If you are a trader, how do you manage your time?

Hey folks! I’m just curious, how many of you here are traders? If you use any trading platforms (and/or have any other job), which of course requires a lot of attention and all the gadgets nearby non-stop, how do you rest? How do you find the balance?

1 Like

Hey @daria! I’m not a trader myself, but recently I saw a video of Anton Kreil, who is a rather known trader. The reason I watched it was because Kreil manages his business (and his trading academy I think) without owning a smartphone and I found his views on this choice very interesting! I think the specific video in which he talks about his dumbphone might not be so important for your question (although it’s really interesting nevertheless!), but maybe it can bring you a bit closer to an answer to your question

2 Likes

Hi @steven! Sounds interesting, I have to watch it. Thanks for letting me know :hugs:

1 Like

I day trade and haven’t had a regular use smartphone for 3+ years, the only thing I use it for is 2FA. So, no distractions as such. The set up is multi monitor as you’d expect, and I only do work related stuff on there. Admittedly, I have a separate browser for looking up random unrelated things during the day, if there’s a slow moment, but for the most part I don’t have any issues with it, as I have to focus on making bank. Maybe it’s self discipline, I don’t know. I’d suggest making an office space with only your required tools to trade and leave your distracting devices outside the door. Usually I take a 2 h lunch break and set myself alerts if I’m in a trade so I can react if required. I’ve considered using a phone/tablet on wifi just to chart my trades when I get up for my desk for my break, but I haven’t found I need it. Plus not having that helps me relax for a while before the afternoon session.

2 Likes

Hi @daniel, thanks for sharing your experience! I know that some people do short investments and they can’t abandon their phone for any minute (when they are away from monitors). That’s so cool you managed to find a balance. By the way, what is your favourite platform/s?

1 Like

@daria My preferred platform is IB, but CQG and PTMC are worth a look. Many beginners and even intermediate traders speak positively of TD, and they do have a decent AIO platform. For charting TradingView is making waves these days, but Sierra Chart is supremely well developed (a bit of a steep learning curve, but after two weeks you’ll get the hang of it, and I don’t think there’s a more customisable or stable software – I’ve tried most), and QuantTower is good for some use cases too. I mostly do quick trades as well, but I’m in front of my workstation most of the time when I have a position and for my type of trading, midday is usually uneventful so I don’t sweat it. Otherwise I already have alerts and stops set up so it doesn’t matter if I step away. Of course everyone has their own approach. What about you?

2 Likes

@daniel Sounds interesting! I personally discovered trading platforms for myself in early March. But after spending days and nights in front of the computer and, moreover, learning languages and working on translations, I realized that I should reduce the number of tasks I’m doing. And that was trading, unfortunately (or maybe not :smile: ). Many people recommend Etoro because it’s user-friendly. However, it’s so much risk and stress. I wish you big good luck with this huge challenge and of course, lots of earnings!

2 Likes

Yes, I’ve heard of Etoro. WeBull is another web platform that is gaining some steam, though I’m not too familiar with it. I’d steer clear of Robinhood though.

Agreed, it’s hard to concentrate on too many things at once, even with a schedule. I had to relegate some of my “wanted” activities to hobbies that I occasionally enjoy for now, and might pursue more seriously later. But languages and translation are tied neatly together, so I bet you are making some good headway there. :slight_smile: In my case, I decided to stop trying to learn yet another language and get to C level with those I already know. I find it helps me to still work on languages, but requires less bandwidth, and in the meantime I can work on something new and unrelated.

Recently I came across a book The Loom of Language, have you read it?


https://dealoz.com/New-Used-Books/The-Loom-Of-Language/9780393300345

However, I hope you do consider trading at some point, it’s a very useful and valuable skill. Not necessarily day trading or swing, but even long term funds investment like Vanguard or Dimensional, or building your own long term portfolio including dividends, as they will help you become financially independent and diversified. No reason why you can’t get 15%+ returns. Control your destiny!

3 Likes

If you open and close trades within the same day then you should trade the MES, micro S&P 500, as it is $50 margin and $5 per point move; if you compare the price movement of the MES to Forex then 1 point is roughly the same as price moving 1 pip. The MES trades 23/6.
I spend most of my time on a Linux terminal & avoid the GUI (clickable icons) as much as possible; learning how to issue commands to retrieve information from your computer and the web makes you more productive and minimizes addiction.

My smart phone is my biggest problem: the constant need to check FB, the YT notifications every 5 minutes, the instant access to every problem in the world as it arises, … it is destroying my life.

2 Likes

Hey @daniel! :slightly_smiling_face: Which languages do you know already? Do you practice online (some mobile apps maybe) or attending offline classes? I haven’t heard of this book before, but I’ll put it on my list - thank you for such a great recommendation! Not sure though about tradings, but who knows!

Thank you for the tips, @Joseph_Glover, and for your engagement! I’m sorry to hear that constant need to check social media is destroying your life. But have you ever thought to change something? Overwhelming might lead to aggression and, moreover, you don’t feel free :grimacing: How do you relax?

These are a few of the things I do to relax:

  1. Binural Beats
  2. Guided Meditation
  3. Breathe
  4. Earplugs/noise-canceling headphones & meditation; usually at night while looking at the moon.
1 Like

I told you that I am a wreck :sweat:

2 Likes

Oh no! :hot_face: @Joseph_Glover, do you use it for work or is that more like scrolling? Try to get some small tips from this article: https://mudita.com/community/blog/digital-detox-makes-you-more-creative-productive-and-happy/. What I also can recommend (based on personal experience) is just spend the weekend without your gadgets. If you need to be in touch via phone with your closest people - put the on the favourite list or so, but turn off all the mobile applications and notifications. Get yourself a nice fresh juice and hang out with friends. If you try a digital detox one day - please do share your experience. Now, go offline!

1 Like

I would like to think that I use my smartphone for things that are important but in reality it has only replaced the TV.

The cycle is usually:
news->YouTube->Google->Facebook->news
with constant notifications pulling me back into the loop.
And then, in the middle of all the chaos, Duo reminds me that it is time to study Esperanto :joy:

Thanks for the advice, @daria

1 Like

@Joseph_Glover Yeah dude, it’s tough to look at those statistics honestly sometimes without cringing, but it’s good you can look at yourself constructively. Consuming content is way too easy, they want us to be online all the time, spoon feeding us with their algos. Cold turkey is a good idea, IMHO, but if cutting everything off is too hard at once, try it one at a time. Ask yourself if these things contribute to your main goals in life. What’s the point to load ourselves up with “interesting” facts that we can’t apply to our lives? Sure, maybe some day, in some obscure scenario, but are you really gonna remember what you binge consumed on that day some months ago? I doubt it. Some trivia might be nice, but where do we draw the line? If there are things you really think you might be interested in, try to be mindful of how you watch. When I get sucked into YouTube (though I limit the topics I watch to my main interests and not click bait – but arguably 80%+ of stuff on there is click bait), then either I listen at 2x speed, or I make notes and practice because it’s something I want to connect the dots with, thus making it into a learning experience. Tech media outlets make it way too easy to get sucked into the rabbit whole. It can happen to anyone.

2 Likes