Smart Trader

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 lot of time in front of the computer, yet achieve mediocre results 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.
Cultivate discipline by managing your daily tasks in a meticulous manner. From the time you wake up in the morning until 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, you’ll complete all your tasks with excellence. When you bring this skill to the trading desk, you can expect nothing short of consistent performance.

2. Manage Your Emotions, Not Others’

This is yet another common issue 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 us who allowed 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’ behaviour 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’ behaviour. Instead, why not try to manage something that is 100% under our control, our own emotions?

3. Manage and Converge Your Efforts

Many traders – both newbies and experts – have, many a time, claim that they burn 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 and we will 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. All the effort you make must be aimed towards a common goal.