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10 Easy Steps To a More Productive Trading Day
Being a successful market trader can encompass your entire life. The market bell may sound before your morning coffee is ready, and it runs through your lunchtime. When the day is over, you may be too exhausted to even heat up that gourmet dinner. By taking 10 easy steps, however, you can ensure that your mind, body, and portfolio are enjoying a more productive trading day.
1. Turn Off the TV - The TV may provide some financial information, but can be very distracting. Turning down the volume or putting it in an out of sight location will help you focus on day trading. Your trading style can easily be affected by the things you’re hearing without you even knowing.
2. Keep in Touch - Skill-building activities will help you stay in the state of mind you need to be profitable. An online home study course is a great tool to get away from the stresses of trading and to learn more about trading. Leveraging your down time into something productive will yield better results.
3. NetWorking - The secrets of profitable traders can only be learned by networking. Indeed, in the financial market, the phrase, “it isn’t what you can do but who you know” still reigns true. Professional traders usually know someone who trades and talks to them to bounce off trading ideas and strategies.
4. Take a Lunch - Don’t keep yourself tied down to your trade station. Resuming normal activities, such as taking a lunch then a brief break, will make life more normal. Day trading is stressful, and you need the time off to unwind.
5. Look for Quality Trades - Consistent profits don’t come from taking every single trade. You need to force yourself to make only quality trades to cut down on commissions and the stress that comes with many open positions.
6. Develop a Trading Plan - Develop a trading plan for certain markets. It is always wise to have your trading plan down on paper so that you instantly see it and act accordingly. If you have extra time, fine tune your strategy with a trading plan planner for certain market conditions. The time investment more than pays off in your portfolio returns.
7. Day Trading Is Not Investing - You’re not buying for the long haul so plan your investments around the current time. Avoid stressful situations by selling before the market close. Holding positions overnight is a quick way to wreck your trading capital.
8. Trade With the Market - Only take positions that go with the overall market. If the decliners are outpacing the advancers, it probably wouldn’t be a good time to go long, regardless of how great the trade looks.
9. Avoid the News - A complete trading plan should touch on topics such as news events and other large market movers. However, avoiding the daily news will keep random variables from hurting your capital and make you a more productive trader.
10. Take Days Off - If you need to, take a day off from trading to relax. Stressful traders are not productive traders
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