Knowing how to balance your time trading effectively is so important as a trader so you can become profitable and manage your financial goals successfully. I am going to give you some tips on how to make sure you manage your money efficiently and effectively. You can start by making sure you have the correct trading philosophy or style with your personality type. There are often times beginner traders, especially, will waste a lot of time going through the wrong style of trading for them and their lives. If you are antsy and don't have the best history with patience, then it makes sense to focus on short term strategies. If you find you are more of a patient type then you are most likely more suited toward long-term goals. Whether your personality type fits towards short, medium or long-term trading philosophy all depends, but it should absolutely be the first step you take to figuring out your trading performance, and fitting that philosophy within boundaries of time you have available.
My second piece of advice is to get confident with the analysis of trading. You should really take the little time you have before things in your trading journey start moving very quickly, to completely immerse yourself in analysis. If I look back at a lot of my previous mistakes, it's usually because I missed something small prior to entering a trade. Knowing as much detail as you can is so important!
My third tip for you is to dig deep within yourself and avoid distractions. You should unplug from social media, turn your phone on silent, mute the T.V., whatever you can to completely eliminate all distractions and absorb as much trading in the little time you have set aside for trading.
My fourth tip to make sure you manage your time effectively to ultimately trade better and more successfully is to try and develop a precise and organized way to absorb information. I’ve heard of many traders using something called a linear approach, which is just a process of thought following known cycles or “step by step progression.” Where a response to step must be evoked before another step is taken. I think having this system in place to help you gather the information you need for the day before you place your first trade is going to be very beneficial to your trading success.
My last tip I can share with you all is, don’t force a window of time; if you personally prefer a “short window” in average trade length terms; you have to be aware of the baggage that comes with it. You will have days where you are simply not comfortable with any trade. I hear the term “KISS” at The Apiary Fund and it stands for “Keep It Simple Stupid!”
At the Apiary Fund, I have the pleasure of learning some things from the head trader, Shawn Lucas, who I personally think is a trading genius. Over this last year is when my trading journey really took a turn because I have actually set my mind to accomplish this. I used to look at my demo account and want to cry! It was all so confusing! But with the guidance I had from Beeline, a program set up for beginner traders to absorb all the information they can and work their way towards getting a funded account! You get to watch a lot of videos from the top traders at The Apiary Fund, but as much as I love them all, Shawn Lucas is by far my favorite “teacher.” He has such a confidence and grace when he’s trading and it’s hard not to absorb as much of his head space as you can so you can be a successful trader like him.