Effective time management is essential for people of all kinds.
But it is critically important for traders to achieve a good result, especially if a trader works “for himself”: since a trader is not tied to a clear schedule and can choose the trading time for himself, there is a high risk of relaxing and deviating from the plan.
1. Decide on the markets and trading sessions that give the best results
Time management in trading directly depends on the trading strategy. Some trading strategies give the best results only at certain times (for example, at the opening of a trading session).
Therefore, it is important to determine for yourself these most effective time intervals, freeing them from other activities (sleep, household chores, etc.).
2. Organize the preparation for trading correctly
During business hours, nothing should distract from the bidding. Basic tools, signals, and steps should be worked out and thought out before opening trades. Therefore, always carry out analytical work strictly BEFORE and AFTER trading (but not on time).
Also, make sure that the retail space is properly equipped, illuminated, and isolated from external noise as much as possible.
3. Active rest
Every 20-30 minutes, you should do a 5-minute warm-up to activate blood circulation and stimulate the brain.
4. Do not be distracted by extraneous indicators and signals that are not related to your trading.
Before the start of the trading session, you should already have a certain trading plan that fits into the chosen strategy, as well as a list of “favorite” assets and indices that you follow at this stage. Try not to be distracted by events in other markets, or in other securities not related to your chosen strategy.
5. Allocate a separate time to analyze the news background
It is extremely important for a trader to keep abreast of major economic and political events, key news from the world of corporate finance and investments. But if in the most crucial period of the trading session he is distracted by interesting, but insignificant news for him, this can deprive him of a part of his profit or lead to serious mistakes.
Therefore, every 1.5 hours, you can take “news” breaks, as well as allocate a separate period of time, for example, at the end or before the start of a trading session to view the news feed and adjust the strategy if necessary.
8 steps to start a new financial life
Do you know what our long New Year’s holidays are good for? After all these grueling purchases, visiting guests and feasts, they not only push us every time to think about proper nutrition and healthy eating in order to regain our former “ease”, but also make us seriously think about revising our own financial strategy and planning policies. and family budget management.
Agree, December and January are a special joyful, but still extremely costly period. In addition, many at the end of the year receive decent “bonuses” from employers, but they do not always know how to properly dispose of them read about how best to deal with the unexpected arrival of money
If you are determined to put your personal finances in order, then we advise you on the following procedure, which will lead you to the desired financial goals.
1. Analyze past expenses
Before you start thinking about what financial goals you, for example, want to achieve in 2019, answer yourself honestly how much money you wasted last year. You probably don’t know the answer to this question because you don’t keep track of your expenses.
Of course, you do not need to set yourself the goal of tracking the movement of each ruble in the family budget, but it will not be superfluous to download one of the many programs for keeping records of personal income and expenses (one of the templates is available on our website for free ), or to keep a simple table on your own (better in Excel), where you will enter at least all relatively significant expenses by category.
Believe me, even keeping such records for just a month can change a lot in your consumer habits.
2. Create a new budget
Now that you have analyzed your past and current expenses, you can create your own personal financial or savings plan that will lead you to your goals (such as buying a home).
3. Set alerts for important payment deadlines
Make sure you never miss due dates for rent, next loan payment, and other important dates for your financial plan: mark important dates on your calendar (you can use Google Calendar, for example ).
Set alerts to remind you of a day or a week in advance of important deadlines.
4. First, close the debt with the maximum lending rate
If fighting debt is high on your list of financial goals, the amount you have to pay off can be overwhelming. To start, focus on the debt with the highest interest rate and try to pay it off early (while continuing to make the minimum payments on other loans). This debt will cost you more in the long term (in%), so paying it off faster will save you money.
5. Increase pension savings
It has long been clear to everyone that it is at least short-sighted to rely on only one state old-age pension. If you understand that you have a certain amount of savings left in each month, it’s time to think about retirement planning.
You can learn more about modern rules and planning tools from our special section. We also recommend using the pension calculator, which will help you calculate how much you personally need to save each month in order to get the desired pension level.
Are you subscribed to three similar paid online magazines? When was the last time you attended a meeting with the professional society that you joined and to which you pay membership fees? Have you really taken so many yoga lessons to justify the cost of the unlimited attendance sports club card?
Eliminate all unnecessary spending on services or subscriptions. Remember that you can always restore most of them, but, alas, no money back for services and opportunities that you did not use. We often want more than we are able to “process” our body and brain.
7. From time to time impose a moratorium or limit on spending
Sometimes, in order to take a big step towards financial freedom (for example, to close a loan), you will need to temporarily live in economy mode. In such a situation, it is necessary to take strict measures, whether it is a complete ban on purchases “off the list” (unnecessary spending) for a week, a month, or any other period of time that suits you, or setting a daily limit on spending for all family members (which may be exceeded only in exceptional cases).
8. Learn more about your money
Do you want to better manage your money but don’t know where to start? Still not sure how Individual Investment Accounts work?
Take time each week to learn more about the finance topics that matter to you ( investment and business, retirement planning, benefits , benefits and tax deductions , loans and banks, etc.).