The support forum is built with (1) General and FAQ forums for common trading queries received from aspiring and experienced traders, and (2) forums for course video topics. How to Trade Price Action and How to Trade Forex Price Action videos are consolidated into common forums.
Brooks Trading Course social media communities
Ola everyone, thought to start a thread where everyone can share the tips and tricks they use to control their psychology when trading. I'll continue to add as we go along.
Let me start with some simple ones first..
Get enough sleep.
You must be fresh and 100% at the top of your physical and psychological game if you want to kick a**. You may be able to owe a sleep debt for 1-2 or 3 days max, anything beyond that, it will come back to bite you.
Lack of sleep can lead to a lack of self control / discipline - leading to bad decisions, over trade or revenge trade, etc.
I said this in a different thread but I'll repeat it here. One of the hardest lessons I had to learn in trading is to become comfortable being uncomfortable. As Al has repeated endlessly, markets are always in some degree of uncertainty. Even the strongest breakout is never 100%. One of the paradoxes is that you have to be willing to risk in order to profit. That Trader's Equation cannot be avoided where risk/reward is countered by probability. There are no perfect trades! Trying to trade with Skunk Stops, as Al calls them, invites being picked off by the Algos as they flush out the weak traders who picked a stop that was too small or moved to breakeven too quickly. Evolving Price Action should always guide your trading decisions and not fear or greed.
Ola Andrew,
So the nugget is, be comfortable being uncomfortable right?
thanks for sharing..
On breaking bad habits:
One of the things if possible, traders should learn NLP - Neuro Linguistic Programming..
You will learn to engage your senses, namely visual (images), auditory (sounds), kinesthetic (touch and internal feelings), gustatory (tastes) and olfactory (smells) senses. When you engage in your full senses when you are learning or un-learning, it tends to stick better.
I have tried some extreme ways to break bad habits.. What are some of the ways you have used to break bad habits? Cheers all!
Al's Walmart Trade seems like a good way to try to break some bad habits.
I must have missed the leaning on the Walmart trade, if you post the link, I would appreciate it.
Breaking bad habits is very subjective. Myself for instance, I have a brain that is just stubborn and takes great effort to break bad habits..
Great list Mr. Carpet. Thanks for sharing!
With respect to breaking bad habits, not only trading habits, for me was just writing things down. Through journaling, even a bit, I learned about some bad habits holding me back for sure. I sort of always knew they were there. But reading back (multiple times) that e.g. smoking weed in weekend effected my fitness on monday and thus my trading, really became motivation to just stop it all together. There are more example, that I would spare you.
I must have missed the leaning on the Walmart trade, if you post the link, I would appreciate it.
Breaking bad habits is very subjective. Myself for instance, I have a brain that is just stubborn and takes great effort to break bad habits..
https://www.brookstradingcourse.com/ask-al/how-many-points-to-risk-per-trade/
https://www.brookstradingcourse.com/ask-al/brazil-price-action-video-podcast/
With respect to breaking bad habits, not only trading habits, for me was just writing things down. Through journaling, even a bit, I learned about some bad habits holding me back for sure. I sort of always knew they were there. But reading back (multiple times) that e.g. smoking weed in weekend effected my fitness on monday and thus my trading, really became motivation to just stop it all together. There are more example, that I would spare you.
Thanks for sharing Eelco.. yeah.. if you want to be good in trading, you need to have a healthy lifestyle.. anything that clouds the mind such as alcohol, drugs, etc needs to be cut off.
You need to have a reasonably healthy body, to support a sharp mind.. Yeah, it's always interesting to go back and read journals especially those from yester-years.. always brings a smile to your face on how far you have come..
Thanks and keep it up there!
https://www.brookstradingcourse.com/ask-al/how-many-points-to-risk-per-trade/
https://www.brookstradingcourse.com/ask-al/brazil-price-action-video-podcast/
Thanks George! Yeah, now I remember this lesson.. put on a trade and went shopping..
The first thing to establish is if the market is trending or in a TR. In a trend you only want to trade in the Always-In direction. In a TR however you can get trapped using Always-In. If the TR is wide then it often becomes AIL at the top and AIS at the bottom trying to trick you into taking a bad trade by BH or SL instead of what you should be doing: BLSH.
About habits, you should read James Clears Book, Atomic Habits. Great book about creating good habits and break bad ones. Works really great in trading.
Got it from the great trader Lance Breitstein.
