When you work for yourself, there’s nowhere to hide. The buck stops with you. That’s why it’s essential that you understand your own strengths and weaknesses, and take steps to ensure that the way you operate is as close to perfection as possible.
For traders, this is particularly true. Facing the markets with a cool head, an alert mind and nerves of steel each day is key to being successful. However, it’s not the only important factor. Having the right tools at your disposal is also essential.
The rise of the internet has gone a long way towards democratizing trading. You no longer have to put on a tie and head to Wall Street in order to make money as a day trader. Various sites around the world now provide people with the ability to trade from the comfort of home, or even on the move from a smartphone. Some 360,000 people now engage in day trading and the number of tools at their disposal is continuing to increase.
Traders looking to enhance their productivity need to have an edge, and that edge comes from using the right tools and having the right information to hand. Comparison sites like ForexBonus, which include monthly offers (many of them exclusive), are a good place to start. Keeping up with real-time trading charts, live currency rates and market news is also essential. If you don’t already do so, start now – you’ll quickly appreciate how much your productivity can shoot up.
Understanding fear is also crucial. Studies on the psychology of trading make it clear that all traders experience fear from time to time. It’s how they handle that fear that separates them into those who success and those who don’t. If you don’t understand your own response to fear, then it’s time to start learning now! Doing so is a clear, practical way in which you can improve the way you trade.
Taking care of your physical health is another way that you can enhance your productivity as a trader. Harvard scientists have proven that endurance exercise improves cognition, so grab your running shoes instead of a can of energy drink if you want your mind to be as sharp and focused as possible.
Redesigning your workspace can also have a surprisingly noticeable effect on productivity, and if you trade from home then you have plenty of scope to create a trading space that is honed for success. Think about everything, from how messy your desk is to the color of the walls. Colors can provoke emotional responses and influence everything from mood to focus. Environmental psychologist Sally Augustin, PhD of Design With Science has shown that the color red reduces analytical thinking, while green sparks creativity, so give your trading space an overhaul and make sure that even the walls contribute to your chance of success.
Finally, make sure you get enough rest. Fatigue impacts on mental performance and increases your chance of making mistakes, so be sure to turn in early of an evening if you want to trade to your maximum ability.
Follow these simple, practical steps and you’ll soon see the impact that your enhanced productivity has on your trading performance.