Meditation and Trading - 5 Reasons to Improve It
I recently watched an old interview of Melinda Gates. At the end of the interview, Melinda was asked about her daily routine. She answered that the first thing she does every day is to meditate. She spends about an hour every day meditating about different issues in her life. I then decided to read more about meditation and why it is important. To my surprise, most of the most successful people take time every morning to either meditate or read a book. I have been practicing this concept for a while now and here are my findings. Meditation and Trading should go straight as one thing. If you don’t meditate, please start doing it today.
#1 - It Improves your Focus
I try my best to wake up at 5AM every day. I spend at least 30 minutes meditating or reading a book. After this, I spend a few hours reading the overnight news before I start trading. One thing about meditation and trading is that it has helped me focus on the finer details of my trading day. It has helped me avoid losing concentration on different topics as I trade. Like I mentioned, I was not always that way. I was not a keen meditator. However, my trading has improved with more meditation.
#2 - Psychology of Trading
Trading is more of a psychological thing. Many excellent traders have lost money because of making decisions based on their emotions. I was a victim of this a while back. I opened a trade and lost a substantial amount of money. After closing the trade, I decided to open a new trade in the opposite direction hoping the to recover the money. After a few hours, I had lost more money. Well, this did not happen because I had not meditated. However, had I spent more time to think about my actions, then I would have not lost the money I lost. So don't forget: meditation and trading are important to gain good results in trading.
#3 - A Good Way to Move on
Losing money is never a good thing. In fact, lives have been lost because of this. In the 1970s, the father of famed investor and founder of Apollo Global Management committed suicide after losing a substantial amount of money. Other investors and traders have lost a lot of money in the past as well after losing money. Though I have measures in place to ensure that I lose a small amount of money, the fact is that any loss is never good. Meditating can help you move on after making such a loss. It can also help you have a positive attitude that everything will turn out right.
#4 - Rediscover Yourself
Another important aspect of meditation is that it helps you rediscover yourself. Many people believe that they can be traders while in reality they are not destined to be traders. For instance, if you have been losing your money on trades, chances are that you can be successful in other areas. Taking time to meditate can help you rediscover your real purpose in life. Maybe you are destined to start a company. Meditation will help you achieve this.
#5 - A Healthy Lifestyle
Studies have revealed the healthy benefits of meditation. A study by Sala Holowitz revealed that people who meditate live a healthier lifestyle than those who don’t. Another study by a group of researchers found the same thing. As a trader, you want to live a healthy and happy lifestyle. By practicing meditation and taking time to exercise, it can help you live a healthier lifestyle and make more money.