6 More Trading Time Wasters

With trading, time is money.

And every wasted moment is a missed opportunity.

Every day you skip. Every high probability trade you miss on whatever market you’re trading.

Even every loss you take according to your strategy, is one step closer you’re missing to success.
I wrote about time wasting in the previous article.

And I can’t stress enough how important it is to get yourself into gear.

It’s time to take control of your time and trading actions.

Here are 6 more trading time wasters.

#1. Chasing the News

Turn on Bloomberg, CNN or BBC.

Flicking lights.

Loud sounds.

Entertaining drama, drama, drama.

It’s like watching Netflix.

And if you become obsessed, it’s easy to fall into the trap of chasing the latest news headlines.
Breaking news is inevitable. And staying informed is great.

But it’s NOT necessary to adapt the news into your trading strategy.

In fact, the hyped up news will lead to impulsive and emotional decisions.

Don’t fall for the news mania. Save that for AFTER your trading. And watch it for entertainment and education.

Nothing else.

#2. Checking the Portfolio Often

Ahhh! The Perils of perpetual monitoring.

Listen… Your portfolio is not a ticking time bomb that requires constant supervision.

As a young trader I get that it’s tempting to check your gains and losses every few minutes.
But this is a long term game.

So if you adopt this checking bad habit, you’ll see it can breed anxiety and cloud your judgment.

Maybe check your portfolios once a day.

Or even every few days.

But lose the obsession please. You’re wasting precious time and energy on unnecessary stuff.

#3. Analysis Paralysis

Another mistake is drowning yourself in data.

Too much analysis can lead to paralysis.

Endless charts, intricate patterns, and an abundance of indicators might make you feel like a trading virtuoso.

But you’ll quickly learn that, it won’t necessarily translate to profits.

Rather stick to the K.I.S.S – Keep It Simple Stupid.

Simplify your approach, focus on key factors.

And please make decisions based on a clear understanding rather than drowning in a sea of data.

#4. Procrastination

Procrastination is the silent killer of trading success.

To leave it to tomorrow.

As they say. Tomorrow never comes.

All you have is NOW.

So, if you want to trade – Get a coffee and sit down and take action.

Delaying decisions can mean missing out on lucrative opportunities.

Set clear goals, establish a solid plan, and execute it without succumbing to the siren call of procrastination.

Time wasted is money lost in the dynamic world of trading.

#5. Overcomplicating – Don’t be a trading jack of all trades!

Trading doesn’t need to be a convoluted puzzle.

It doesn’t take a rocket scientist to trade well.

You don’t need a degree or even a complicated strategy.

In fact, if you overcomplicate your trading, it will lead to more confusion and poor decision-making.

Be a master of a few effective markets, time frames, strategies, money management and techniques.

#6. Fear of Taking Action

This my friend is the stagnation trap.

Inaction out of fear is a formidable enemy for traders.

You need to remember that fortune favors the bold in the world of trading.

Those who:

Deposit money.
Learn all about trading well.
Practice with a demo account.
Adapt a winning trading strategy.
Keep persistent with their trading.
Are the ones that will win…’

FINAL WORDS:

So stop wasting time and start doing more to achieve your trading dreams.

Let’s sum up the 6 trading time wasters.

#1. Chasing the News
#2. Checking the Portfolio Often
#3. Analysis Paralysis
#4. Procrastination
#5. Overcomplicating – Don’t be a trading jack of all trades!
#6. Fear of Taking Action