5 Simple Rules That Will Make You A Better Trader
As a stock trader you are a competing in the world’s largest arena. There is buying and selling of stocks, commodities, and other equities going on nearly 24 hours a day. Many of the market participants are sharks and if you are not sharp you can get eaten alive in this business. The markets are now global; something that happens on the other side of the world can effect our markets and vice versa. This is why it is so important to come into the trading day with a sharp mind, ready for battle. It amazes me that most market participants will just casually show up to work or throw their money at the market like it is no big deal. When I worked as a stock broker I was shocked at how often I would see brokers and traders going into the local bar for a cocktail after work, moderation not being considered. I suppose some people could handle that, but I couldn’t do it. With that said, here are some simple rules that every trader should follow to achieve success…
Rule 1. No drinking alcohol during the trading week. Alcohol really clouds the mind and in this business the brain needs to be sharp. I suppose I’m a little older now, but even when I was in my twenties I could not handle having a single drink during the workday – my mission was clear and nothing was going to cloud that. If you desire a cocktail, it is best to wait until the weekend when the markets are closed. Remember, if you do decide to have alcohol on the weekends it is important not to drink on Sunday as that will have a negative effect on Monday when the trading week begins.
Rule 2. Get good sleep and be well rested. Point blank, solid sleep is good for everything. Some people will need more than others, but that is to be determined by each individual. Personally, I need about six to seven hours to feel really good. Other people could use more and many other could use less. Regardless of the amount of sleep and rest that makes you feel good it is just important to get it every night.
Rule 3. Eat a nutritious diet. It is so important to eat somewhat healthy. I cannot tell you how much better I can trade and look through charts when I eat a healthy diet. When I have eaten a poor diet I was slow and lethargic. I know that I could not react quickly or even make a clear decision. As a trader we have have a lot of money at risk so it is critical to be the best you can be everyday. Everyone knows that they need lots of green vegetables, so that is a good place to start if you don’t eat healthy already. It is also smart to stay away from processed food. This stuff is loading with all kinds of preservatives and chemicals that simply do not allow us to work at our best.
Rule 4. Exercise is extremely important. This does not mean that you have to go to a gym for 2 hours a day. You can simply take a 30 minute walk everyday and that will certainly help you feel better. There are even some indoor workouts that can be done right at the office. Take the stairs instead of the elevator. Do some push-ups or chin-ups throughout the day and you will definitely feel better than if you did nothing. Remember, as traders we are sitting in front of a computer all day long and rarely move from our desk. Sitting for long periods of time is not good for the back. Try standing and walking in place. I now do this most of the day and actually dropped a few pounds.
Rule 5. Go outside and see the sunshine. It is so important to get away from the computer screens after a few hours and get some fresh air and sunshine. After being in an office for hours at a time the fresh air feels rejuvenating. The sunshine also helps the body synthesize Vitamin D3. Either way, the outdoors simply help us feel better, even if it is just for a few minutes.Take your health, both mental and physical seriously as that will help you win and achieve your dreams through the stock market. Fail to take these simple factors serious and the market will likely teach you a very expensive lesson.