Updated from its original posting on 2012-11-23
Normally as traders, we tend to have tunnel vision on what WE are doing as we try to carry all responsibility for our trading. We tend to focus so much that we forget about the effect that other people have on our trading. What you need to understand though is that having the right support around you is just as essential to your success.
Whether you trade for a living at a hotshot trading firm or if you’re a newbie trader learning the ropes at home, it is inevitable that you will get stressed out, and it will affect your personal relationships.
You need to learn to appreciate the people closest to you, as they are the ones who may have to cope with and support you during stressful times. You need to understand that they play a crucial role in your forex trading career, and that they need to understand what it means to be a trader.
If they understand what you’re going through, this will help them develop the ability to remain calm, even during those times that you’re in the middle of a losing streak and freaking out. It’s during these times that they’ll remind you to stay on course! If your partner has yet to be initiated into a trader’s world, here are three tips to help them do so:
1. Explain your trading strategy to them.
Do you need your full concentration and absolutely no distractions while day trading? Does your trading system require you to be in front of your platform while a trade is open? If your partner or family doesn’t know why you are behaving in this manner while trading, you might find yourself in the middle of a huge misunderstanding!
Take some time to explain why you need to be able to focus while you’re trading or why you have to stare at your computer monitor intensely for a few hours while implementing your mechanical system. This way, your partner or family would know what is really going on and would give you the time and space you need.
2. Agree on a division of labor.
If they understand that you need to allot a specific amount time and energy to trading, they can make the necessary adjustments in their routine to accommodate yours.
For instance, if your system requires you to be in front of your platform at the end of a particular trading session which happens to be right after dinner time, let your partner know why you can’t wash the dishes right away. Better yet, switch up your chores and come up with a division of labor that can accommodate your trading schedule. To compensate, you can take out the trash or fold clothes after your partner washes the dishes!
3. Minimize stress!
Because losing is part and parcel of trading, there will be instances when you are feeling frustrated about a loss. You might not be in the mood to have a night out or you’re feeling too bummed out to talk, your partner should know and understand where these negative emotions are coming from so that they don’t take it personally.
Remind your partner to be patient with you, especially when you’re having a terrible trading day. In the same way, do not to take out your negative feelings on your partner–they’re not taking the other side of your trades! Try your best to separate your work issues from your home in order to reduce the stress on each other.
As with any other endeavor, partners should be able to support each other, especially during crucial moments. It’s easier to achieve success when there’s teamwork, even in trading!