Mike Murdock said, “the secret of your future is hidden in your daily routine.” This holds true in the forex trading world as well. We understand that every individual is unique with different routines and habits, but we would like to point out some habits that you can add to your routine that may ultimately help improve your trading ways in the long run.
Today, we live in a world where we are always racing against time. For example, (and of course, this is not true for everyone) people are typically busy checking their smartphones every few seconds, often compromising on their sleep and dietary habits because they are too caught up in the social networking world. We find that in the trading world, beginners find themselves in a habit of forfeiting sleep because they are in a state of confusion or frustration for one reason or another. If your habits and routine work for you, please continue to do what you do – you know yourself best! If you are looking for a good routine, we have compiled a list of things to do to improve your routine. The information we provide below is by no means exhaustive and can be changed and altered to each individual’s needs. You may find some information below to be something you have come across at various stages of life, but that is probably because things that make a good routine in any realm tend to be the same in nature!
One: Sleep well! It’s easy to get caught up with the things that peak our interest and things that we are invested in. If you are here, you are most likely interested in and invested in forex trading. We believe that successful traders do not compromise on sleep. We cannot stress the importance of sleep! Don’t fall into the pattern of sleeping less than recommended hours of sleep (which is typically between six to eight hours each night) with caffeine or other methods to energize. Continuous reliance on such will eventually catch up with you and compromise your ability to be strategic when it comes to trading. As you are well aware, forex trading requires attention, alertness, and much more. Lack of sleep will compromise your ability to do any of the aforementioned things well, which may lead to poor decision-making with forex trading.
Two: You are what you eat! Okay, just kidding. Some people are not adamant about having a good, healthy breakfast. This is something that should not be taken lightly, and you should make an intentional effort every day to consume a healthy breakfast. And we are sure you hear this all the time but drink a lot of water! If your body is functioning the way it is supposed to, then your brain will inevitably work to its fullest capabilities. You may think this is a bit of a stretch, but naturally, the better your brain and body are functioning, the better your chances of making reasonable decisions that bring in profits (hopefully) for you while trading.
Three: Exercise, exercise, exercise. Forex trading does not require physical labor. If you are seated for long hours in a day, you should make a routine involving exercise. We all know and have heard all the benefits of exercising, but unless we discipline ourselves well, this habit can easily and quickly fall through the cracks. Simply put, trading can be mentally exhausting for many of us, and exercise is therapy.
Four: While nothing wrong with it, be more than just a forex trader. Now, before you get upset, what we mean by more than just being a trader is to ensure that you have other hobbies and a healthy social life. You do not want to be the person who is constantly in his or her room all day and avoids life and people just because you are consumed by trading. Hobbies vary from person to person, so maybe you like reading and writing in your downtime, or maybe you like to travel or watch movies. Regardless of what hobbies you hold, it is important to have time to enjoy life and do things you love, all while being a trader.
Five: A goal without a plan is just a wish. Having strategies and a good plan in place will serve you in many aspects of your life; the trading industry is no stranger to this. When you, as a trader, plan out the week in advance, you will find that you will be ahead of the game.
Six: Often, positive thoughts breed positive results. Traders can often find themselves feeling frustrated, confused, and/or mentally defeated. This holds true for many beginners and even those who are experts at trading. With that said, a positive mindset is necessary and important to stick to a trading routine. It all beings with positivity. If something does not seem to work for you immediately, be patient and give your strategies and plans some time before reevaluating what needs to be changed. If you ever find yourself in a mental place that is not serving you, it is important to redirect your mind to positive thoughts and keep pushing forward.
Seven: You are not alone. It is always important to remember that you are not the only trader and others may be experiencing similarly as you. 8FigureTrader team is diligent in being there for people with questions and concerns. We aim to get back to you as soon as possible and discuss whatever it may be that you want and need to be addressed. Additionally, we are a community, and we treat our traders as a family. Never feel bad about reaching out and asking questions, whether that means that you reach out to us, or someone else who is also in the business of being a trader. Learning the strategies, goals, and mindsets of other traders can help you get to where you want to be. Mistakes can be avoided by speaking to experienced traders who have gone through the good and bad of the forex market. Irrespective of what you choose, you should always remember that there are others alike who can help you on your journey!
