new Year Resolution into an iron clad habit is to create for yourself a Significant Emotional Event in which you MUST enter a Stop Loss Order to avoid intense immediate PAIN.
Psychologists who study how people learn have long ago discovered that people put things into long term memory quicker and keep it there longer when whatever they learn is coupled with a Significant Emotional Event. For example, if you live near New York City, do you remember what you were doing on the morning of September 11, 2001? Most likely you do! You were likely to have been experiencing a Significant Emotional Event that day. So the information about what your were doing that morning has been locked into your long term memory with just that one occurrence of the event (as contrasted with having to do repetitions as in the two other methods described earlier this week in this blog). And that even has stayed in your long term memory since 2001, many years ago.
Similarly, you can create a Significant Emotional Event for yourself so that you remember to enter a Stop Loss Order immediately after you open a new position.
A painful way of having that Significant Emotional Event is to hire yourself a coach who will either give you a painful Significant Emotional Event or give you a pleasurable Significant Emotional Event to accompany the direction to enter a Stop Loss Order immediately after you open a new position.
For example, your coach could yell, scream and curse at you like in movie scenes about drill sergeants in the military. Part of that yelling, screaming and cursing include directions that you are to ALWAYS enter a m*** f*** Stop Loss Order every single time!!! Do you hear me!!! You coach has to do that in your face and maybe threaten you with a gun to your head as that will surely help.
Another example is that your coach hires a hooker who *** you until you promise to ALWAYS enter Stop Loss Order every single time!!!
...cont'd tomorrow...
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