By Daniel Bustamante, Co-Founder and Lead Coach
I think too many times we get caught up in discussing the best stocks to buy, what indicators to use, and other items that we forget possibly the most important one, routine. Routine gives us structure in our lives and allows us to be more efficient in what we do. As a market speculator, I need to make sure I don’t waste time or miss opportunities. This comes from knowing the best hours to be at the charts and when to focus on other things.
Routine is arguable the most important part for any investor or successful entrepreneur. Take today for example. It is Sunday which usually means I’ll review the markets from last week. I try to look for two-three ideas to use this week to trade and potentially profit from.
I like doing it this way because I rarely day trade. Personally, I do not enjoy being at the computer all day long in front of my charts. I use an alert tool on my trading software that reminds me when it’s 11:30am EST. Each day, I get a text and bell notification that 11:30 am is here (this is the European markets close). Usually, the market tends to be done for the rest of the day at this time, but I set the reminder to help me to get to other important tasks at hand.
A Different Routine on Fridays… But Still A Routine
I find it easier to work in scheduled windows like this. This routine repeats for most of the week, except Friday because I rarely put on new trades at the week’s end and it mostly consists of closing off old positions, good or bad. This approach is detailed and taught extensively in the FoundationalAbilities course.
I wanted to write on this topic to remind some of the newer investors who are checking out these articles. When you are starting out, it is all about getting into a solid routine. At first, the learning curve takes some time. Over time, you will notice a routine starts to develop. From here is where it tends to be smoother sailing.
I hope this helped.