I’ve written before about trader burnout and the need to take time off. But I think burnout can be caused by more than working hard. Many traders have fallen into the technical traders’ trap. They are out of shape, have no business plan or trading goals. They typically trade emotionally and many jump around from one system to another looking for that one thing that will finally work for them without a whole lot of effort on their part. Many of these traders also have issues in their personal lives. Basically, their total being is out of balance.
Just about every successful trader I know is in great shape both physically and emotionally. They are true entrepreneurs with a business plan and a set of well-defined goals. They take regular planned time off “before” they start to burn out. They keep their total life in balance. You can’t trade well when you have outside stresses getting to you during the trading day. Lastly, they take time to celebrate their successes and share them with their peers. They are also willing to share the knowledge that they have learned to help other traders benefit from what they have learned.
Do you want to be a successful, well balanced entrepreneurial trader? Here are some tips:
- Create a Traders Business Plan (This will include your trading plan).
- Define clear goals for your trading business.
- Add exercise to your daily routine.
- Take time off during the year. I like to take at least one week each quarter.
- Spend time with your family and friends.
- Celebrate your successes. Yep, don’t be shy. When you have a good week or month tell us about it. Your good month re-enforces what is possible for all of us.
- Share what you have learned with others.
My coaching group “Coaching With Cliff” is great because you have the opportunity to learn and share what you have learned with others. You can also share your results with us so we can celebrate your successes with you and help pick you up when you have fallen! Everybody needs support from time to time. We are here when you need that support!
For more great articles like this consider joining my coaching group “Coaching With Cliff” here are Live Trader’s. More information on the group can be found at the link below.
https://livetraders.com/groups/detail/2b144965-1248-4117-a8e0-be3f70c5725d
