We want to pay particular emphasis to something that most traders tend to overlook about Successful Trading. Their work environment and how important for your success as a trader.
What Isn’t In Your Workplace And Successful Trading Schedule
Websites dedicated to education provide videos articles and other resources with the promise of trading advice.
You can readily locate information on the subject of your trading environment in those publications. If you pay close attention,you’ll see that all of those lists include same information only delivered in a different voice. They arranged differently, written differently, or have distinct sentiments.
They’ll talk value of internet connection, benefits of investing in a mobile modem. Need to consider purchasing laptop dedicated to trading. The significance of testing your internet connection for speed and ping, and so on.
However, none of those factors have Anything to do with a trader’s normal activities or trading environment. They all, instead, have a great deal to do with the technical ability to trade profitably, safeguard against catastrophic failures that prevent a trader from benefiting, and the requirement to have backups that are secure and risk-free.
So let’s examine some of the elements of your working environment, how you may enhance it, and how better trading outcomes can arise from a better setting.
Those That Make Up Your Successful Trading Routine
Let’s look at what is, or what can and should be, a part of your actual environment and routine now that we know what isn’t:
Period of Time
Duration of Stay
Trading routine is comprised of all of the mentioned.
Trading Routine = Success Path
This article will cover all 3 components, but it should be noted that some of them—in fact, most components—are subject to individual preferences, so while we can offer our own take and opinions on them, the final decision on how to apply these—is entirely up to you.
We can only provide the information in the hope that you’ll use it to create the best possible path to success for yourself.
So let’s begin by looking over the list to see how you may improve your trading environment and make it more conducive to success.
How Much Time Do You Take?
This is maybe the only item on our list that requires you to adapt to something rather than attempting to establish a habit for yourself, and the rationale for this is actually fairly straightforward.
Unlike other items on our list, there are some variables with this one that is just beyond your control.
Consider that you mostly trade the GBP/USD pair. If so, you’ll need to acclimate to the times when there is a lot of activity on this connection, i.e., times when there is a lot of overlap between the business hours in both nations.
Naturally, those hours are very different from the time of day when there is the most (and best) action on the USD/JPY pair, or when there is the lion’s share of activity on Gold or Oil.
If cryptocurrency trading is “your thing,” you’ll need to acclimate to the hub of activity as there aren’t any set times.
Then there is the matter of where you are in the world, which will undoubtedly have a significant impact on the time of day for your exercise.
Because time zones cannot be changed, if you trade mostly USD-based crosses and happen to live in Asia, you should be prepared for many restless nights or extremely early mornings.
There are two ways to deal with this time-of-day issue: either you adjust to the time of day, which may entail sleepless nights or other irregular working hours, or, in the event that this is not possible for any reason, you must become an expert at trading your preferred asset or pairing during off-peak hours.
Both strategies are acceptable enough and have the potential to be profitable, but it is best to avoid combining them because, as you’ll see in a moment, doing so could have a detrimental effect on other elements of your trading routine.
Duration Of Hours You Stay
Simply expressed, your “length of stay” refers to the daily amount of time you spend trading.
This includes the times when you are actually trading as well as the times when you are making your preparations, conducting your research, and performing your note-taking and analysis after the trade has ended.
If the correct conditions are there, part-time traders can even manage with just an hour or two of trading time every day. For some traders, that amount of time can be as little as 3–4 hours per day.
It truly comes down to knowing when and how to operate at your most efficient and focused state.
Naturally, the “time of day” has a significant impact on this item as well because you need both to succeed.
For instance, you can take your time and not place as much emphasis on the speed of your execution if you trade assets that are at their peak during your regular working hours. Take your time, read another chart, and only then pull the trigger on that deal.
But if your time zone and your chosen asset are not quite in sync, you must adjust your operations, particularly how quickly you work.
Anyone would find it challenging to execute profitable trades at 3 in the morning after being awake for 6 or 7 hours. Our bodies simply not made to function in such way without extensive conditioning.
Therefore, the ideal approach to go about things is to keep your daily time commitment to your art consistent and do your best to align it with the hours of the day when you can be most productive.
How Comfortable You Are?
Anyone who works in an office or, worse, on their feet all day has undoubtedly learned to disregard this as a benefit reserved for those in white-collar positions. When trying to design their ideal trading routine many trader frequently forget about comfort it is a mistake that needs to be fixed.
There are many different ways to show comfort. If you sit at a desk, make sure it is the right height in proportion to your chair. Additionally, check that the chair is cozy and does not have too much “give” (this will help avoid back discomfort, which impacts your ability to sit still for extended periods).
Your workstation made up of a chair and a desk, should be comfortable, but not to the point where you slouch or sit as you would on a sofa at the end of the day.
They should positioned properly in relation to one another. Your eyes are downwardly directed towards the screen at minimum distance of 20 inches (50 centimeters or so).
You should put more space between yourself and your screen if it is on the larger side.
Brightness of your screen set to lowest level, your eyes can “digest” and any overhead illumination kept to a minimum as well. If feasible, think about shutting off the neon illumination completely.
Make sure your mouse and keyboard are comfortable enough for you to use them for lengthy periods of time. If not, you might want to get an ergonomic mouse or keyboard or other products that won’t put as much strain on your hands and wrists.
The most important factor in ensuring that your intellect is as sharp as you require it to be for success is your body. Therefore, it is advisable to make it as comfy as you can, which brings us to the following item on our list.
You should notice that things start falling into place much more easily once you’ve managed to put everything into a routine that works for you. You’ll be sharper, more efficient, able to produce better results (market permitting) in shorter amounts of time, and yes – quite possibly more successful than before.
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