Trading Tips

More trading resolution advice

Another fellow blogger recently offered up some recommendations for ways to help ensure traders are able to keep their New Year’s resolutions.

Trading Goals

Near the start of the month I talked about trading resolutions and some things that you can do to help keep the ones you make. Over at SMB there’s a recent post on the subject which provides a slightly different perspective on things.

The idea is the same – providing advice for keeping to your trading resolutions. The areas of focus are a little different, though. The advice offered is:

  1. Post in your journal
  2. Breathe
  3. Exercise

The first one is probably something you’ve come across before, and not just in terms of New Year’s resolutions. Keeping a trading journal is very often recommended as a way to keeping your trading on track in general terms. It’s a reasonable starting point.

How many traders would have thought that breathing would be on the list, though?

The focus at SMB is more toward day trading, so it probably makes a fair bit of sense that they’ve included a specific directive to decompress at a certain point during the day (or multiple ones, depending). Having worked in the market for many years, I can totally attest to how easy it can be to get yourself caught up in the day’s developments and wound up really tight. Definitely not a bad idea to schedule a bit of an unwind periodically.

Exercise, the third bit of advice, could probably be restated as something like “take care of your health and fitness” as eating well and getting sufficient sleep are all part of the equation. Obviously, that’s not specific trading-related advice. It’s very relevant, though. Your health and general well-being for sure plays a part in your trading performance. There’s no two ways about that.

One could perhaps chuckle a bit at these recommendations, though. If you think about it, for many people they represent things that should be resolutions in their own right. 🙂

By John

Author of The Essentials of Trading

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