So when it comes to trading if you want to either learn how to trade, trade part time or trade full time you are going to need a structured routine.
Now contrary to belief of how social influencers portray ‘The FX lifestyle’ the realty of the lifestyle is slightly different to what is seen on social media as I’m sure your aware of. Now it doesn’t mean to say the lifestyle isn’t attainable because it certainly is but what we need to remember is that the lifestyle and materialistic items you can obtain through trading are simply a biproduct of the skill itself.
The biggest problem I have with how social media portrays Forex trading is as though from the very beginning it’s an easy thing to do with low effort required from the start all the way through. This unfortunately for all of us is not the case as trading requires a huge amount of effort, time and discipline.
Trading is a very low physical demanding job and in fact is very close to passive income, but I prefer the term ‘Semi-passive’ as you still need to do all your analysis in the markets, execute and manage trades.
However, at the beginning of your trading journey it will require maximum effort especially when you are learning how to trade. As you are having to learn and understand the market, new knowledge, new skill sets, new thought processes, create a trade plan, back-test and most importantly learn how to become truly accountable. You are essentially building a business now if most people who stepped into trading used this approach, I would guarantee the failure rate would be lower but many step into trading with a complete polar opposite mindset and approach.
Now I know this personally because that was my experience with trading at the beginning, when I stepped into trading, I didn’t see it as a business. Instead I saw it as ‘let’s take a punt and see what happens’ and that approach has no longevity for long term success. However, after failing for a number of months I began shifting how I viewed trading and began taking it much more seriously but also professionally
Now if you are learning how to trade, trading live or even have goals to one day trade part-time alongside your current job or even go full-time you are going to want to create well-structured daily routine.
Why do you need a routine? Well having a routine can have various different benefits but the most important is time management. A routine allows you to be efficient as you don’t need to waste time thinking of what you need to do for that day as that will lead unproductivity. Instead you want to be productive with the limited number of hours you have each day as that will lead to more efficient results.
As humans we perform at our best each day when we have structure and routine set in place because we can be on task, we know what we are there for and what we are there to do.
By not having a routine established that will ultimately lead to us achieving a goal we have set out to achieve, we can find it hard to be as productive each but more importantly to show up consistently.
So wherever you are in your trading journey and whatever your dreams and desires are you need a routine. In next week’s article I’m going to be showing you exactly how to establish and create a routine through using something called ‘work blocks’.
I look forward to sharing this with you next week!