It might be a sad comparison for real athletes, but I often compare trading to blood, sweat and tears required to be disciplined in crypto trading because it does require training and perseverance. To be certain, there are great lessons to be learned from sports. But beyond this, there are things in your everyday life that must be nurtured in order to improve and be successful on your crypto trading journey.
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For some odd reason, I see what successful sports teams do and often find correlations with trading. Over the years, one of the most common things I’ve seen from great teams and athletes is the application they put into finding marginal gains. Stay with me for a little bit.
Aside from the general must-haves athletes and great teams need; things like talent for the sport, a matching physique, a great coach, fans with passion, finances, and whatnot, is what separates the best from the rest. In most cases, it’s found in the finer details – details which are often outside of the training room or the game.
Whether tweaking their nutrition, using sophisticated sports gear, technique, or minute changes in their training, the very best always look for ways to gain an edge over the competition. So too goes it for crypto trading.
Remember John Henry’s money ball approach? He brought success to the Boston Red Sox and recently, to Liverpool FC based on data-driven searches to recruit team members. Many of them had been written off by other scouts. You, as a trader need to be like John Henry and handle the details that make good traders great because they nurture elements outside of the trading forums.
If you want to become better at reading, picking up a good book on trading, and reading it could help you a lot. No matter how old you are in trading, you don’t know everything. No matter how old you have traded, you can always improve; you can still know more.
The pages of books written on the subject are treasures, and the beautiful thing about books is that the authors share the experiences they have taken several years to gain. Some of these experiences were not short of challenges. Some traders lost a lot of money along the way.
Reading these experiences could help you potentially avoid rookie mistakes.
Join a Group and Attend Seminars
Not all forums or groups are healthy. However, a lot more is right for you. Be part of a group of traders passionate and serious as you can be what you need to boost your confidence and set you on the path to success.
One advantage of these kinds of groups is that you meet fellow trading enthusiasts who may have tried some trading strategies you are thinking of trying. From these groups, you get to share experiences with others. There is not much advantage in being a lone ranger.
Another advantage is that you are more likely to get information faster from these forums. Although we are in the information age where information flies more quickly than the speed of thought, however, you can’t have it all. Partnering with others can be of great help to you.
The idea again is marginal gains, little things that can become the extra push. Just be wary of shilling and too-good-to-be-true “opportunities.”
Much like reading a book, signing up for a trading channel or online community exposes you to the experiences of other traders. They are several websites, blogs, vlogs, and individuals out there that offer quality advice on the trading business. Identifying and subscribing to one would do your trading a lot of good.
Although they are admittedly several other channels with no experience and know-how, that shouldn’t be a source of discouragement. You could argue that you already have enough charts to analyze, fundamental news, and happenings to keep in touch with and trading decisions to make. Adding another load of data will be too much information. However, the goal here is to give you those marginal gains.
You will do well to identify the channels that work for you and stick to them.
Health & Exercise
Yeah, I get it; we are trying to trade here, not grow some muscles. I get it.
There is a high percentage of how successful you become as a trader that is dependent on how stable you are in mind and how healthy you are. Exercise has been proven to be a great way to boost the body and to enhance the mind.
I am not saying you must sign up for a gym membership or anything, but a ten minute walk a day will keep your blood flowing. My point here is that look for a way to keep your body and mind in shape.
Modern technology has made many of us sedentary, which can be reflected in how well we concentrate, which can affect how we trade. Staying in shape improves confidence and alertness to make decisions quicker.
Remember what I said about marginal gains? We’re not training for the Boston marathon, just a boost in energy and blood flow for that extra advantage in the day.
Of course with exercise comes talk about diet. So, you’re sitting at your desk and busy with day trading or trying to sneak a trade in between working and instead of a healthy lunch you’re shoving a beef and bean burrito down your throat.
Eventually that is going to catch up on you. Diet is a marginal change that can impact your training. Some people use food for comfort. Others use it to power their body. The former can make you soft. The latter can turn you into an energized machine.
So, the idea here is to consume only the kind of food that will help you stay on your game. Nutritionists have warned us of the dangers of sugars, junk food, soda drinks, and salts. They equally have preached on how blessed those who take fruits and naturals are. Your goal in eating should be to get as much energy, nourishment, and life from what you eat. You don’t want to harm yourself or put yourself at a disadvantage, no matter how minor it could be.
As a trader, you must treat what goes into your body as essential. Watch what you consume and stay healthy.
Can I stress this enough? The idea is marginal gains.
Maybe you aren’t an athlete, but you have to set your mind to being one. It does affect how you tailor your day and critical decisions you make, especially in the stress of trading regularly. If these are the opportunities to give yourself that extra edge in trading then you should seize upon every one of them.
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