As a trader it is important to set up a routine as quickly as you can. What do I mean by this? Set a schedule that makes trading a habit. Here is something to ponder on for a bit, have you ever wondered why wealthy people have routines? I mean sure, they have all the money in the world and you would think they could relax for a bit, but they did something that set them apart from every one else. They created a routine that would make gaining their success easier to track and become a daily part of their lives. Now do you want to set a routine? I did after I researched the habits wealthy individuals created. Here are the 5 common routine habits I have found works:
1. Wake up early
No I am not talking about 8:00 a.m. I'm talking about hit the pavement at 4:45 no later than 5:30 a.m. before the Sun wakes up kind of early. Why? Because those who sleep in tend to not get as much done or have to hustle to fit last minute things in before nightfall. Starting your day early can help your schedule flow a lot more smoothly. You have time to prep and spend more time to yourself before your hectic day begins.
As a trader it is important you set some time to thoroughly analyze your trading pairs early in the morning before the market becomes active. Analyzing before the market moves helps you prepare for your trade setups. There is nothing worse than rushing to enter into trades because you did not prepare.
2. Meditate or Workout
Your body is your temple. Yes, a temple. You have to take care of it. Meditation can help you balance yourself out spiritually. Soothe your soul and relax your mind before the market takes you to a place you are not psychologically prepared for.
Working out helps to relieve the stress of trading. Not only that, but if you sit for an extended period of time working out can help the blood flow through your body. Here is the biggest benefit of working out and trading, the more you learn and earn, the longer you want to stay around to enjoy the fruits of your labor. Here is an even bigger benefit, when you look good you feel good. Who doesn't want to sit behind a computer looking good right?
3. Less Social Media Usage
There is nothing wrong with social media, but there is something wrong when you spend 1-2 hours on there without any gain. Don't get caught up in mindlessly watching others trade, profit, or analysis unless you are using social media to market or promote yourself. That energy and time you used looking at others could have been used to grow your trading mind.
Here is a tip when it comes to using social media, set a time of day or a day out of the week when you can look at your social media sites. I try to only use my platforms early in the morning so I can use the rest of my day to spend time with my family and run errands. Also, the only days I can spend more time on social media is Friday after the market closes and Saturdays. Other than that, I am only allowed 1 hour a day to market and promote my self on my social media platform. I try not to aimlessly scroll through just in case I become distracted.
4. Plan everything
Yes, plan everything. Write out your schedule beginning with time you wake up, eat breakfast, workout or meditate, all the way up to the point you go to bed. You can even plan out your "me" time. This is important because it allows you to hold yourself accountable to what it is you set out to do. This is the best way to track your life's progress. You ever wonder why people run around like a chicken with its head cut off? It's because they have yet to create a schedule for themselves that works or they go through this life with the same hectic routine that has caused them to be miserable and they have yet to change their mindset and circumstances.
Don't let this be you. Buy a planner or use the calendar on your phone to create a daily schedule for yourself. You can plan out your life a week at a time or a month at a time. What ever you do, follow it.
5. Get more sleep
I'll be honest I struggle with this one, but I am getting better. I've committed myself to fall asleep by 9:30 pm Sunday-Thursday. It hasn't always been this way. What I've learned is as humans we need to let our bodies recover and give it the time it needs to recharge. We need at least 7-8 hour s of sleep each night. Picture this, you have a phone that you took off the charger at 5:00 a.m. By 11:30 p.m. it is down to 10% battery life. You forget to put it on the charger and when you wake up you notice its dead or has 1% left. So you put it on the charger but you have to be out the door in 30 minutes. When you leave you notice your phone is charged up to 50% and throughout the day you've noticed the battery life decreasing faster because there is not enough juice to keep it running and you try not to use it in fear you may use up its charge before you go home.
Did you like my analogy? Well, that phone is us. When we don't recharge we don't perform at our best. We become sluggish and try to use some type of coffee or energy drink to refuel us. Maybe you listen to loud music or inspirational devotions to get you going. Whatever the case may be, you need to get your rest so you can be your best the next day. Trading and being tired do not go hand in hand. You will see things you are not suppose to see and you may even force a few trades due to your lack of sleep.
These are the 5 common routines I've noticed have worked for successful people. They planned and made a road map for themselves. What type of routine can you set for yourself to help you on your trading journey to success. What ever it is, do it and stick to it.