9:00 p.m. After a long day at work, Jimmy turns on his laptop and turns on the TV to watch the latest episode of Succession.
He is in the mood to do some speculation and has decided to open a short position on GBP/JPY.
His trade is in the money right now, and he tells himself he will manually exit once the price hits his profit target.
But wait a minute, what’s going on? There is trouble in heaven for one of his favorite couples! no!
By the time Jimmy takes his eyes off the TV and returns them to his trade, it’s too late. His stop loss has been hit. He let a winning deal turn into a loser.
Like many traders, Jimmy, unfortunately, suffers from trading distractions, which can come in the form of an annoying little brother, a clingy dog, an empty stomach, or a really catchy TikTok video.
Let’s face it – we all deal with distractions in one way or another.
It doesn’t matter so much what the distraction is, but what we should note is the detrimental effect it can have on our work.
Like Jimmy, distractions occupy our eyes and our minds from what we should really focus on – trading.
What we have to realize is that trading is like real business – you reap what you sow!
You Have To Work Hard: Educate Yourself By Going To Forex Trading School, Continue Reading trading systemsbeing aware of the current fundamental data that moves the markets, and interacting with other traders on the market Forex forumsand keep a trade journal in order to achieve success.
Yes, it is a lot of work, but as the saying goes, “Anything in life worth having is worth working for.”
You should treat trading as if it were a real business, which means taking it seriously and overcoming obstacles that stand in the way of success.
Here are some of my personal favorite tips on how to reduce distractions while trading:
1. Set a specific trading time each day that you will strictly follow
Whether you are trading part time or full time, maintaining a strict schedule is very important. You want to maximize the time you dedicate to trading.
So if your schedule says that you will be trading every night from 6:00 PM to 9:00 PM, it is better to trade for the full 3 hours and not quit at 8:50 PM
2. Remind your loved ones not to disturb you during trading time
Sometimes, simply asking your partner/roommate/best friend/Chewbacca not to disturb you while trading will do wonders for your focus.
Also, knowing that they support what you do can help relieve unnecessary stress.
3. Block non-commercial websites during business hours
Write down on a piece of paper the sites you allow yourself to visit will make it easier for you to avoid other sites that distract you from trading.
You may also consider using a separate browser just for trading and setting up controls that block certain websites. There are also browser extensions or applications that can restrict your access to sites that may distract you from trading.
Hey, you gotta do what you gotta do to stay focused, right?
4. Only trade-related items are allowed in your work area
Sorry, that means no PS5 videos, Netflix, or cute kids videos!
Surround yourself only with the things that will help you improve your trading performance. You may also want to consider leaving your smartphone or tablet in another room if you find it distracting.
Maintaining focus is difficult, but not impossible if You are committed to it. We hope these simple tips will help you reduce distractions and make you a more focused and disciplined trader.
Do you have any tips to help reduce distractions? Share it with the rest of the community by commenting below!