One of the courses I run on an intermittent basis is “time management for investors”, and without fail one of the major draws on the time people allocate to trading is the additional reading of websites, articles, emails and watching “financial TV” or videos on top of their more direct trading activities.
Now here is the problem, it is not so much this information searching that is the issue, nor the content necessarily (of course there is some fabulous things out there, but also some awful, “how great I am”, nonsense peddled too), but rather it may well be your fault that it is a waste of your time.
OK I know, I am pointing the finger at you again perhaps as I often do in posts like this, but rest assured this is from a nurturing place and really only because that the thousands of hours I have invested in working with people like yourself, in a coaching and teaching context, has rammed the message home that it is YOU and only YOU that can influence YOUR results.
My job is to point you in a direction or two and furnish you with some thoughts and knowledge that may facilitate that journey.
So in an attempt to do some of that facilitation, here are the three things that commonly happen:
- People do not read/watch the right things
- People do not engage fully with what they are reading/watching
- People do not do anything with what they read/watch
Unless ALL three of these are in place you will continue to waste an inordinate amount of time.
So let us now move to the positive, the “make a difference” stuff!!
The desired outcome for you, I am sure, is to read and watch things that have a FANTASTIC IMPACT on the only thing that matters in your trading, i.e. your results (and maintaining your sanity as you get them).
So what we want to ensure (so your time invested is well spent and does make a difference) is of course:
- YOU do read/watch the right things
- YOU do engage fully with what you are reading/watching
- YOU do something with what they read/watch (this is the take action bit!)
Let’s keep this simple and to the point, make it short and snappy so you can decide whether any of these resonate with you, so you can do the opposite and do the things that may impact positively on your results.
Make sure you read/watch the right things
3 mistakes people make when choosing what to look at…
- They have not identified what they NEED to make their trading results better – ask the honest questions of yourself…. what do I not know or need clarity on? Here’s a thought ..Create a development plan for the next 3 months that will make you a better trader then you will have written down exactly what you need to get there.
- They do not hunt out those things which are going to meet that need – reading a book cover to cover rarely is what you need.. hunt out the chapter and paragraph that is relevant not the proceeding chapters. Not associated blog posts, not those other videos..just the ones you need.
- They look for things that will support a point of view rather than offer an alternative that may challenge. An open mind to new ideas (As well as the system to test them properly) is one of the most significant things that could make the difference to you. A closed mind is likely to miss the opportunities to grow.
Engage fully with what you are reading/watching
5 common problems with engagement..
- They don’t allocate appropriate time and attention. More commonly they skim read/watch (are you?). Remove the “noise” from your trading time. Maintain a laser focus on what you need to learn.
- They know it is not going to make a difference because they are not watching/reading something that will. See previous points on finding the right things
- They make no notes and expect what they are seeing/hearing to be absorbed (by osmosis I suppose!)
- They view what they look at as entertainment rather than education (you are not trading for entertainment, have a clear purpose for every trading activity.
- Are distracted by things that don’t really matter rather than the quality of content. At the end of the day, grammatical errors, an ummm or an ahh in a recording, a chart which isn’t absolutely crystal clear (but clear enough for the purpose) or the writing style are irrelevant if the CONTENT itself is quality.
Do something with what they read/watch
3 issues with taking action…
- They haven’t thought about the difference that it could make to their trading. This goes back to purpose again for the activity.
- They make no action plan in terms of what they see/hear even it is to test something different. Close the circle, the hear-you learn – you plan – you action! It may be one of those common-sense things that are not so common, but the reality is unless you do you are wasting your time completely..simple!
- If they do make notes/plan they fail to follow through because it involves additional work and they haven’t got the time (or whatever excuse works at the time) and/or have moved on to the next thing to watch/read.
Make something special happen today with the next thing you read or watch. Maybe it is this that could focus your energies where they should be.
So your action ……??
PS I do recognize that sometimes, it is difficult to know what you may need. If this sounds like you then of course feel free to go to www.hawkeyeoptions.com/10day there is a FREE 10 days to improve your trading result video series that you may find could be the next action you take from here.