Trading Psychology - 2 Crucial Best Practices You Can't Afford To Neglect

In my Quality Engineering days, we always sought to establish Best Practices wherever

possible because it had a measurable effect on the bottom line, plus numerous other aspects of the business. Now in trading there are Best Practices which will definitely benefit you and if you neglect them, your performance and your results are almost certain to suffer.

The First Best Practice

Highly successful businesses don't just 'happen' by accident or by themselves... and you do want a highly successful trading business, right? I mean you're not in this for mediocrity or just something to do, are you?

No, you want a trading business that is consistent and most of all RELIABLE. You want the security of knowing that your trading business can be counted on to provide both right now and for the future. Again, reliable businesses don't just happen, but the reason the so many traders never get anywhere, let alone taking it to that level where it IS reliable is this:

- they make the mistake of thinking that if they can just get making some money, then somehow everything will fall into place.

Where things go wrong

So many traders wind up too busy doing the thing of the business to ever take it to that next level, and just stay in kind of that 'scrambling to make money this month' mode. This is how businesses that 'just survive' get built and the owners usually do NOT enjoy the lifestyle that they want.

They find that they are working more hours than they'd like. They are not making nearly as much money as they'd like. They do NOT have the security in their business that they want.

The other (and more common) result is that the business struggles and dies, usually in a matter of months, simply because of the resources that get wasted instead of contributing to the bottom line.

So the solution is to implement the first Best Practice: taking time to work "on the business", not just "in it".

This is most crucial AT THE VERY BEGINNING of the venture with the most important business asset - your Business Plan. Once that is in place, then taking time periodically to again work "on the business" and not just in it, is so vital to making it what you really want.

The Second Best Practice

Because you are the decision-maker and center of your trading business, how well you perform has a direct impact on how good your results are, so you need to live by the second Best Practice and that is making the time to take care of yourself - this means several things.

1. Take the time to exercise. Taking a walk or jogging or anything that gets you away from 'work' and does your body good will also benefit you in your trading.

2. Take time to detach and get some R & R. It is vital to efficient and effective trading for you to take time completely away from trading. A full 24-hour break, meaning completely stepping away from it, will do you worlds of good.

3. Get enough sleep - how can you expect to trade at your best if you are shorting yourself necessary sleep? You can't, so make sure you get enough to feel rested.

4. Mind what you eat. Certain foods will agree with you and others might taste good, but don't serve you well. On trading days, eat what helps you feel good and sharp.

Summing it up - and more...

Your trading is your business and it directly depends on you the trader. Put these Best Practices into place and make them practices. Remember to work "on your business", take care of yourself, and make sure that you have a Business Plan.

by: Brian McAboy

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