In this article, we will explore the five key elements of a trader's lifestyle that contribute to success—including discipline, study, fitness, rest, and networking. Its not about exact instruction to set a detailed plan for what you should do, or shouldn’t in your daily life, but instead my aim is to give you an outlook too see how should be a trader lifestyle in general.
Daily Plan
The way that your day's work is planned is crucial for success—not just in trading, but in any career. Regardless of the strategy and methods you employ, or the flexibility required for analyzing the market, traders should develop military-like discipline and always stay disciplined. This is essential for many reasons, but the most crucial one is that you need to trust your system and respect your rules. Success is impossible in trading if you’re constantly doing whatever you like, whenever you want.
While we, as humans, crave for freedom, the rules in trading are different. The market does not care about your good intentions or wishes, it’s indifferent to any personal desire. Mistakes and disobedience have immediate consequences. And as the saying goes, "A man cannot serve two masters, and the market is a tyrant."
Trading is a full-fledged business and cannot be a side pursuit. Success comes only to those who truly want the job, not the glory of it. It is the result of years of painstaking effort and unwavering concentration, and those who invest their time profitably move toward wealth and independence. With minimal expenditure of time and money, you should assess whether trading is the right fit for you.
Study
The most important part of any plan is consistent studying—it’s the cornerstone of successful trading. Dedicate time to uninterrupted study of the market, reflecting on the various elements and influences affecting it.
Depend on your style and strategy, you should split your daily time. If you are a daily trader or scalper, you should spend five to seven hours a day at the market, and many more hours studying your mistakes. But for a Spot trader, who follows the 1-hour plan, will be more successful than those who spend all day in a brokerage office or behind the desk looking at the screen. Spot trader must devote one hour a day to study in the middle of each day, planning his campaigns and giving instructions. this includes understanding global conditions, banking trends, foreign trade, corporate reports, and statistical data. These insights provide the foundation for forming opinions before entering the market.
Fitness
Traders must stay physically and mentally fit! The market has no concern for your personal needs or intentions—it simply operates according to its own rules. “Healthy mind is in healthy body”, a clear-headedness grows from good physical condition, and a certain amount of exercise is necessary for maintaining that. In other word, the "chain is only as strong as its weakest link," and poor physical or mental health can render you incapable of working effectively.
Mental health is just as vital as physical health. Because, although, hard work is important, but being constantly nervous under pressure is the worst, and the worst combination of all is emotional anxiety. The stress of high-pressure work for too many years can result in burnout. Heart disease, due to excessive business activity, is very common among retired traders. Therefore, prioritize your wellness above all else—don’t trade your health for wealth. Peace of mind is worth more than many dollars. Silence and solitude are necessary for clear, independent judgment, and the best way to study charts is in a private, peaceful, quiet office space.
Rest
No one, except a floor trader, should be constantly engaged in the market. Beyond a certain point, trading is no longer necessary. Trading is, in general, a solitary and personal activity. As a trader, you have no overhead, no partners, no employees, and no boss. You are in business for yourself. Thus, you are free to stay away whenever you like, close out any open interests, and come and go as you please.
Consider staying neutral on occasion, as it clears your mind. When you return to the market, you’ll find your judgment sharper after a break. whether it’s a walk around the block or a long weekend away. Also, traders need adequate sleep, as early morning activity and rising are vital for success.
Network
Is not well for anyone in the market to become too big if he is alone. if you have knowledge, you should let others light their candles at it. That’s how we made as human kind, we complete each other, just find your strength and weaknesses, shine and let the light of other people make you brighter. As Andrew Carnegie said; “It marks a big step when someone comes to realize that other men can be called in to help him”. However, be careful to be partner with people who are high class, who are not lying awake nights planning ways to do you out of money. Also, never trade only based on others financial tips.
In conclusion, the lifestyle of a trader demands consistent effort, discipline, and self-care. It requires a balance between rigorous study, physical fitness, mental clarity, and periods of rest. While trading can be a lonely and stressful journey, it also offers the possibility of great rewards for those who remain dedicated. By adhering to these principles, you can improve your chances of success in the competitive world of trading. Remember, the market is always evolving, but so too must you as a trader.
