Master Yourself

Psychology thought here.

Answer this:  What are you addicted to?

I'm guessing the answer is not 'nothing'.  Everybody is addicted to something.  If you've really mastered yourself then maybe you're addicted to improving yourself through resistance training, healthy eating and reading.

But more likely it's alcohol, the Internet, gambling, fast food, chocolate, sugar, porn, cigarettes, crack or something else.

Hopefully it's not crack.

Maybe you're addicted to trading.  It's clear from the Twittersphere that some people are logging 14 hour days.  Some are Consistently Profitable so at least it's not as bad as gambling.

But the point is, being compulsive in one area of your life, especially if it's a 'bad' habit is almost never good for your trading results.

Trading well is going to mean being very disciplined in your plan and almost always withstanding long periods of 'boredom'.  Great traders are rarely bored but beginners often have a tough time doing nothing and that of course, leads to off-plan trades and that derails the entire path to CP. 

So if you have an addiction (and you do) you will probably be doing yourself a favor and admit to yourself.  

Now, I'm not sure if you need to quit it necessarily to be a great trader.  I'm sure there are some great traders addicted to alcohol or porn or whatever.  But it can't hurt.

The one thing I would suggest if you're still struggling is to try to find a way to discipline yourself in another aspect of your life if you feel you're struggling to stay disciplined in your trading.   Starting a fitness plan and exercisng/eating healthy is a great approach.  If you can transform your body, it will definitely give you the confidence and inner resolve to apply the same techniques and self-control with your trading. 

I know you've all heard this a million times but mastering the markets is truly about mastering yourself.

So don't be a slave to your addiction, be a master of yourself. 

And I'll tell you this -- you either will or you won't, but you'll do it when the reason comes from within yourself.  Nobody can talk you into changing yourself.  It has to come from within.  So if you have an addiction and you're just going to 'live with it' then that's fine, too.  Self-mastery is no walk in the park.  It requires a leap of faith.  When people try to change you, it's like those weird people that show up at my door handing out those Bible pamphlets.  Seriously?  Do they really expect I'm going to suddenly become religious? 

People telling you you need to master yourself and give up your addiction are like those weirdos who show up at my door.  So I'm not telling you do that.  It's a waste of time, I know. 

But the one thing I would suggest every trader do is review their own strengths and weaknesses and try to improve.  So try to improve in some way and you'll be happier maybe.  And seriously man, stop smoking crack.  :)