Turning Advice into Profit Part 3 - Time Management
What is the greatest gift anybody can give anybody? I would argue it is their time. Time is so precious as we have such a limited supply of it and it will eventually run out. Watch the film ‘In time’ if you disagree with this. Our clock is ticking!
So with our lack of available time it can be difficult to trade. We have written a post on this so please check those out here if you have not read them. https://betfairtradingcommunity.com/en/blog/5-tips-successfully-synchronise-trading-your-everyday-life
I want to talk about the differences in ‘quality of time’ spent trading.
So, to give my first example of what I mean by quality time, I will talk about my last losing day of trading. I say day but they were actually nights where one day turned into another as my new born baby slept beside me waking regularly for feeding. An experience I know many of our members will have gone through or will go through one day.
Now I haven’t even gone into the trades themselves but you have probably already worked out why it was a losing night for me. I was tired and not as in tune with things as I would have been during the day. As a result I traded poorly, my initial picks were good but I did not have the energy to go through the usual highs and lows of trading. I ended up just taking losses so I could go to bed sooner and sleep soundly without worrying about how the trades were getting on.
In the daytime these trades would have made money, they were good picks and they did win in the end. As I picked a poor quality of time to trade they made losses. My mental state was not where it needed to be and I was not in the game. This is pretty common for many traders and quite frankly just needs to be nipped in the bud. I will not be making these mistakes again.
What are other common reasons for bad trading related to quality of time?
Any distraction, be it your partner, your family or even the tv.
Feeling low in mood – not caring so much about your finances as a result.
Trading on the go – some say this can work, I have no idea how!
Trading at work – unless you have a very easy going boss this can be a disaster.
I would strongly advise against trading during any of the times above.
Don’t force time that is not there. If you don’t have time to trade freely without distraction due to the reasons above you shouldn’t force it. If you get an hour a day to trade but you are shattered just rest. Nothing good will come of trying to trade in that state. Try to change your schedule so that if you only trade once or twice a week you can rest the other days you have saved by doing this.
So how do we get a good ‘quality’ of trading time?
Quite simply do the opposite of the list above.
Go in a different room where you can’t hear the tv.
Take a few minutes before you trade to calm down and get into the zone.
Listen to some music or the radio if that helps separate you from the outside world.
Do some reading on trading beforehand to inspire yourself - plenty of quality content on this site!
Have rituals and set ups ready for the day/evening of trading ahead
With these simple solutions you will see huge improvements in your quality of trading and hopefully your quality of life.
Take a break when you need to. It can be so tempting when trading to become a pc addict and want to sit and trade every chance you get but this is not healthy. It is amazing how refreshed you can feel after a day off, like with any career you should look to take 1-2 days off a week. From my personal experience after a day off I always fall more in love with trading and am excited to start trading again, when I have gone too long without a day off my skill level goes down and I start to make silly mistakes.
Some of this stuff may seem pretty obvious and I apologise if it is but I believe this is something people need to hear repeatedly, at least I certainly need to remind myself to avoid such pitfalls!