Willpower is energy able to be drawn upon more so as o10maximus says in terms of force, certainly true when it comes to banging one's head against a wall, and neither does persistance posses the virtue of being correct. As Oprah said of guests who'd lost huge amounts of overweight, "it's not willpower, it's a decision"
Willpower does not have to be a summoning up of all your energy. The power of your will is important. It leads to the successful conclusion of any quest you undertake. Of course an open mind is a corollary. And people so often give up or acting in indirect forms of transference offer excuses which they pass off as some form of higher rationale. Do not perceive willpower as just available in some grimaced determination to survive a moment or time of peril. Harness your will for the task in which you intend to succeed.
It's all about leverage. Whether it's choking down a nyc rat shake on fear factor or only taking trades w/ a defined trend (whatever your trend is).
This also works very well in no-limit hold 'em poker. All of the top pros know that you should always bet the exact same amount, on every single hand you decide to play. Whether you're drawing to a flush, or playing nut quads- the key is to <b>never vary your bet size at all</b>. This will help you build your confidence! (sorry, couldn't resist.)
I don't think there's any such thing as innate willpower. If you look at people who have amazing "willpower"/discipline in one area, often they are incredibly undisciplined in other areas. Many billionaires are fat and can't diet. Some great athletes have a drink problem and can't stop. World class entertainers hooked on drugs. Artists who can't quit smoking. Have you ever seen a child who was naturally disciplined without any upbringing to create that behaviour? Clearly there is no such thing as inherent discipline. IMO discipline is the habit of doing productive work, and avoiding the temptation to indulge in short-term gratification instead. Anyone who has started exercising, dieting, giving up smoking or drinking etc will tell you that it's hardest at the start, and becomes easier as you do it for longer & longer. The reason is that habitual behaviour is easy to do, it requires little energy, you can do it without thinking. Non-habitual behaviour is difficult - you forget about it a lot, you procrastinate, when you realise you should do it then often you don't feel like it, and when you do get down to it, it's easy to become distracted or bored and stop early. I think the way to achieve discipline is to clearly define the steps, time, and effort needed to make the behaviour a habit. Your goal should not be to lose 20kg, but rather to make eating more healthily a habit. The latter is a much easier goal than the former. The same way, instead of saying "I am going to become a millionaire through trading", you should say "I'm going to make it a habit to follow the steps necessary to trade well" (assuming you know what they are - limit risk, maximise market experience/research to find legitimate edges, then test & implement them as rigorously as possible). I've never found that affirmations made much of a difference to my P&L. But the times when I was getting into work at 630am every day, or taking time out to do research on methods after the market close, definitely paid dividends.
I think you hit the nail on the head. Rather than focusing on the end result focus on the actions that will get you to the end result.
The BEST traders do not get emotional about it if things don't go their way. They take their losses early and move on to the next trade. There is no hoping, praying, doubling down, blah blah blah...do that and you will lose. Remember: Nobody ever went broke taking a profit. and Rule #2 - Chase your winners, not your losers. TIM