Trading can be a tough old job. Most of us who have been around for any amount of time know how tough it can be. Our mental energy can be limited at the best of times.
But what can we do about this? Well, obviously it’s best to be on our A game each and every day. Sounds simple right? But how do we get on our A game everyday?
One of the best ways to be focused and ready to attack any day is to reserve our mental energy for important tasks. What am I talking about?
Just think about this for a moment. When you decide what to wear for the day, decide what to eat, clean your house etc. you are using up mental energy.
This might sound strange but think about it. Imagine if we only focused our minds on trading from 8am -4pm everyday. All other tasks were either outsourced or done at different times.
We all know Mark Zuckerburg. I hope you do by now. For those living under a rock, he is the founder of Facebook. Well he has a simple philosophy.
He wears the same t shirt everyday. Why ? It’s better to hear it from the man himself
So imagine using your mental energy up on silly things and not using it all on the one most important thing. Trading!
Keep things simple is a common theme across these site and this is just one other way we keep it simple. Now most of us traders have the luxury of trading in a bathrobe if we want but I wouldn’t recommend that when leaving the house. ( Although it works for some) 😀
So, this is all well and good, but you might be thinking….
How can I work on my mental energy?If you asked yourself this, great! Well it’s simple really. Make a list of all the decisions and things in your life that take up time. Then, focus on minimizing them during the trading week.
Now obviously there are some things you’ll definitely have to make decisions on that you may not plan for. But other things like what to wear, cooking, cleaning etc. can be done in advance.
Sit down and plan it out. That’s exactly what I did. You’d be surprised at some of the luxuries available to us for cheap prices. Example, I hired a cleaning company (shoutout to Mandy from TidyAssist) They clean my house every week for 2 hours. That’s 8 hours saved per month on more important things in my life.
I don’t think about how much money I lost paying for it. I look at it like trading. I risk $400+ to make X. And when I’m focused on trading, I’d make tones more than the time I take away going to the store, getting supplies and cleaning. How boring!
But yes, some of you may not be able to spend $400+ a month on cleaning, I get that.
1.FOCUS ON THE 90-10 RULE.
10% of your tasks deliver 90% of your results. So focus your energy here. I’m not even talking solely about trading. If exercising makes you more alert, focus mental energy in doing it right.
2. BUILD HABITS & ROUTINES
Routines are critical. Building good habits allows us to focus and be ready. Everything else is just distractions. Optimize your mental energy by focusing on what routines and habits work best for you.
3. DECLUTTER EMAIL SUBSCRIPTIONS, SOCIAL MEDIA GARBAGE, FAKE NEWS ETC.
Any of you who have the iPhone X will have a cool app that tracks all the time you spend on the phone and in what apps, sites etc. Let’s just say eliminating 99% of your time staring into your phone can really help
Being on all these mailing lists just has our mind going in hundreds of directions at once. We don’t want that. Simplify things.
4. PRACTICE MINIMALISM
It goes against our human nature to be minimalists. We love to over-complicate everything. But stripping things down and removing things we really don’t need in life can really help us.
Learn to say no and just strip away the excess. This has been huge for me.
5. FOCUS ON WHAT’S IN YOUR CONTROL
There are things in your life you will just never be able to control. There is no point in using up precious mental or physical energy on these things as the outcome will still be the same.
Now this is the hardest to do. It’s easy to write this but actually applying it can be very very tough. So it takes time.
I’ve implemented these things in my own life. While I may not have perfected it by any means, I’m getting better at it. Simplify your life and achieve the goals you always wanted too.
Don’t be discouraged, it takes time. So get to work and do what must be done. Most people won’t and this will give you a huge advantage both in trading and life itself.