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Trading requires a commitment of time. For each of us the amount of time we must dedicate to trading activities is limited and justifiably so by other life activities (for of course, we want trading to contribute rather than take away from lifestyle).
Despite the importance of checking in on how you are using your trading time, commonly traders do not manage their time for their trading.
If you view your trading as like any other enterprise you are involved in, some would consider this vital part of your “Trading Business” in not only optimising effectiveness, but also in maintaining an appropriate life/trading balance.
When doing this there are potentially three key questions you need answered:
1. What am I spending time on now with trading related activities?
2. How much time should I spend with specific trading activities?
3. What do I do with this time to ensure it is effective and efficient?
The first stage in this assessment is to audit this so you can plan to adjust what you are doing and the time you are spending on it to achieve the aim of improving your trading time management.
To this end we have attached such an audit tool to this article to help you get started (click on the download link below). We trust it may be useful in your efforts to treat your trading as you would a business.
The article from GO Markets analysts is based on their independent analysis. Views expressed are of their own and of a ‘general’ nature. Advice (if any) are not based on the reader’s personal objectives, financial situation or needs. Readers should, therefore, consider how appropriate the advice (if any) is to their objectives, financial situation and needs, before acting on the advice.
The information provided is of general nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information provided, you should consider whether the information is suitable for you and your personal circumstances and if necessary, seek appropriate professional advice. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice. Past performance is not an indication of future performance. Go Markets Pty Ltd, ABN 85 081 864 039, AFSL 254963 is a CFD issuer, and trading carries significant risks and is not suitable for everyone. You do not own or have any interest in the rights to the underlying assets. You should consider the appropriateness by reviewing our TMD, FSG, PDS and other CFD legal documents to ensure you understand the risks before you invest in CFDs. These documents are available here.