Becoming a good trader entails that we have enough knowledge about the market and the necessary level of focus. Of course, the former is easily achieved — we just have to study as much as we can and trade, trade, trade. But what can we do if we keep losing focus time and time again? Is there anything we can do?
Well, actually, there are plenty of ways to achieve intense concentration. However, that requires us to pay attention to those focus-grabbing everyday things we deemed meaningless until now. Whether you’re trading penny stocks or NASDAQ stocks, you need to have laser focus if you want to succeed.
Maintaining our trading focus
In order to become an active trader, we need to maintain our trading focus at all times. Nevertheless, it’s never easy, especially if we are just beginners.
On the surface, trading seems simple. We just have to pay attention to the numbers and the charts, and the rest will be easy. But making money off trades will prove difficult if we keep checking our phones or listening to music. In fact, these things, among others, can quickly break our focus and make us lose a sale.
Luckily, we have some useful tips and methods that will certainly help any trader out there.
1. Ignoring the phone
If the phone rings, we need to ignore it. Even better? Before we start trading, we should turn all our phones off. Nothing matters when we start trading except the trading itself.
Why do we say this? Well, it’s simple — any sort of distraction can break our concentration. Thus, even a phone will distract us from what’s going on, which is never a good thing. What’s more, people on the other end of the line could have a negative impact on us. Negative feelings lead to us losing money and losing our focus.
2. Turning the radio off
Movies often show business professionals working with the radio or a CD on. However, in the real world, and especially if we are traders, that just won’t do. Just like our phone, music will also break our focus and make us lose money. Moreover, it can bring upon some emotions that could disturb our judgment.
3. Avoiding the web
As always, one bad thing leads to another bad thing. If we go on Google “just to check something,” we will soon end up chatting to some of our friends or reading the news. But that’s the very thing we need to avoid. If we decide to surf the web even for a minute, we will end up losing our focus and waste precious time. Thus, we might miss out on some amazing trades.
4. Trading while standing up
Some traders prefer not to sit while trading, as standing up makes them feel like they’re in motion. Meanwhile, if we’re sitting, we might relax too much and become apathetic.
Therefore, it would be good for us to stand up a little bit and actively participate in a trade. We can even yell or lean over the monitor — whatever makes us more engaged! What’s more, we could invest in a desk that we can raise whenever we want to and thus spend some time trading while standing up.
5. Talking to ourselves
No, this doesn’t mean we’re crazy — it just means that we’re trying to help ourselves make good decisions. Sometimes it’s just impossible to think clearly when sitting (or standing) in silence. Hence, talking to ourselves is a good thing, as it will help us think things through.
6. Considering our rules while trading
Rules are supposed to be reviewed and followed, so we ought to do so while trading and not while lying in bed at night. Only that way will we ensure that we won’t go astray at any given moment.
Another great idea is to use an entire monitor just for the rules so that we can check them throughout the trading day. Trust us — it will be much easier to avoid blunders that way.
When it comes to trading, one thing is for certain — if we’re not calm, we won’t get that far.
Mediation can help us relax and allow us to keep up with our rules, as well as avoid overtrading. It can also boost our mood, which will, in turn, help us recognize bad leads immediately. Furthermore, it will help us focus on the right things and not waste time on things that might sink us.
8. Reading our journals
Before the trading day begins, we ought to first read through our journals. That way, we will stay in touch with our most recent emotions and thoughts. In fact, our trading journals will remind us of all the good and the bad decisions we’ve made while trading.
No one has to use these methods in the exact order we’ve laid them out. It’s always better to create a routine for keeping our focus in check.
What’s important is that these tips will not just help us become better at our jobs. They will also help us maintain our trading focus throughout the day and thus avoid losing sales or making bad choices.