04 February 2020

Daily Simple Trading Habit #4

"How much of your day do you lose to distraction? How much do you lose to inefficient, irreverent, unprofitable distraction? Fix that and find an enormous source of new profit in your business/life."
--The Trader
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Break the distraction habit. 

The ability to receive email and social media messages via your desktop, laptop, mobile phone, etc. created the biggest time suck known to man… Actually it’s second only to the television as a tool of distraction, but that’s a scolding for a different day. 

 As  a day trader particularly, you needn’t worry about overnight orders that come in or that there’s a time sensitive message from your “boss.” I know it’s tough not to hop on your smart phone first thing in the morning and see who’s emailed you. But avoidance is exactly what you should do. 

Often checking email or your Facebook messages is a distraction and prevents you from arriving at your trading desk in a peak trading state. Try to limit your email diet to several designated times of day. I like using 5:00 am, 11:30 am, 3:30 pm, and 8:30 pm. It will take folks a little while to get acclimated (re your responsiveness), but once they do you will have reclaimed a good chunk of your day.

Give it a try...