How To Master Time Management In Forex

By Steven Hatzakis Wednesday, January 24, 2018

Sponsored Links

Time management in Forex is extremely important. Knowing how to manage it wisely brings a lot of benefits. This post will show you!

Introduction

Being a trader is difficult – not only you have to analyze and organize wisely your decision and money, but you also have the duty to wisely manage your time. It may sound relatively easy, but just like how challenging making money from the market is: It’s far from simple.

The problem can be exacerbated further for those who have daytime jobs and only take Forex trading as a side profession. The saying made from decades ago still stands: Time is money.
The following is some tips on time management in Forex that would be extremely helpful for those who are searching for good ways to save their valuable time. Let’s get started!

Strategies for Time Management in Forex

Have you ever tried some traditional ways to manage time? Did they work? Here we provide some time-saving strategies for Forex traders to develop their skill.

Energy Management

Energy management claims to be the most vital time-saving strategy and the key to success in Forex trading. That’s because most traders must work during hours. Having good energy means that they can save a lot of time.
But how to manage your energy?

Physical Energy:

  • Go seeing your doctor yearly to ensure you have good health. 
  • Eat healthy food to maintain energy.
  • Have a good and adequate amount of sleep.
  • Do not forget exercising, especially desk exercises, to build and maintain your overall energy all day long.

Emotional Energy:

Control your negative emotions.
Think positively to handle your unwanted emotions.

The 4D’s for Mini-Tasks

This strategy gives you a hand in deciding which tasks are worth doing to avoid wasting your trading time.
  • DELETE - Do you think it is worth your time? If you drop it, does it impact on your work?
  • DEFER – Is it urgent to accomplish latter or right now?
  • DELEGATE – Should I hire other people to finish it for me? Or I should do it on my own?
  • DO! – Do you have enough time to do it now?

Pareto’s Principle 

Pareto’s principle, which is a theory of an economist named Vilfredo Pareto, is also called The 80/20 Rule. He examined that 20% of an investment can bring back 80% of the results in any cases.
Here are the guidelines which Forex traders possibly try to achieve most productivity.
  • List 10 most important activities of your day on paper.
  • By exercising 80/20 rule, define top two activities which have produced 80% of output. 
  • Then sacrifice your time to these tasks and observe whether it can increase the quality output or not.

Smart Time-Saving Applications

There are many useful programs and devices to optimize time management. You can try some software programs and productivity tools to support key tasks on the list below.

My Minutes

My Minutes, which is an uncomplicated personal task tracker, gives users a permit to handle and budget their time. Its function is to help users reach their daily goals in a period they have planned. Besides, My Minutes not only analyzes users’ performance but also informs them with motivating remarks.

This kind of program is very suitable for traders who consider applying Pareto’s Principle.

Evernote

Have you ever heard about Evernote? If not, here is some information about this popular app.
For traders or users, Evernote is one of the most effective applications thanks to its built-in features and data storage. Evernote brings many outstanding benefits for users. There are storing and organizing texts in any length, attaching audio and images, ability to remove and gather websites or documents with comment options.

Rescue Time

‘Rescue Time’ is placed one of the best applications for managing time. It will follow users’ activities and report the time they have spent on a computer. The result Rescue Time brings a precise view of the efficient use of time on a day by using alerts, productivity marks, and highlights.

If you do not like any following applications above, another productivity tool for you to try is To-do List and Mind42.

Disconnect

Forex trading requires traders much time to prepare and execute trades such as updating news, trying new strategies, studying charts, arranging trading routine, etc. Concentration is extremely important to turn these tasks into success. So, to lessen distractions, you must disconnect yourself and 100% focus on tasks.

How to disconnect yourself?

  • Do not let mail applications bother you. Set a proper schedule to check or answer emails.
  • Log out all your social media accounts, Skype, and other chat programs. We recommend you to use apps like Freedom. It prevents users from regularly checking notifications while working. 
  • If there is nothing to consider, you ought to turn on Airplane Mode on your phone to completely put yourself aside from texts and calls.
  • Use the button ‘Do Not Disturb’ on your phone if you still need to receive important calls or texts.

Conclusion

Proper time management is an art that requires both skill and persistence. Managing time wisely and accomplishing tasks can produce profitable results. Many people have the wrong thought that using as much time as possible brings more opportunities to help Forex traders to become successful, but in fact, it’s not true!

Elegant time-saving strategies should be utilized on a daily basis. Thanks to great strategies for time management in Forex, traders can balance their personal life and set up an efficient daily trading routine.

See More: