Great News for Stressed Out and Exhausted Forex Traders
Proven Health & Well-Being Hacks to Massively Increase Your Chances of Forex Success
In last week’s issue I uncovered some of the dangers traders face when it comes to their health and well-being.
To check it out again go here.
But to summarise…
Our daily habits have changed dramatically over the last 100 years.
We slowly moved from an outdoor orientated physically active, zero-technology based society to one that is high-tech, high-stressed and predominantly sedentary.
Unfortunately, and by its very nature, trading the markets is now the epitome of the general lifestyles of the 21st century population. namely- sitting for hours on end, staring at screens, and being exposed to high levels of stress
Healthy Mind + Healthy Body= Successful Trader
Your physical and mental health can have a significant impact on your trading.
If something in your life is a little off-kilter then it’s highly likely that your trading will be affected.
Attending to your basic needs and personal well-being is essential if you are to have any hope of becoming a successful trader
Here are some proven tips, techniques and tools that you can easily use to help you deal with some of the health dangers that are synonymous with trading.
Build a Winning Trading Plan & Follow it to the Umpteenth Degree
Yes granted, I’m kicking off with probably the most fundamental rule for a trader, but this is so important when trying to tackle the stress that comes with trading.
Creating a detailed and winning trading plan that you methodically follow to the letter will bring focus, structure and discipline and prevent impulsive and emotional trading.
Get Moving. Get Exercising
The benefits of exercise for both mind and body are numerous and are of course well-documented.
For one, exercise triggers a release of dopamine and serotonin levels in the brain which in turn help improve mood, deal with stress, anxiety, panic-attacks and depression.
It can also help relieve tension, develop a sense of calmness, improve sleep quality and boost energy.
Studies have also shown regular exercising can help expand and enhance the function of the hippocampus (which I mentioned earlier), a major component of the brain that controls learning and memory, allowing you to trade that much smarter.
Eat Well. Live Well.
The common phrase ‘You are what you eat’ is so, so true.
If you’re spending hours glued to your trading screens and only taking short breaks to guzzle down cans of energy drinks, and high sugar snacks then you’re on the road to ruin as a trader.
One 2018 study based on over 245,000 adult surveys in California, concluded that people who followed a diet of junk food had a significantly higher chance of experiencing serious psychological distress.
So can you imagine how you would feel and react during a big drawdown if you were gorging on platefulls of chips, cakes, biscuits and soft drinks?
On the flip side, countless research has established that a healthy diet, rich in Omega- 3 fatty acids
So getting your diet and nutrition right can have a marked and positive impact on your trading.
Stick to a Regular Sleep Schedule
Whether you’re trading or studying, becoming a successful and accomplished trader requires a huge investment of your time.
As a day trader you devote lot’s of time to your screen observing and studying charts, executing and managing trades etc.
If you have a 9-5 job on the other hand you may be trying to squeeze out some extra hours to trade and study late at night or early in the morning.
Either way, it’s very important you ensure you get enough sleep.
The effects of sleep deprivation on your body and mind are numerous which in turn can significantly impact your trading.
It drains your mental capabilities and also puts your physical health at serious risk.
These include
Short & Long term memory
Mood changes
Impairs your concentration, creativity and problem solving skills
Weakens your immune system
Increases risk of high blood pressure
Increases risk of heart disease
Sometimes things happen in our lives that prevent us from getting adequate amounts of sleep.
In such cases, you can always try and throw in a power nap through the course of a day.
Getting in a short 20- to 30 minute snooze can help lift the fog in your brain, release unwanted stress and worry and clear some room for you to take in new and more important information.
Take Regular Breaks
Lots of us have the misconception that the busier we are, the more productive we are, but the reality is quite the opposite.
Trading, as you know, can involve hours sitting in front of your screen. However, doing this often leads to diminishing returns.
Rather, taking regular breaks can make you feel mentally refreshed and provide you with a new perspective when returning to your trading.
Another upside to taking breaks helps you avoid making knee-jerk, impulsive decisions about trades that lead to big mistakes and big losses.
You obviously don’t want to be taking a break from your trading station, when you’re in a trade and you’re at a key level for example. But prioritising breaks at quiet market times or after market hours will definitely help you stay more focused and productive when it matters most.
Quieten Your Mind with Meditation
As I mentioned above, taking short, regular time-outs is in and of itself very beneficial, however when you couple it with meditation or mindfulness practices then it can help move your trading on to a completely new level.
Some benefits that some traders claim to experience when practicing meditation include:
Increased clarity
Increased pattern recognition
Cultivating a calm, still mind
Increasing emotional intelligence
Improved decision making
Generating greater insight
One of the biggest proponents of meditation practices to improve trading is Professional Trader, and Founder of Trading Composure, Inc.Yvan Byeajee.
He states…
“Focus, patience, wise discernment, non-attachment —the skills you acquire in meditation and the skills you need to thrive in trading are one and the same.”
Meditation and mindfulness practices can come in many forms and there really is no right or wrong way to do them. The important thing is that you find one that works for you.
Here are some of the most common meditation practices you can get started with right away:
i. Mindfulness Meditation
This meditation involves paying attention to your thoughts as they pass through your mind. It’s important not to become involved or judge your thoughts. Just observe, take note and let them pass.
ii. Focused Meditation
This meditation involves concentration utilising any of the 5 senses. A common example would be to focus on something internally like your breath. You can also use an external focus such as listening to a ticking clock; a sound of a gong or staring at a candle flame.
If the mind starts to wander, then simply bring your mind back to what you’re focus on and continue the practice
Holding focus for even as much as a couple of minutes can be difficult for lots of people starting out, but like everything else the more you do it the better you become.
iii. Movement Meditation
As the name suggests, this is a far more active form of meditation and involves movement to help you create a deeper connection with your body and the ‘Now’ i.e. the present moment.
The types of movement can include such things as yoga, tai chi or simply walking or gardening
iv. Mantra Meditation
This type of meditation is a hindu and buddhist tradition that uses repetitive words, phrases or sounds (mantra). You can say the mantra out loud or quietly and it’s known to help people experience deeper levels of awareness and improved focus and concentration.
The Importance of Balance
As the saying goes. “All work and no play makes Jack a dull boy”
To become a successful trader it’s vital you’re dedicated to your trading.
You must put in the effort and hours for study, analysing charts, perfecting your trading plan, mastering your strategies, maintaining and monitoring your journal.
But it’s important to remember you have a life outside of it as well.
What is the point of becoming a successful and highly profitable trader if you don’t then allow yourself a life to enjoy it.
Without the right work (trading)-life balance, then not only will your trading suffer but also your relationships and overall quality of life will too.
So by all means work hard but make sure to always put time aside time aside for family friends and to simply enjoy.
Avoiding the Mouse Trap
As I mentioned in the previous issue, your standard computer mouse may seem pretty harmless to the average Joe, but there’s more to this little tool than meets the eye when it comes to you and trading.
Long hours of constant use connecting to your trading charts can bring about long lasting issues to your wrists, hands and fingers including such things as carpal tunnel syndrome.
To help alleviate the negative effects of using a standard mouse, you should invest in an ergonomic mouse. These types of mice promote greater comfort as it emulates the natural posture of the hand.
In addition to the ergonomic mouse, here’s some simple exercises that you can do throughout the day to prevent carpal tunnel syndrome and other RSIs
Reducing Blue Light Exposure
Lots of traders spend many hours late at night looking at their charts which exposes them to blue screen light.
Again as I mentioned last week, the negative effects of blue screen light can cause sleep cycles to be delayed or disrupted which in turn brings on potential health issues such as depression, stroke, heart attack to name but a few.
A good way of reducing blue light exposure, is to use anti-glare screens or anti-glare foils, both of which you can purchase easily online at places like Amazon, ebay, Curry’s etc.
A Final Word…
Becoming a successful trader is something that doesn’t happen overnight.
It’s very much a test of patience, and in particular, endurance.
To maintain that endurance, to ensure you stay the course, you must learn to take care of both your mind and your body
Neglecting your physical and mental health will have a massive negative impact on your trading success.
So if you can apply all (or even some) of the steps above then honestly, you’re giving yourself the best possible chance of making it.
Remember trading is a long game.
Taking care of your basic needs are the foundations that must be in place before any success can follow.
