January 21, 2016 at 1:07 pm
Today’s article is something I personally have difficulty with and that is distractions. So many distractions, how do I focus on trading? That interesting YouTube video, my fiancé demanding my attention and even getting up every 10 minutes to get something to drink – distractions that set me back and make me lose focus. Every trader has these issues in countless different ways.
Focus is, unfortunately, what very many traders lack and is the reason to their downfall. When you lose focus, your goals slip away and you settle for average results. Get rid of and block the distractions out, focus on what you need to focus on, which is Binary Options Trading.
“Starve your distractions – Feed your focus”
This quote caught my eye and this should be motivation to when you are trading.
The article explains some common distraction that most traders face on a day to day basis and how to avoid them to get the best results from your trading career.
Test them out and see what works best for YOU!
Whether you are a part-time trader and have a day job or a full-time trader you should always set a dedicated time for trading.
If you are a part-time trader with a day job avoid placing trades while at another job as you will only be looking for trades when you don’t have other work to do and this creates a time constraint for finding good trades. Don’t try to squeeze in a trade between other work. Set a dedicated time for yourself to focus on just trading. If this means trading Binary Options at night after your day job, then so be it. Your trading performance can improve if you are able to focus on your trading without distractions of other work.
If you trade from home and have no day job, then you will have a different set of distractions. These distractions come in the form of your kids, spouse, roommate, tv, watching YouTube videos of funny animals, surfing the internet, sleeping in or taking a nap, getting a snack from the kitchen, and the list goes on.
Set a schedule and routine for your day. Begin trading at a specific time for a standard duration. This will be different each day depending on how the market is moving. A break in between trading times is good to stretch and get the blood flowing, get food, check your email, check on the kids and animals etc. Return to your next trading session, fresh and ready to take on what comes next.
The downside of trading from home is that your loved ones may not understand that you need some quiet time to focus on your trading. A spouse or kiddies can make demands during your trading time which can affect the profitability of your trades. Inform everyone in the household that there are certain times of the day or night that are ‘do not disturb’ times.
If you are trading in a public place such as a café or restaurant, make sure to order your food and drinks in advance before trading. Inform the staff that you do not want to be disturbed but remember to tip them well for the privacy.
Choose what you would like to see when you are sitting at your workspace. Some traders like to have a view of the outdoors as this calms them. If the activities outdoors keep you distracted move your workspace elsewhere with something that calms you. Whatever helps you focus is what should be around you while trading.
Your work space can be a big source of distraction. If your workspace is filled with clutter, it can become difficult to focus on trading and opportunities can be missed. Try to keep your area clean so that you can concentrate on your trading.
Keep only trading-related materials in your workspace. That means no Xbox, PC games, Smartphones or Tablets (unless used for trading purposes), etc. With all these gadgets that connect us to social media and entertainment, maintaining focus can be very challenging at times. Log out of social media and email accounts during trading times, even consider putting these gadgets off altogether and in another room to not give into temptation. Surround yourself with things that can improve your trading performance.
Make sure you are using the correct trading tools as this can cause a lot of distraction while trading. Trying to trade on a slow internet connection frustrates everybody and leads you to make poor trading choices. Ensure that you have the latest trading software as not to slow you down. Using the right software and tools will lead to the best results.
Other distractions can be due to the type of environment you’re in and can cause you to lose your money because of lack of concentration. You could have noisy neighbours, children running around, the gardener with his lawnmower outside, etc. These distractions can also be visual such as bright sunlight or the TV playing to itself in the background. If you feel that you cannot focus with all the distractions, take a break from trading until the noise is over. While trading short-term options, it is crucial not to get distracted as your undivided attention is required for as long as the trading period lasts.
If you can concentrate well while listening to music with earphones, then do so to block out any other noise around you. If not, I suggest you invest in a pair of ear plugs.
A perfect quote that sums up this article:
“Work hard in silence, let your success be the noise” – Frank Ocean
Maintaining focus is difficult and at times it seems downright impossible, but if you are fully committed to Binary Options trading, it is possible. Make sure that you have as little distractions as possible for you to focus and BE IN THE MONEY!
January 21, 2016 at 1:21 pm
I have to say this is something different. Something I have actually not taken into consideration until now to be completely honest. After reading through this article, I actually realized that these distractions do have an impact on my trading as well as over concentration. Like the kids screaming in the background lol. I will definitely apply these tips and see how things change. Maybe this was the missing puzzle piece to becoming a profitable trader. Who knows as I am open to trying anything. I would without a doubt prefer to be IN THE MONEY 😉 more often.
Maybe it is time to invest in an office space at home. Almost like a man cave but for trading? Thanks again for this informative article Dennis. I enjoy reading them as often as I get a few minutes available.
January 22, 2016 at 5:05 pm
Distractions and more distractions. This article sums up my trading on a daily basis. With small kids around the house etc. it is very difficult to stay focused. I am sure others with kids know the feeling I am talking about. Thanks for the tips, I will surely have to apply them to make things easier on me. Setting out fixed times when it’s me and the charts – trading time. Listening to music may also do the trick I suppose. If anybody has similar issues please do share so we can get in touch. Maybe having a trading partner on Skype might help with this matter as well.
April 14, 2016 at 5:19 pm
Thank you for the tips Dennis, It appears that you have traded for some time and i agree with all of the tips that you have taken the time to pass on.
I really like the layout you have here at Meta and i will be frequently checking here for new tips and information as well as trying to post advice and help whenever possible.
Thank you for the well designed informative forms and listings you guys have here.
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