Blog

Aug 17

2020

5 Things You Should Stop Doing to be More Productive as a Trader

Being productive is not an act but a habit. To be productive, one needs to drop certain habits and adopt effective ones which will help him get things done smarter. As the saying goes, “The key to success is not working hard. It’s working smart”. There’s a notable distinction between being busy and being productive. 

It’s tempting to look at highly productive people as machines (or wizards). But by studying how they work efficiently and overcome the challenges we all experience, it’s possible to boost your own productivity as well. Being busy doesn’t always necessarily mean you’re being productive. Despite what some might believe, being productive is less about time management and more on managing your energy. It’s the business of life. A life that traders need to adopt to be more productive. 

Productivity is the state of being able to create, particularly at a high quality and quick speed. An example of productivity is being able to make top notch school projects in a limited amount of time. An example of productivity is how quickly a toy factory is able to produce toys. Another example of productivity is being able to take advantage of a price action instantly to make profit or stop loss.

Being productive teaches you to continuously push yourself. And the more productive you are, the easier it is to evolve into a better self. And because things in motion tend to stay in motion (thanks, Newton!), being productive can easily lead to creating better habits. Habits that will make you a profitable trader.

Here are 5 things you should stop doing to be more Productive as a trader:

1. Stop working overtime and make time for sleep 

It’s important for us not to overwork ourselves and get enough sleep to maintain a high level of productivity. Next time you’re wondering why you may not be working productively, the reason may be simple as you being deprived of adequate sleep.

Did you know? 

  • Leonardo da Vinci took multiple naps a day and slept less at night.
  • The French emperor Napoleon was not shy about taking naps. He indulged daily.
  • Though Thomas Edison was embarrassed about his napping habit, he also practiced this ritual on a daily basis.
  • Eleanor Roosevelt, the wife of President Franklin D. Roosevelt, used to boost her energy before speaking engagements by napping.
  • Gene Autry, “the Singing Cowboy,” routinely took naps in his dressing room between performances.
  • President John F. Kennedy ate his lunch in bed and then settled in for a nap—every day!
  • Oil industrialist and philanthropist John D. Rockefeller napped every afternoon in his office.
  • Winston Churchill’s afternoon nap was a non-negotiable. He believed it helped him get twice as much done each day.
  • President Lyndon B. Johnson took a nap every afternoon at 3:30 p.m. in order to break his day up into “two shifts.”
  • Though he was criticized for it, President Ronald Reagan famously took naps as well.

2. Don't say "yes" too often 

Don’t jump in on every single trade. Learn to say no to an urge to buy or sell. Ignore some signals and focus your attention on a few sure coins. Trying to grab all at once will lead to an unforgettable loss so ensure you make a decision as to what coins to trade in a day and leave the rest. Try this and see how productive you become.

3. Stop making every decision by yourself and Start letting people help you 

It’s important for us to realize we can seek help when we need it. Sometimes it’s impossible to take every trade decision ourselves. It‘s better to let someone, or a team of experienced traders advise you, giving you more time to focus on the most important tasks. As they say, “two heads are better than one”. Plus, it saves you the time of speculating over the market all by yourself. So, instead of wasting time and energy overloading yourself or trying to do it alone, let others share the burden and help.

4. Stop guessing and Start backing up your trade decisions with data 

If websites can be optimized for search engines, you can optimize your life to grow and reach your maximum potential. There are countless materials on the internet that can offer you insights and more information about a Blockchain project you intend to invest in. Read them up at your leisure time to understand the volatile market even more. In addition, you will be able to contribute meaningfully in crypto-related discussions as well as respected among experienced traders.

5. Stop working, and have a do-nothing time 

This might sound like we are encouraging laziness. Far from it! A “do-nothing” time is a short period of time during the day where you don’t engage in any trading activity or look at the chart. You just relax, unwind and interact with family and friends either physically or via social media (...if you’re an introvert by nature). Most people don’t realize that when we are too focused on something, we’re essentially locking ourselves in a box which can end up being counterproductive to our work or the results we’re chasing. It’s important to walk away from day trading once in a while and have some alone time, which is good for the brain and spirit. It‘s important to take time for reflection. 

Final Words

We often find the solutions we’re looking for when we’re not actively searching for them. It’s also important to understand that we don’t become more productive overnight. Like everything in life, it requires effort and practice. Even the Bible affirmed, “... The race is not to the swift, nor the battle to the strong; neither is the bread to the wise, nor the wealth to the intelligent, nor the favor to the skillful; rather, time and chance happen to all”. (Ecclesiastes 9:11).

Enjoy trading with Bitfxt!

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