Wednesday, July 22, 2015

Your Path To #Trading Better

In a post earlier this month, I laid out some action oriented tips that every retail investor can use to start on the right path with setting benchmarks and managing time more efficiently.

In today's post, I'm going to continue with that theme by showing you a few more ways to build out your pathway to success!




Step 1: Create an Honest Calendar


Before you can do anything else, you need to get a grasp on where you currently spend your time.  Try to identify anything in your routine that can be done differently - or eliminated altogether!

Not sure where to start?  Try this:

  1. Open up your favorite Calendar App. I like both iCal and Google Calendar as they offer synced notifications on both my phone and my computer - plus they're free!
  2. Start with the low hanging fruit.  Do you wake up at the same time every day?  Do you always leave to drop your kids off at school before 8 AM?  Get these items on your calendar repeating events.
  3. Include the weekends!  As I've mentioned in previous posts, I manage to squeeze in some of my best market analysis on Saturday and Sunday! 
  4. Get Granular.  If you spend more than 15 minutes doing something, you need add it to your calendar.
  5. If you spend a lot of time reading and researching, consider doing that early or late in the day or when things tend to be more calm for you.


Now step back and examine what's staring you in the face.  
  • Are you spending too much time on certain activities?  
  • Do you have enough time allocated for skill sharpening?  
  • How many hours per week are you orienting to your research and trade planning?  
  • Remember the goals you've set for yourself - are you spending time wisely enough to achieve them?

Step 2: Give Yourself 3 Weeks


So now that you've got a shiny new vision of your ideal week - it's time to start living out your new routine.  Your goal should be to enjoy the benefits of your new time management based approach but for that to work, you've got to form a true habit.

Make sure that you give yourself a minimum of 3 weeks with this new routine so that your brain can actually change over and create the habit for you.  Once your 3 weeks is up, go back and look at how well you've done and document what you consider your strengths and weaknesses.

I can show you ways to manage your time that help you get the most from your strengths while limiting the impact of your weak points. Just click here to sign up a free consultation!

Step 3: Get More From Your Strengths


If you've ever had to manage people then you know the secret to success is to get the most out of your team.  In my opinion, the best way to do this is to create an environment that caters to their strong points and then allow them to them take full advantage of their talents.

Treat your trading routine the same way but acknowledge that the various parts of you is what forms the team in this case.  Let's say that you're a rock star at timing a breakout just right - make sure your routine allows you to benefit from that!

Step 4: Address Your Weaknesses


This might seem obvious after step 3 but we can't overlook it.  As a retail investor, you don't have other people on your team calling you out for your mistakes or pointing out the weaknesses in your game.  It's up to you to pin point any dents in your armor, but don't stop there.  

If you've located a weakness, you need to ask yourself how severely it's impacting your success.  If it turns out to be a major road block then you need to: 

  • Figure out a way to fix it
  • Allocate time in your daily routine for additional skill sharpening
  • Seek out friends or colleagues who are strong in your weak areas and see if they're willing to offer you some guidance
  • Pay it forward, offer your assistance to those you can help
Hopefully this helps you build an approach that gets you to your goals.  I'm always happy to serve as a resource too.  

I can show you ways to manage your time that help you get the most from your strengths while limiting the impact of your weak points. Just click here to sign up a free consultation!


Happy Trading!


DISCLAIMER



Do not take a position unless you are prepared to sustain a TOTAL LOSS. Your loss could include the money you invested as well as commissions and transaction charges.


The Information I provide is for education and informational purposes only. The Information provided is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. The Information provided is general in nature and is not specific to you or anyone else.


YOU SHOULD NOT MAKE ANY DECISION, FINANCIAL, INVESTMENTS, TRADING OR OTHERWISE, BASED ON ANY OF THE INFORMATION PRESENTED WITHOUT UNDERTAKING INDEPENDENT DUE DILIGENCE AND CONSULTATION WITH A LICENSED PROFESSIONAL. You understand that you are using this Information AT YOUR OWN RISK.