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I was wondering if anyone out there does any sort of daily mental check. Like a daily test to see if you are mentally focused enough to be trading. I have noticed on my self that if I am tired whether it is from just not being woke up fully or just a bad nights sleep. I screw up and it cost me money. I am just looking for ideas. I come across so game thing called Lumosity and I have notice just playing some of the free games that on the days I had bad entries and losers when I took a break and played there free games I sucked and had bad scores and on the days where I have good entries and winners I do good. I am not advocating them I am just leaning towards them since there games or more than just a memorizing a routine and are like a test. I understand everyone’s dance to the market is different I was just looking to see if any one had ideas that worked for them that my work better before I pay money for there games and tracking of my scores.
I used to wake up at 5:30 (i'm on the west coast so market opens at 6:30) and run on the beach. It was a great way to wake up. I've started having some trouble sleeping though, so I've opted for a few extra minutes of zzz's.
Now what I do is this: every night I set up the coffee machine. I wake up at 5:55, hit the "on" button on the coffee machine, and get in the hot tub. I meditate there until I feel at peace with the day which helps me wake up. Then I pour myself a cup of coffee, get dressed in business clothes, turn on the market, and sit down. Every morning I read my trading plan, which begins with "Never trade if you are tired or emotional. Do not trade until you've been sitting at your desk for at least 10 minutes."
For me it's about two things: The first is getting enough sleep to begin with. If you don't get enough sleep, your brain will literally not have the capacity to make sound decisions. The second is having a ritual that I associate with waking up and getting in the zone. My morning ritual is programmed in my head to put me in a good place.
Beyond that, I think you have to be really honest with yourself. Your brain, when tired, unfocused, emotional, or hungry, literally begins to lose the ability to think rationally. You have to be honest with yourself and assess if you are mentally prepared on that morning. Don't be afraid to "call in sick."
I understand having a routine that removes stress as much as possible but in real life that is often a luxury. For example I don’t have a hot tub! YET! I will one day. I used to run a business and you’re not all ways as focused and attentive that you think you may be. And have the bad contracts that I agreed to and have the scars in the bank to prove it. I am looking for a way to test your mental focus, kind of like how you can check the oil in your truck or the air in your tires or a stress test on you computer. Something that you can not make an excuse to yourself and say to your self it’s ok I am focused and good to go. Because I have learned you are you best asset and your worst enemy and you don’t all ways know which side you’re on.
I'm a discretionary trader and so I'm having similar problems. You need to be focused and relaxed at the same time to trade successfully. When you are in that state trading is like picking up money and when you are not - well, you know it.
I'm a night owl and so I have difficulty getting up early - 6:45 is early for me. Running the same routine every morning helps.
I just play several rounds of Freecell and/or Mahjongg each morning. These are easy games and when I don't win I know I'm not focused: Well, having enough experience you sense that anyway but not being successful at these games gives an objective confirmation and then you have to be triple careful.
Don't trade, do some physical exercises, take a nap, whatever. If that doesn't help quit trading for the day.
I have tried to trade in this state of mind with predictable results: it is expensive. Avoid it.
I used to play those Luminosity games as well and liked them, may renew. I currently play a game of Web Sudoku in the morning to help me wake up/think, if you login it will time you know and you can compare your time against your best/average. I've also been messing with this reaction time test recently at different times during the day to see if the time of day/sleepiness affects it: Human Benchmark
