A Ferrari won't last too long without proper oil in the engine or air in the tires. You as a trader won't last long if you are stressed, out of shape, weak minded, sluggish or off balance.
View trading as a tough arena that only the fittest will survive. Each trading day becomes an opportunity to hone your skills and develop yourself. How can anyone attempting to perform against seasoned pros in any type of contest have a hope of success if they don't prepare themselves in every way for the coming conflicts? They can't. Period. They will blow through their account and be left with angry recriminations that the market screwed them. The only thing that screwed them was themselves with a failure to adequately prepare.
You have to have an undiminished focus. You have to immerse yourself in the market. You have to trade your plan automatically.
If you find yourself with drifting thoughts at crucial times, you'll need to find a way to counter this. In todays fast paced world there are many distractions. Take some time out to slow down and think. Try this little exercise in concentration: close your eyes and think about what an apple hanging on tree looks like. Visualize the colours and texture of the skin and stem, the size, sheen, shape, curves, imperfections, any flowers on the bud. Can you think about only the apple for 10 seconds, 30 seconds, or a minute before some sports score or bill payment intrudes into your thoughts? If you’re got too much noise going on inside your head to think of a simple apple for a minute then perhaps wait until you are free of whatever distractions are affecting you before you get deeply involved in trading situations that can scar you for a long time.
Trading is a thinking person' marathon, hours long in duration and requires your precise attention. Try mediation. Simplify your life. Dump whatever garbage is in your life dragging you down if your goal is to become a successful trader.
Having an active life away from trading is vital as well. Challenge yourself to become better at what you do. Being in good physical condition will pay you back big dividends in all parts of your life. Being disciplined to maintain a healthy weight through exercise can become a transferable skill to being a disciplined trader. If you can’t stick to a simple plan of regular exercise how can you expect to be able to be really disciplined in other areas? Eating right and cutting out the junk food will help you become a better trader. I’m very active in mountain climbing, back country skiing, mountain biking. I’m 46 years old but my climbing and skiing partners are 20 years younger. They push the hell out of me.
I take fish oil supplements for my brain, drink “greens” to help my body, eat good food and get plenty of exercise. I am confident in myself and of my abilities.
If you don’t view all this behind the scenes work as important to being a successful trader, ask yourself this: do you think an average football fan who is out of shape, has no plan, no practiced skills, no confidence in their abilities, can go head to head against a pro player in the championship game for several hours? Probability says no.
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