Part of my pre-session routine involves a quick review of my Motivation Journal.
The Motivation Journal is simply a folder containing various pieces of text or image material which I find sufficiently motivating; the aim being to ensure I face each trading session with focus and commitment and, most importantly, confidence.
The YTC Price Action Trader discusses the sections and contents of my journal in Chapter 10. While the content itself changes from time to time, I've been consistent in following that same format for the last six or so years.
However, last weekend I came across a video which I found fascinating, and which has led me to consider changing the format of my Motivation Journal.
It's a TED Talk by Psychologist Philip Zimbardo who you might know from the 1971 Stanford Prison Experiment.
The topic of this talk is "The Psychology of Time"
Here's the video. Please watch it. It only takes seven minutes.
If you have time (pun intended) there is a link at the bottom of this article to a longer video presentation showing a lot more detail. Highly recommended! If not… the 7 minute video shown here will be sufficient to cover the basics.
Prof. Zimbardo suggests that the optimal profile for balancing time perspective is as follows:
- Past-Positive => High
- Future-Positive => Moderately High
- Present-Hedonism => Moderate
Nothing surprising here in that it's all overly biased towards the positive side.
This is a great way to view life.
But I think it also has application in daytrading, in providing structure to our Motivation Journal and ensuring it addresses all three time perspectives.
The benefits of our pre-trading routine including a motivation session based upon the optimal profile, as listed above, should be:
- A greater likelihood of commencing the trading session with a positive and focused mindset.
- And a subsequent increase in likelihood of quality performance.
So here's how we could structure our journals: