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6 Things Successful Investors Never Waste Time Doing

Wayne Duggan
·3 min read

Some people see day trading as a dream job. The idea of making one or two big profitable trades each day and then spending the rest of the day living like you’re on vacation certainly sounds glamorous.

In reality, most day traders work as many hours, if not more, than anybody who works a regular 9-to-5 job. And traders who waste time during and after trading hours are at a big disadvantage. Here are six things successful traders and investors never waste time doing.

  • Complaining about losing trades. Getting on social media and ranting about how the market is rigged or you were screwed over by short sellers or market makers or big Wall Street bankers doesn’t get your money back. It also doesn’t help you learn from your mistakes and make you a better trader. Instead of complaining and finding excuses, accept responsibility for your losing trades and try to dissect what went wrong and why.

  • Watching TV or YouTube During market hours. These days, there are plenty of TV and YouTube channels devoted to market content. During the trading day, these channels can be a great resource for breaking news and information. But you couldn’t sit around all day watching cat videos on YouTube at a typical job, and successful traders don’t do it during trading hours either.

  • Using social media excessively. In the typical workplace, chatting and gossiping are two of the biggest drains on productivity. Traders don’t need to go on a social media blackout during trading hours, but everyone knows when a conversation is relevant to work and a productive exchange of ideas and when it is just socializing.

  • Being indecisive. It’s great to carefully consider a trade or a trading strategy from all angles. Yet at some point you have to pull the trigger. If you spend too much time making up your mind, you are not only wasting time, you could potentially let the opportunity pass you by.

  • Talking trash about your winning trades. If you hit a home run trade, there’s nothing wrong with feeling proud and wanting to briefly share your success with others. Humility is not only more impressive, it’s far more productive. You never see Warren Buffett bragging about how much money he’s made on Apple, Inc. (NASDAQ: AAPL) and trash talking Apple bears all day on Twitter.

  • Waiting around for opportunities. Sometimes, a genius trading idea or opportunity will fall right into your lap. But most experienced traders will tell you these instances are few and far between. There are countless trading and investment opportunities in the market every single day. But nobody is going to hand them to you. It’s the responsibility of each individual trader to track them down, figure them out and cash them in.

Related Link: 10 Tips To Bring Positivity Into Your Trading Day (And Life)

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