Hollywood often pushes a clichéd image of a stock trader who’s frustrated all time, yelling on the phone, frantically ordering buys and sells.
Of course, this depiction looks quite fascinating, even romanticized by many new players in the game. However, the reality is, such traders often end up with big losses. And not to sidestep, they don’t necessarily tout the right physical and psychological health.
Remember, smart stock trading is about the hustle and NOT hassle.
So, you must have the right mindset and approach. Being a day trader doesn’t have to be frustrating, stressing and life-altering. Here are five tips to not end up as a frustrated (read: failed) trader:
Set a daily routine
Don’t wake up every day and think “what should I do now”. Have a proper and well-defined routine for every day.
This will bring a sense of organization, which will seamlessly ease your stress. You would know exactly what needs to be done at what time of the day. Meaning, you won’t waste as much time thinking “what now”.
Besides, when you’re following a routine, after a period, it becomes quite relaxing and comforting, which further ease your life as a trader.
Take sufficient breaks
In your daily routine, incorporate enough breaks in between. Don’t sit for long stretches staring at your computer screen.
Take breaks to eat, go out, shop, chill with friends, workout, and do other recreational activities.
Also, take breaks every few weeks and months. Take holidays. Go on a vacation to your favorite destination. For a few days, completely forget about your trades. Relax. Feel better mentally.
Optimally utilize your “off time”
This is a common mistake so many new stock traders make. While they do take small breaks every day, they don’t necessarily utilize these breaks optimally.
Away from the charts on your screen, you need to go outdoor and breathe in the fresh air. NOT turn on Netflix and go on a marathon of your favorite show.
In breaks, you should relax and sleep — not play video games.
When taking time off, you must exercise and not hit the local restaurant and eat junk food.
The key to taking such breaks is to feel better — and not waste time on things that will likely make you feel worse.
Make smart trades
You won’t be frustrated — you won’t be in FUD — when you have made the right trades in the first place.
If you’re buying and selling right, following a defined trading strategy, there’s virtually no need to be frustrated. So, being a good trader is quite fundamental here to achieve what you’re trying to achieve — frustration-free days.
Take proactive measures to be a better trader. Enroll yourself in the right stock market trading courses. Read books. Engage with other traders. Read charts. Watch interviews and relevant news. Enroll in some more and advanced stock trading courses.
The more you will learn and mature as a trader, the easier will you find it to make right trades intuitively with not much of frustration.
Separate emotions from your trades
Frustration is an emotion. And emotion is something that must be put away from your trades. Because it often leads to irrational decision-making.
Of course, becoming less emotional in your trades isn’t easy. After all, a lot of your money is at stake. But then it’s important that you at least try.
Avoid mixing your emotions with your trades. If not, you will always peak in your frustration and stress.
Recommended Read: Are your emotions limiting you as a stock trader?
Again, being a stock trader doesn’t have to be so hassling. You don’t have to compromise on your social life. You don’t have to stay glued to your computer screen all the time.
With the right approach and mindset, stock trading is quite an easy, fun and frustration-free process.
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