8 Ways To Reduce Trader Burnout
It’s a New Year and everyone is excited about learning and earnings and trying to do what it takes to become my next millionairestudent, but you have to remember this is a marathon and NOT a sprint so success takes time and that trader burnout is a very real thing. Not only can this make you less effective and productive as a trader, but it can also strip away your love of the process of trading. Therefore, it’s important to take proactive steps in your everyday life to avoid reaching the point of overload.
Here, I’m offering some important tips for how to reduce trader burnout. From small changes to cultivating millionaire habits, these tips will help keep you on track for the long term.
1. Automate whenever possible. Time is limited. Why waste it on repetitive and mundane tasks that are easy to automate? Consider some of the tasks that you have to do frequently, and how you could streamline them. For bloggers, automation could include things like scheduling tweets or Facebook posts in advance, so that you don’t have to take time out during your workday to engage on social media. Or if you’re a businessperson, it could mean outsourcing customer service to a third party company so that your time can be freed up. For traders, it’s using this crucial software that lessens the time it takes to research potential stock trades and patterns….so utilize it!
2. Check email less frequently. If you’re constantly checking your email, you could be harming your earning potential. The fact is, whenever you pause to check email, it takes you a little time to get back into what you were doing previously. Not a big deal, but when multiplied over the course of a day, this can lead to lots of energy spent getting back into the groove. So, trust me, while I know how much fun it is to receive emails from people, checking email less frequently can help and you’ll be able to power through each inquiry and maintain a lot more energy throughout the day.
3. Keep your cool. When you’re trading, it can be easy to succumb to the “fight or flight” mentality. If you are in a constant state of stress, it can take a toll on your body and your mind, which can easily lead to burnout.
To combat fatigue based on a constant state of stress, try to reduce stress as much as possible. This means taking breaks when needed and maintaining your equilibrium by stepping away from a trade if you can’t see clearly anymore. Or as one of my millionaire students says, “don’t force trades”. Sometimes, keeping your cool can save you from losing money as well as helping reduce burnout.
4. Meet with your mentor. If you’re approaching burnout, meet with your mentor. Even if you’re not approaching burnout, meeting with your mentor can be a proactive step toward avoiding it…that’s part of the beauty of my millionaireand how tight knit of a group we all are!
When you meet with your mentor, you benefit in a number of different ways. For one, you simply make a connection with a like-minded person, which can help you remember the big picture and why you’re a trader to begin with. For another, you pick up on all sorts of insight from your mentor. You can benefit from their life and trading experience, learning subtleties about how to trade stocks. Ultimately, this knowledge can streamline your trading process and help you totally avert burnout.
5. Avoid distractions. I alluded to this when detailing the above tip on restricting your email checking, but here, I’ll take it a step further.
Every time you’re faced with a distraction while trading, it takes you away from your work for a short period of time. This means that when you get back to the task at hand, it takes several moments to re-acclimate and get back into it. Over the course of a day, or weeks, months, and years, this can lead to plenty of wasted time, which can lead to reduced productivity and increased frustration. That certainly sounds like a recipe for burnout to me.
To become far more productive, try to limit distractions as much as possible. This might mean waking up earlier to get mundane tasks out of the way, or it might mean turning off your phone during peak work hours. It can make a big difference!
6. One thing at a time. Doing a million things at a time might make you feel super productive, but it’s a false sense of vitality. Really, all that you’re doing is scattering your attentions so that you’re not doing anything to your fullest ability.
By focusing on one task at a time, you’ll probably do a better job at that task. You’re also more likely to complete the task rather than leaving loose ends, which can come back to haunt (or at least stress you out) later. You’re less likely to forget things, too. Completing one task before starting the next whenever possible will reduce potential burnout and ultimately will improve your productivity. Less stress and the potential to make more money? That’s a good thing.
7. Get adequate sleep. There’s not much in life that is improved by less sleep. So why would you make trading, which is already risky, even riskier by working with limited sleep?
Prep yourself for success and reduce burnout by making sure that you get adequate sleep. If you’re following my lead and waking up early to be more efficient as a trader, this means you’ll have to adjust your bed time as well. Maybe for you, adequate sleep is 5 hours a night; for others, it might be 8 hours. Figure out the amount that makes you feel the best, and try to aim for it each and every night. You’ll be a more efficient worker, and better equipped to deal with what comes at you throughout the course of a trading day. This can help you reduce burnout, big time.
8. Enforce “off” time. To truly be effective at anything, from playing sports to writing a paper to working as a day trader, you need to take adequate time off.
Off time isn’t an indulgence: it’s a necessity. It allows your brain to rest and restore, and clears your head so that you can approach your work in a focused way. An exhausted mind is not the best for trading. Be sure to take time off to spend time with friends and family and to pursue your other interests. Not only will it make you a better trader, but it will help to remind you why it is that you trade and work to earn money to begin with.
If you want to enjoy long-term success as a trader, it’s important to stay healthy, both mentally and physically. By following the tips detailed in this post, you’ll be better equipped to deal with the daily demands of trading. This means that you’ll reduce overall stress, improve productivity, and avoid the dreaded burnout.
How do you avoid trader burnout? Leave some comments with some tips, I’m curious to see what you think!