Transform Your Habits

Trading is often about how to take the appropriate risk without exposing yourself to very human flaws.
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Iron
Posts: 6793
Joined: Fri Dec 11, 2009 10:51 pm

I didn't agree with a lot of the book, but this hit home:

'Because bad habits provide some type of benefit in your life, it’s very difficult to simply eliminate them. (This is why simplistic advice like “just stop doing it” rarely works.)

Instead, you need to replace a bad habit with a new habit that provides a similar benefit.

For example, if you smoke when you get stressed, then it’s a bad plan to “just stop smoking” when that happens. Instead, you should come up with a different way to deal with stress and insert that new behavior instead of having a cigarette.

In other words, bad habits address certain needs in your life. And for that reason, it’s better to replace your bad habits with a healthier behavior that
addresses that same need. If you expect yourself to simply cut out bad habits without replacing them, then you’ll have certain needs that will be unmet and
it’s going to be hard to stick to a routine of “just don’t do it” for very long. '
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