Wednesday, June 20, 2012

The Power of Habits to Transform your Trading


How do habits shape every part of your life?

And once you are aware of the habits that are serving you or not, can they be changed?

I happened to come across this book the other day, or should I say Audio Book. Ive taken a break recently from trying to read books, why? Because even with the best of intentions and will-power I never get to read beyond the first chapter before an Drumming event comes up and my Habit of reading is broken. In order to form a habit - a perpetual way of being - we need to do something over and over and over. I never get to do that long enough before I have my practising the habit broken. Audio books on the other hand are brilliant! I can listen while washing the dishes, loading my van full of drums, walking to the shops, and driving the long distances to venues. So I managed to listen to this audio book of over 10.5 hours in a few days. I am really interested in the subject and therefore I do immerse myself as much as I can at every opportunity.

Who should read this book?

Actually everybody! because we are a amalgamation of habits, whether you believe so or not, habits are ruling your life. You are either a slave to your habits, or you become conscious of them and use them to empower who you are.

How is this relevant to my Trading?

Transform your trading through the power of habits. Every trader is aware of the need to be a disciplined trader. Find out why you are or are not Trading with Discipline.

Book Review:

The Power of Habits
by Charles Duhigg

Why We Do What We Do in Life and Business

A young woman walks into a laboratory. Over the past two years, she has transformed almost every aspect of her life. She has quit smoking, run a marathon, and been promoted at work. The patterns inside her brain, neurologists discover, have fundamentally changed.

Marketers at Procter & Gamble study videos of people making their beds. They are desperately trying to figure out how to sell a new product called Febreze, on track to be one of the biggest flops in company history. Suddenly, one of them detects a nearly imperceptible pattern—and with a slight shift in advertising, Febreze goes on to earn a billion dollars a year.

An untested CEO takes over one of the largest companies in America. His first order of business is attacking a single pattern among his employees—how they approach worker safety—and soon the firm, Alcoa, becomes the top performer in the Dow Jones.

What do all these people have in common? They achieved success by focusing on the patterns that shape every aspect of our lives. They succeeded by transforming habits.

In The Power of Habit, award-winning New York Times business reporter Charles Duhigg takes us to the thrilling edge of scientific discoveries that explain why habits exist and how they can be changed. With penetrating intelligence and an ability to distill vast amounts of information into engrossing narratives, Duhigg brings to life a whole new understanding of human nature and its potential for transformation. Along the way, we learn why some people and companies struggle to change, despite years of trying, while others seem to remake themselves overnight. We visit laboratories where neuroscientists explore how habits work and where, exactly, they reside in our brains. We discover how the right habits were crucial to the success of Olympic swimmer Michael Phelps, Starbucks CEO Howard Schultz, and civil-rights hero Martin Luther King, Jr. We go inside Procter & Gamble, Target superstores, Rick Warren’s Saddleback Church, NFL locker rooms, and the nation’s largest hospitals, and see how implementing so-called keystone habits can earn billions and mean the difference between failure and success, life and death.

At its core, The Power of Habit contains an exhilarating argument: The key to exercising regularly, losing weight, raising exceptional children, becoming more productive, building revolutionary companies and social movements, and achieving success is understanding how habits work. Habits aren’t destiny. As Charles Duhigg shows, by harnessing this new science, we can transform our businesses, our communities, and our lives.

Available for download from

1 comment:

technopower said...

Thankx for your post its very useful