Just because you’re dedicated to improving your forex trading skills doesn’t mean you have to be in front of your charts day in and day out. In fact, there are times, such as when you’re in a losing streak or when there are simply no good trading setups to take advantage of, when you have to step back from trading activities altogether.
This doesn’t mean that you can’t work on your skills though. You can improve your trading performance by simply doing activities that enhance your best trading tool: your mind and body. Let’s take a look at five non-trading activities and see how they can help you bring your A-game to your trades.
At its core, yoga seeks some form of balance between the mind, body, and spirit through developing strength and flexibility. As you progress to more regular yoga practice, you’ll find that it’s easier to clear your mind of outside noise and focus on your body’s responses. Coincidentally, these are the skills that you need to help filter noise in the markets, creating a meaningful trade journal, and staying flexible in different trading environments.
Aside from getting good blood circulation to help you think and react more quickly, sports activities also encourage competitiveness, discipline, proper preparation, and patience. And unless you consistently play like Kobe Bryant, Novak Djokovic, Lionel Messi, and Peyton Manning all rolled into one, sports teaches you the inevitability of having losses from time to time.
Whether you’re reading the latest James Patterson hit or one of Pipcrawler’s favorite trading books, it’s always a good idea to explore how other people think and how they express themselves. In fact, I’ve heard of a guy who has a profitable trading strategy modeled after the migration patterns of African elephants! Of course, you don’t have to read anything brainy like migration patterns or molecular biology to benefit from reading. Anything that stimulates and engages your mind will help!
Once in a while it’s good to step outside your trading space and forget about trading altogether. Get rid of all the noise and your immovable trading biases, and go concentrate on having fun. Explore other places, take in its culture, and expand your horizons. When you come back, your fresh insight could help you identify patterns, correlations, and strategies that you hadn’t spotted before.
5. Talking to other traders
No trader is an island. Why try to navigate the forex jungle by yourself when so many other traders are willing and able to share their experiences with you? But if you’re like Cyclopip and you can’t leave your cave even for a moment, then you can always make contact with your fellow traders on the BabyPips.com forums. You can start by saying hello or starting a discussion and see if you can find like-minded individuals in the community.