The Power Of A Mantra
"Erase the false impressions from your mind by constantly saying to yourself, I have it in my soul to keep out any evil, desire or any kind of disturbance — instead, seeing the true nature of things, I will give them only their due. Always remember this power that nature gave you."
— Marcus Aurelius, Meditations
Having a "Mantra" in trading can really help you focus on the most difficult part of trading that you may struggle with. It may be that you struggle sticking fully, to the rules/criteria for your strategy. Or maybe the fear of missing out (FOMO) on a trade, means you enter even when it doesn't meet your criteria! Perhaps you are not disciplined enough when a trade is going against you and you can't hit that hedge button to willingly take a loss before it gets too big!
I mentioned this month on day 21, that as part of my pre trading ritual, I will do a short meditation and take a walk, to clear my mind to be prepared and focused to trade. Both meditation and/or when walking, can be a great time to run through your mantra, for whatever you may be struggling with. Maybe your mantra could be something along the lines of "I will always ensure that I never take a loss of more than x amount of £s. This will be my cut off point" If you can do this, then the winning trades will far outweigh the odd controlled red and you will be profitable long term. This is because the historical stats/data that we use for our strategy, gives us an edge, meaning that we will be right, many more times than we are wrong. You can adapt your mantra to your needs so it is totally flexible to use in the area that you have recognised that you need to work on. The power of a mantra can be a great tool to help you on your trading journey. Why not give it a try?