Almost everyone just talk about different trading strategies in the market , but hardly any trader or professional trader gives importance to time management , which is the main and essential requirement for becoming consistent profitable trader.
Traders who takes time management seriously , gets growth in the market faster as compared to those traders who do not pay attention to the time management.
Ask yourself that after becoming a trader where you have spend your most of the time , i.e. not about your free time , the time which you use in the market such as searching for trade setups , learning charts and analyzing them, managing your position etc for trading purpose specially.
I remembered a very common proverb taught us in the school “A stitch in time saves nine” which means utilizing the time without wasting and know the importance of time . This applies not only for trading but also on our daily life.
If you don’t know how to manage your time while trading , and keep on spending your hours and hours in analyzing the charts , it’s just going to cause you lose in your trading accounts , because of doing stupid emotional mistake.
So now let us discuss few important things regarding , how to manage your time while trading and how to avoid more time in the market.
Need to control psychological and physical approach for market
As time management are dependent on both physical as well as psychological i.e. mental thinking and handling of trading.
Let me ask you that in a whole day , how much time do you spend in thinking about your trades and from that , how many times you think positive and negative about the trade , try to just analyze it.
It just means that psychologically even if you are not trading you keep on thinking about it.
Now tell me that how much time in a day you spend with the market or in trading , usually the new or fresher or the once who have not spend a long time in the market , have a habit of spending hours and hours in the market with no proper goals or plans.
This is the physical approach of the traders towards trading. But I would like to say that anything in excess is bad for the health , so this goes same in the trading profession.
Misbelieves regarding the trading
There is a saying that one becomes a successful trader , if a person has completed 10,000 hours approximately. But I would say that learning time is different for different peoples , as one may takes less time to understand and one may take more time to understand the same thing.
Almost every trader just hopes for a profit from the markets , but they don’t understand that studying the market should be given more importance , rather than just hoping for the profits.
Therefore most of the traders are losers in the market , due to their full attention on just making money and not on studying the market.
Every trader once in his trading career , gets involve in getting used to more screen time , but later after their realization they come to know it’s just killing or destroying their trading accounts.
So what do you think that it is believed that spending 10,000 hours , let you to become a successful profitable trader? It just implies the time spent in identifying the resistance and support levels in the market i.e. the analyzing the markets condition with the help of price action strategies.
Precautions to be taken by traders to avoid such behaviors
Having a plan
You need to have a trading plan before starting , which will avoid wastage of time in the market as you’ll be more clear about your ideas for trading.
This type of practice will not let you make mistakes in trading and will help to keep emotions away from the market, thinking practically and taking it as a business deals.
Put a timer
Decide the time limit for trading and accordingly set a timer. The timer can be any type in phone, watch etc. within that time also sub divide our time for identifying the trade setups , for observing charts , checking your previous positions if any etc.
But once the timer rings , you should stop your trading and try to complete your trading within that time daily. If you don’t find any setups according to your plan within your time, than it’s not worth to trade.
Avoid thinking of your trades whole day , try to get involve in other activities to divert your mind from trade or by doing meditation , which helps to keep your mind relax.
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