Anyone having difficulties in breaking bad trading habits should watch this video. Ms. McGonigal presents a powerful framework to help oneself to deal with difficult situations and challenges. This video is like a nice overview of her work on willpower.
Struggling traders should find the time to read her book The Willpower Instinct. It may very well be the book that turn your trading career around.
One point raised in the video is the use of imagining failure is more powerful in enforcing one’s willpower to overcome obstacles than the use of imagining success (a.k.a. the American self-help meme). Notice imagining failure in trading is, in a sense, utilizing the emotions of being cornered in a very bad situation like losing all your trading capital. Could be a very useful tool for those traders who find that they never think this way.
