Forex trading needs a lot of commitment and focus. It’s not just about learning a few trading strategies and investing a sizeable amount. Those who want to make consistent profits and those who want to make this a rewarding career should modify their lifestyle in such a way that it complements smart trading.
So, how should you modify your lifestyle so that you can soar to great heights in your trading career? Well, there are many lifestyle modifications that you can bring in, but the main three are discussed here:
1. Manage Your Tasks, Not Time
One challenge that most traders face is lack of time. Many people spend a whole lot of time in front of the computer, yet achieve very little at the end of the day. Why? Because they lack quality and discipline – in thoughts, analysis, interpretations, and execution. In short, it’s important to focus on each task and get it done with allowing other thoughts and other tasks to hijack your mind while you’re completing that specific task.
So, what’s the solution? Cultivate discipline by managing your daily tasks in a meticulous manner. From the time you wake up in the morning until the time you go to bed, you are doing plenty of different tasks. If you can focus on each task and complete it before moving on to the next, then you’ll complete all your tasks with excellence. When you carry this skill to the trading desk, you can expect nothing short of consistent performance.
A smart trader never hurries; yet leaves nothing unaccomplished
2. Manage Your Emotions, Not Others’
This is yet another common complaint that traders raise when faced with a loss. “This person spoiled my day.” We like to blame others for a bad day, while in fact, it is our response to other people’s actions, that spoiled our day! The way we respond to a person or situation determines our emotional state and not that situation of the said person. If you understand this and make an effort to manage your emotions throughout the day, then you can get your trading done with a calm and balanced mind.
Most people tend to make the mistake of managing others’ behavior instead of managing their own emotions. Managing something that is not under our control is difficult. That is why it is futile to attempt to manage or change others’ behavior. Instead, why not try to manage something that is 100% under your control – your own emotions?
A smart trader never worries about what he can’t control; so he always remains satisfied
3. Manage Your Efforts; Converge Them
Many traders – both newbies and experts – have, many a time, approached me stating that they burn much midnight oil to update themselves and enhance their knowledge, yet they are not seeing any improvement in their trading performance. Why does this happen? A bit of reflection helped me understand the common denominator in all these cases is that their efforts don’t revolve around one thing, instead they are scattered all over the place. They’re learning whatever comes their way without a plan or direction.
In forex trading, success is not based on how much you work, but how well you combine your skills and knowledge. If you are good at reading price action charts, then you should do your analysis with the aim of using it in a price action strategy. This method of cumulation adds more power to whatever you already have. So all the effort you make must be aimed towards a common point.
Smart trader converges everything;
so even emptiness has explosive power
In short, you can convert every minute of your day and every task that you do in a typical day into an instrument that can improve your trading performance. If you can achieve these lifestyle changes, then you’ll set yourself on a more positive track in trading.