Setting up a trading hour is easy and is a necessity. You do not want to be involved in the market 24/7 so setting up an hour where you review your trades is a must.
There are a number of reasons why having a trading hour is a must.
1. Your body gets used to it. If you are always reviewing your trades during the same scheduled time your body will get accustomed to it. Your mind will get used to think about trading during that time and hopefully it will do a better job than if you check your stocks every 10 minutes.
2. It will cause you to worry less and make fewer mistakes. If you are constantly worried about your stock trades it can work against you in two ways. First if you worry too much it is not fun and could be harmful to your health. Second if you are constantly worrying about your trades chances are you will make more mistakes and start making trading decisions based on emotions.
3. You can’t be a trader all the time. You need to give it a rest now and then and go live your life. Go out with your family and friends do what it is you like to do. Forget about what is happening in the markets now and then. Remember it will not make any difference in your trading results if you check your account 1 or 30 times a day but it will make a difference in your quality of life.
You never need to devote more than an hour to trading a day. That should be plenty of time to do what you have to do. In fact most of the time you will not even need to use the whole hour. But scheduling an hour a day to trading can drastically improve your results and quality of life.
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