16 New Year's Resolutions For A More Rewarding Year
The Xmas and New Year holiday season means that markets go quiet, so current news stories of note become scarce or non-existent. For financial writers that means we seek out 'big picture' topics like:
1. Reflections on the prior year and forecasts for the coming year.
2. Ways to improve performance in the coming year, mistakes we learned to avoid, etc.
The following is a variation on #2 (still working on the forecasts).
Over the past few months I've been reading Eric Barker's blog, Barking Up The Wrong Tree, which focus on on life and career lessons, and a few recent posts served as the inspiration (and sometimes source, along with those from The Sensible Guide To Forex, winner of 2013's Best Forex Book Award) for the following collection of trader productivity tips
Much of the following is all about
· Maintaining or increasing your peak hours
· Minimizing the things that reduce these
Some of the following are obvious, some are not. All are worth reviewing, and integrating into your list of highest yield New Year's resolutionsPART 1: EXPLOIT, MAINTAIN, RECHARGE YOUR PRIME TIME HOURS
Part 1 is all about exploiting and extending the time when your energy, mind, and mood are at their best.1. Match Your Best Hours To Your Most Demanding Tasks Of The Day
If you don't have that much control over your schedule, then do what you can to move your peak hours to the hours of those tasks.The Principle
Maximum productivity means organizing your tasks around your best hours. Match up the most demanding of your most important tasks of the day to the hours when you have the most energy. Allocate the second most demanding and important tasks to your next best hours, and so on.The Explanation
Energy, not time, is the key to top performance.
Working on time management skills will yield limited results without considering that for humans, unlike machines, all hours are not equally productive.
Know if you're a morning or night person. Few of us have more than 3-5 peak hours a day. If you need more, experiment with nap length and scheduling. Learn how well your body responds to coffee, tea, and other available stimulants can extend those hours, both with and without a nap. Use these with discretion. Many of us find that these are more like taking loans on energy that must be repaid. We also build tolerances to these, which limits their long term benefits if they're overused.
Most of us with jobs don't have full control over when those most important and demanding tasks come, so it's up to us to make sure we've had the right combination of sleep and simulantsExample
I reserve trading or investing decisions for hours when my mood and energy are good. I might do research, trade diary review and entries, during less productive hours, but final review of decisions to enter positions, and order placement, waits for those hours.
I use the non-peak times for less demanding and less critical tasks like:
· Responding to emails
· More enjoyable ones that I'm more motivated to do even when tiredApplying It
Identify the most demanding tasks of your day and do whatever you can to turn hours available for them into your peak hours.
See here for the rest of the post.
DISCLOSURE /DISCLAIMER: THE ABOVE IS FOR INFORMATIONAL PURPOSES ONLY, RESPONSIBILITY FOR ALL TRADING OR INVESTING DECISIONS LIES SOLELY WITH THE READER
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.