I regularly talk about ways that aspiring traders can potentially improve their performance.
Most of these suggestions are technical — looking for clear indicators, cutting losses immediately, picking the right strike and expiration dates, etc.
And as critical as these considerations are, they’ll mean nothing if your mind, body, and psyche aren’t all directed toward the same goal.
You see, to be a truly great trader, you can’t simply stare at charts all day.
You’ve gotta focus on other (non-technical) aspects as well, then marry them with your charting skills.
And achieving this cohesion requires practice, done away from your computer screens and separate from your trading/studying.
When I was first starting as a trader, I didn’t consider any of the activities I’m gonna lay out today, but I wish I had…
With that in mind, keep reading and I’ll show you three non-trading activities that can help you become a better trader!
Study Tim Sykes’ Lessons
I learned everything I know about the stock market from my mentor, Tim Sykes!
Internalizing Sykes’ lessons the way I did helped me to build a solid foundation for the long and fruitful career I’ve had in the stock market.
Plus, studying Sykes is a great way to sharpen up your skills away from active trading.
The first thing I did was join Sykes’ Trading Challenge, a decision that completely changed my life…
But I wasn’t like all the other students…
I watched every single video in Sykes’ library three times. After that, I transcribed every webinar he posted.
This is how I drilled Sykes’ 7-step framework into my brain — by going above and beyond when it came to studying.
So, next time you have some time outside of market hours that you wanna spend improving your trading skills … go back and study the teachings of Tim Sykes!
Go Outside and Get Some Exercise
I’ve said it before and I’ll say it again … the mind and body are more linked than most people (especially traders) think.
Believe it or not, getting off the computer and going outside every day is extremely important for professional traders to do.
Let me explain…
We can all agree that your mental state is critical for making solid trading decisions, right?
Well, if you stay inside all day, your mental (and physical) health can deteriorate.
However, the opposite is true for going outside and getting some fresh air…
According to the American Psychological Association, research experiments have shown evidence that being exposed to natural environments improves working memory, cognitive flexibility, and attentional control.
Additionally, studies have shown that spending time outdoors leads to lower levels of cortisol — “the stress hormone.” (And anything that reduces stress in a trader’s life is an overwhelming positive.)
It can be easy for traders to find themselves sitting in an office chair all day.
Don’t be like these guys. Break the bad habit. Go outside and get some exercise!
Pro tip: Playing sports is a great way to make physical exercise fun and exciting. (I love to play tennis and basketball!)
But even if it’s just a walk around the neighborhood, take time each day to get some fresh air and release your mental tension…
You’ll feel better, which should help you trade better!
Compare Notes with Other Traders
As a trader, you’re mostly on your own … sitting by yourself in a room full of screens, waiting for that perfect opportunity to strike…
Up to a certain point, trading on your own is a good thing. It forces you to learn valuable skills without relying on outside assistance.
But after learning the basics, every trader eventually needs some help and support.
That’s why I suggest comparing notes with other traders.
Your trading friends might see a chart differently than you, which could lead you to a setup you wouldn’t have noticed otherwise.
And this is exactly why I started my Discord server. I want Evolvers to embrace each others’ ideas and share their strategies with one another.
Take it from me…
Over a decade ago, I met my buddy Tim Bohen (another invaluable benefit I gained from Tim Sykes’ Trading Challenge!)
It was there that Bohen showed me his “3-Item Checklist” for picking worthwhile setups, which has been my go-to trading checklist ever since.
In other words, comparing notes with Bohen completely changed how I chose my setups for the rest of my career. (I wouldn’t be the trader I am today without this checklist!)
With that in mind, I’d like you to seek out a few trusted confidants in our community — traders whose outlook you admire and agree with…
I’m not suggesting that you copy other people’s trades or chase alerts. (Don’t do either of these things!)
Instead, pick the specific parts of our Discord members’ strategies that you identify with and implement them into your playbook.
The market is only open for six and a half hours each day, which leaves a lot of time to study away from your active trading.
If you’re sitting on the couch eating potato chips for the rest of the day, you will be quickly eclipsed by traders who are willing to work hard away from the markets.
So, when the closing bell rings today, consider taking a shot at one of these non-trading activities…
You might become a better trader for doing so.