Using A Minimalist Mind Set To Help Your Trading
Every now and then most people get the urge to go minimal. They wonder what it might be like to throw off the shackles of life and wander, be a nomad, live a life full of freedom and far away from the worries and stress and strain of our materialistic, possession obsessed world. For most of us, it is just a daydream – actually doing something like that would be too much of a wrench. But using a minimalist mind set to help your trading could also give you freedom without the difficulties.
What Does That Mean?
Good question. What is a minimalist mind set? The answer is that it is uncluttered, clear, focused only on what you are doing and what needs to be done next. Using this kind of focused and dedicated mind set to help your trading could be exactly what you need and it could actually enable you to make bigger and better trades which, after all, is the ultimate goal. If you want a life without the burden and worry that you have now, becoming an expert trader is certainly one way to do it.
How Do I Start?
Getting into the right kind of mind set to help your trading isn’t difficult. It may take some getting used to, but once you’re there you will be able to find that focus again every time. A stripped down approach to trading will give you the results you want faster and more effectively than anything else, as you learn to trade.
The first step in having the right mind set to help your trading is to forget what you think a professional trader needs. He or she doesn’t need a big office in town. They don’t need to pay big bucks for expensive trading software. They don’t need a load of IT equipment constantly scrolling through the numbers… All a successful trader needs is a laptop (spend what your budget allows, get a second hand one if necessary) and the free trading software that you can download to it, and a table or desk in a spare room, or in the kitchen. You can even rest your second hand laptop on the arm of the sofa and trade from there and you will make the same trades and the same profits as someone in a pricey London office.
Minimise Those Charts!
Every successful trader needs a great chart to give them the best trading results, and to give them a plan. Having the right mind set to help your trading means making sure that these charts contain only the information you need – anything else is unnecessary, potentially confusing, and it could lead to mistakes. Keep it simple, keep it clean, and keep it up to date. That’s all you need. Adding more and more details to what should be a simple and easy to use chart is also adding more chance for making an error. Be careful. Be neat. Be organised. That’s the right mind set to help you trade.
Keep Minimalism Going
Once you start, sometimes it can be easy to fall back into the old routine of clutter and confusion and when that happens it can take a little while to find the right mind set to help your trading again. It’s best to keep to minimalist ideas, but if you do find yourself feeling cluttered again, it’s best to start fresh. Make a brand new chart (simply chopping and changing the one you have might make it minimal again, but it will also make it messy and possibly confusing), clear your desk, clear your mind, and try again. As soon as your minimalist trading technique starts to bear fruit, you’ll be able to stick to it easily.
As well as minimising your charts and outlook, minimise the number of trades and markets you are working in. Only go for the best, the ones that will give you what you are looking for when it comes to a return. That might mean not trading for a week or more, but that’s okay. Better to trade less and gain more than vice versa.