Bring your very best or don’t show up at all. That’s the attitude to have when it comes to many competitive activities, and trading is definitely one of them.
Last week, Kobe Bryant put up 81 points one night. Now, I’m actually a Spurs fan (and we don’t like the Lakers!), but I couldn’t help but be impressed by Kobe’s performance. Without question, Kobe had his entire focus on doing his job to the best of his ability. Every time he got the ball, he was on a mission. His focus kept him from being distracted by anything else. Marital problems? Nah. Tabloid rumors? Nope. Disputes with the coach? No way. He had his game face on and nothing stopped him.
Take the same approach with trading. The first thing I try to consider each day is how do I feel. Physically, it’s important to be healthy and alert, but a quick mental check will help you to determine how you should trade today, if at all.
If you’ve got off-the-court issues bothering you, don’t get in the game. If doing those taxes late last night left you with your head in a fog today, you shouldn’t be trading. If one of your relationships is rocky and you can’t commit your concentration to trading, then today probably won’t be your day to trade. If you have family in town visiting and you feel obligated to entertain, then your trading is going to suffer.
Priorities like health, family and relationships, and a to-do list longer than you prefer can often mean sub-par trading results. Consider sitting on your hands during those times when your situation leaves you with less than 100% focus. A little patience with priorities never hurt anyone. And when you return to trading, make sure you bring your game face!
President, The Stock Bandit, Inc.