As a day trader, the processes for everything you do have to be even more refined than for most other traders.
Your time is spent in front of your computer screen and most of your focus will be on what is happening directly in front of you.
In order to be clear headed you need an empty head. You don’t want your mind to be filled with thoughts about areas of your life you haven’t dealt with and need to do. You don’t want your mind on thoughts about relationships and events that may have a negative impact on your trading.
Champion day traders have mastered what they do with their time and with what goes on in their mind. They can’t ‘manage’ time but the can manage the activities they have to do within an allotted time. Remember, this is the same allocation of time that all traders have, unsuccessful or successful.
If you follow a few easy and simple processes to help not only allocation of time to get things done but also to help get all the things you have running around in your head, down on paper. It is amazing how once you put things down on paper, (or type them up on your computer) it really does free up space in your head as your unconscious mind has deemed them to be ‘dealt’ with.
Time Mastery process:
Write everything to be done down on paper and get it out of your head.
Write down everything that needs to be done today on a ‘Time Mastery’ sheet of paper with a priority allocated to each task. Make the most important number one and so on. Start at number one and stay with this until the task is finished and then move on to number 2 on the list. At the end of day, transfer everything not done onto next day’s page along with anything new to be done. Cross out things done in highlighter (Don’t cross them out with pen or delete them as you need to see the task and you want to ‘highlight’ that is has been completed.
A way of helping you to put the tasks in order of priority, is to ask yourself: ‘If I did only these three things today, my trading will grow’. Always put the ‘boulders’ at the beginning of the day. It feels so great to get those big ones off the list!
At the end of each day, write up everything that you have achieved. Then get to and set up everything for the next day. Complete your Time Mastery sheet and have it sitting on your desk ready for when you sit down and before you even log into your trading platform tomorrow.
Because your day is so intense and most of your time will be glued to the screen, time is precious to a day trader and needs to make the most of the time outside market trading hours.
Once again, this process helps make the most of that time and it becomes easy to stay focused on your family, friends or whatever else you like to spend time on, outside of your trading hours.