I’m a person, who has really big problem with a longer concentration on one specific thing. Therefore, I try to seek solutions that will help me to restrain my problem. During trading I need to focus. In the following post you will find my advice how in a better way to concentrate during trading and what technique I apply in more effective preparation to the session. Today you will learn about day trading focus.
I found information about this technique a while ago. Then I decided to test it and I try to use it until today. What is this technique? It is creation of certain kind of intervals up to specific work and next to rest – e.g. 25 minutes of work, 5 minutes of break, 25 minutes of work, 5 minutes of break, etc. (you can change these intervals – I started from 10, 15 minutes, finally stopping at 25). It would seem that’s simple? Not for me. When I started to apply this method – at the first times after 3-5 minutes I already felt like to stop for a moment in order to check e-mails or cell; especially, when in the meantime I got a message. It made me aware how big problem I have with concentration. This technique at the beginning I applied only during the work on Day-Trader.pl and in other projects, in which I must write or create something. And suddenly something to what I devoted 2 hours so far e.g., as it turned out I’m able to do in 45 minutes. So much time I wasted time on a brief check of e-mail (and writing back), writing message, sudden phone call, etc.
How to apply this technique
Quickly I applied this technique to session preparation. In the trading office I’m usually from 1:00 pm. I try to divide this time in such intervals, in which preparation is alternates with dinner or relaxation and opening the market.
To this simple technique of time management and concentration support on a specific task – you don’t need much:
list of tasks
stopwatch or watch on your computer
place to carry it out (computer or paper)
I have a list of tasks, which I carry out before the session point by point. Tasks are conducted on a computer; on it I also use the watch which counts the time.
It would seem that it’s kind of funny – after all if you are supposed to do something, you are doing it. It may be a truth, but not in my case. These very shortened my time spend on preparation to session, which regards directly my concentration on a specific task. The time that I’m able to devote to tasks, thanks to that is now much longer.
A little bit more specific information about this technique you can read on the site:
Day trading focus and trading distractions
The greatest time devourers, and at the same time the greatest enemy of concentration – are messengers, social networks, mobile phone. I don’t have a considerable problem with concentration only on trading in the session. However, there are moments of boredom with market (where instead to observe I start combining). Therefore, I introduced a certain discipline in use of distractions during trading session. However, I know that it brought the expected effect, as well as influenced in some way on regularity in trading.
I divided the main trading session into 3 periods –> opening, lunch, closing. Lunch period – if it becomes boring and I can’t see the potential of trading it constitutes the end of session day or break during which I carry out other things than trading. At that time I allow myself to all mentioned above distractions without limitation hehe 🙂
And how it is during the session?
In fact, during the session my phone is on. But I answer phones only if can (I don’t have position, I don’t observe any positions) and in principle if my family is calling. From the fact that my family knows in what hours I work and respects it, they only call me in important cases.
Probably each of you from time to time receives constant calls from the bank, of mobile telephony offers, invitations to pots exhibition, etc. – let us state – during session you don’t even want to waste time on this type of conversation.
# Social Networks
I don’t belong to the group of people, who start and end their day with Facebook. Therefore, to limit my FB visits I don’t have a bigger problem. I use Twitter during the session where I observe a few interesting me traders.
Skype or other communicators – during the session are turned off. Skype I use only in trading matters.
# YouTube and stupid pictures
Who doesn’t like to watch stupid films on YouTube or funny pictures on Kwejk 😉 I also like, but not in hours of concentration on the session (first and third part of the session). Differently is in case of YouTube to listen to music.
Whether music helps in concentration
With a strong metal I couldn’t focus. It seems a good classical music affects – it didn’t, I became rather sleepy; similarly with rock or punk 🙂
Eventually I most listen to reggae music during the session. It allows me to calms down, sounds are good for me – and to the context, generally speaking, I don’t give any thought.
I don’t listen to music at the opening of session (in 30 first minutes). Sometimes I just put my handset on (such a big one, as in the picture) in order to soundproof conversations of other traders.
2 years ago on the Wall Street conference, I participated in the mental training organized by Paweł Jan Mróz. I will admit that this several hour meeting was the most interesting for me from the entire Wall Street. Most interesting in this respect is that I use a few techniques to relax before the session or concentrate when thoughts run somewhere. It is supposed to help oxygenate – I feel so. It is possible to find different exercises on YouTube – I recommend them.
Similar exercises regard visualizations to carry out profitable moves. Such visualization in some way sets me positively to the session, which I begin far more concentrated to profit.
And finally the most important – I’m focused on companies with the greatest potential
The number of companies that I have on the most important stockwatch significantly decreased in recent years. It might seem that substantial number of companies with signals it’s a greater potential up to the profit. Yes and no. I manage all positions from the hand, therefore I’ not able to supervise more than 3-5 opened positions in a fast way. Too many companies played/observed also reflected on concentration on setups which I played. I wanted to embrace all at once, and physically it is impossible. Therefore, my current number of companies in stockwatch is relatively low. I try not to have more than 5 companies on it. I omit here all signals that appear during the session as a part of intraday (it is a completely different matter, these are sudden signals). However, I noticed that my concentration melts when I have in observation larger number of companies. After all, physically I won’t be able to embrace them all. Therefore, that what I observe mainly is based to market mover that meets my criteria of selection.
What about your concentration? Do you apply some interesting techniques that you would like to share? Feel free to add a comment below!