Ask Better Questions, Get Better Results
The Power of Asking the Right Questions
The Important Question
What is the meaning of life? Just kidding, you’re here for trading answers, not philosophy lessons!
Back to it…
Too often we get bogged down in searching for a solution or a ‘fix’ when we haven’t really defined the question. What the heck do I mean? Let’s say you’re struggling with overtrading. Common problem right? You try all sorts of different ways to stop these impulse trades but just can’t seem to make it work.
But have tried asking yourself different questions? Like.
- What do I consider to be the definition of overtrading?
- What’s acceptable?
- Why do I do it?
- What situations and circumstances cause me to overtrade?
- How can I stop it?
Often when we frame the problem as a question, our mind goes into overdrive trying to find a solution. Why do you think pub quizzes are so popular? Humans like to appear smart.
Today, think about using your desire to be smart to your advantage… Instead of jumping into ‘fixes’ to trading challenges, try spending some time asking questions. Then identify the most important question of the bunch and get to work being Mr. Smarty Pants. You’ll jump those hurdles so much quicker.
Breaking a Bad Habit
Today’s resource is a podcast interview between Tim Ferris and James Clear. James wrote the excellent book Atomic Habits (mentioned in an earlier daily resource).
About 60 minutes into the pod, James talks about breaking a bad habit and building a good one. Perfect for traders trying to improve that habitual response during the trading day. Check it out.