Breaking bad trading habits can be challenging, but there are specific forex strategies that you can use to help you do so. To learn more about options trading, you can visit here. Below are eight tips for breaking your bad options trading habits when trading in the options or bond market.
1. Be aware of your patterns
One of the keys to breaking a bad habit is knowing what triggers it in the first place. Take some time to recognise and understand the patterns that characterise your worst trading behaviours, when, where, and why they occur and how they make you physically and emotionally feel.
2. Avoid temptation at all costs
If we know one thing about habits, they are hard to break once they have become entrenched in our lives or routines. To avoid falling back into your old bad habits, do whatever you can to avoid the situations or circumstances that might trigger them, which could mean avoiding certain people or places, skipping certain activities, or even going out of your way to change your daily routine.
3. Identify alternative behaviours
Once you have become aware of your patterns and triggers, it’s time to shift your mentality from “I need to break this bad habit” to “I want to replace this bad habit with a better one.” Take time to identify the positive behaviours that could replace your negative ones. Maybe you can try packing and bringing your healthy snacks to your desk drawer instead of hitting up the vending machine for a snack when you get hungry at work.
4. Think before you act
One of the best ways to break a bad habit is to create a new thinking routine before you act or react. Start by taking a few deep breaths when you are feeling tempted to do something that could sabotage your trading efforts, and then consciously decide whether you want to indulge in this activity or not. If you decide it’s not worth it, immediately move on and focus on something else instead.
5. Get some support from friends and family members
Having a solid support system can be incredibly helpful when trying to break any bad habit, including those related to trading. Talk with your loved ones about your goals, and ask for their support in helping you stick to them. They can encourage you when you feel like giving up, remind you why your new habits are essential to you, and even help keep you accountable by checking in with you regularly.
6. Use self-help resources
Many helpful books, online articles, and other materials can teach strategies for breaking bad habits. Research these resources ahead, so they are easily accessible when the temptation strikes. You may also want to seek professional help if negative trading behaviours continue to pose a challenge for you or seem to be causing severe issues in your life.
7. Practice mindfulness techniques
Studies have shown that practising mindfulness can help you break bad habits by increasing your awareness of your actions, thoughts, and feelings before they lead to negative patterns. Mindfulness strategies like meditation or relaxation exercises can help you stay in the present moment so that you aren’t dwelling on past mistakes or worrying about future scenarios. When you can focus more clearly on the here and now, it becomes much easier to choose positive behaviour over negative ones.
8. Seek out some professional advice
If your trading behaviours continue to be problematic despite all of your best efforts at breaking them, professional help may be necessary. Consider speaking with a therapist or life coach who can give you additional tools and techniques for overcoming these difficulties. An experienced and reliable online broker like Saxo Bank can also offer helpful advice on breaking bad trading habits and moving towards a more prosperous and fulfilling career.
Breaking bad trading habits can be challenging, but there are specific forex strategies that you can use to help you do so. Whether you focus on avoiding temptation, identifying healthy alternatives, thinking before you act, or using other mindfulness techniques like meditation or relaxation exercises, there are many ways to shift your mindset and change your negative behaviours into positive ones.