'How can i Boost my Productivity'? Whether you are a full-time or a part-time trader, you want to achieve a lot within a short period of time. You want to save time and achieve maximum productivity (and, if possible, you also want to have fun when trading).
Unfortunately, most people don’t know how to achieve this goal, because they don’t know how to be effective enough.
Here we give you some tips answering this common question: how to become more productive.
Goals are the things you want to achieve. They are things you work so hard to achieve within a particular period of time. In trading and other activities, it is very difficult to boost productivity without having goals in place.
Without the goals, you will not have anything to look forward to.
Many people confuse between having goals and having dreams: A goal is time-specific while a dream is not!
For instance, you can have a dream of making a lot of money. To convert this dream to a goal, you need to allocate time in it. As a result, you will have a goal of making money within a particular period.
To get to your goal you must have a strategy, regardless of whether you are a pro or a trading novice.
Test new strategies
Another strategy that will boost productivity (and your returns) is to continually find new trading opportunities by testing new strategies. If you focus on scalping, you can experiment on other strategies concurrently as you focus on your trading strategy.
The benefit of doing this is that you may find that the new strategy is better than the one that you use now. Also, the new strategy may be good to diversify your approach.
Related » How to optimize your trading strategy
Take time to review progress
You should also take time to review progress against the set goals and objectives. As you already know, companies set goals which help them become successful (and they review these goals and objectives periodically).
As a trader, you should have the habit of taking time to review progress of the goals that you have. The duration of the review should be unique to you. It can be a month, a week or a few months.
After doing the review, you should do your best to implement the resolutions you find.
Your trading workspace
Your trading workspace has an important role to play when it comes to your profitability and success as a trader. While it is not mandatory to have a dedicated office, at DTTW™, we have established that many successful traders have an office.
This office helps to ensure that you have a good trading mentality when you enter that room. It also plays an important role in ensuring that you have professionalized your trading.
To do this, ensure that your room is in a quiet place and that you have the best equipment like computers and television set to receive the latest updates. Further, ensure that your desk and chair are comfortable.
Related » Setup your trading desk
This is another area that can help you to boost productivity. As you will realize, time is the most important resource that you have! It is a better resource than money because you can’t recover the time that you waste.
Time management will help you to achieve a lot within a short period of time. When you manage your time effectively, you will not have the need to work for 8 hours every day because you can achieve more results by working for a short duration of time.
To achieve effective time management, have a daily plan of what you want to do. Sticky notes and time management apps can help you achieve this goal.
Your trading routine
Surprisingly, some simple things can go a long way to help you become a better trader. A good example of this is your routine. Establishing a routine that works well can make your trading fun and lead to success.
For example, you can start your day by reading the latest news in platforms like Wall Street Journal and Bloomberg. After this, you can look at the top movers in the pre-market session and find out why they are moving. You can simplify this by subscribing to our watchlist.
Related » How Pro Traders Start Their Day
Next, you can identify the companies that you want to trade. And finally, you can start allocating capital in these firms. After the session, you can review your day and your trading journal.
Grow your network
You should strive to grow your network, for istance involving knowing more traders or investors. You should remember that you are as good as the people you hand out with. When you hang out with very successful traders, chances are that you will also be a successful person.
A good approach to grow your network is to join a professional trading floor, such as those that are offered by DTTW. By being part of such a floor, you will be able to grow your network, hear different opinions about the market, and learn from experienced traders.
In our experience, we have found that many of the most successful traders are those who operate as part of a large network.
Further, you can also grow your online network by using social media platforms like Twitter, StockTwits, and Reddit. As we saw during the meme stock investing euphoria, these platforms can be excellent for traders.
Take a rest
Another simple an often overlooked strategy is to take a rest. You don’t need to trade for ten hours every day. At times, the concept of diminishing returns can lead to more losses the more you trade.
Also, consider that there are times when staying out of the market is recommended to avoid incurring major losses.
Therefore, take your time, rest, and sleep well. You will find that you are more successful when you do that.
External useful resources
- To do list hacks to boost your trading productivity - Traders Bulletin