Does Your E-mini Trading Room Have A Positive Atmosphere?
Can you imagine trying to e-mini trade in the middle of a Bruce Springsteen concert
? While it may be remotely possible, I don't believe that I, personally, could trade under such chaotic conditions. Yet many traders attempt to trade with a wide variety of stimuli occurring in their trading area.
I can only describe what works well for me, which was learned from trading with a large number of proficient traders. As e-mini traders who work in the scalping style, we have to be nimble and able to spot trading opportunities in a relatively short period of time; then we must enter a trade at the appropriate moment and exit at a time when we believe maximum profit has been achieved. This is no small task and your e-mini trading room atmosphere can either enhance or detract from the rapid process of entering and exiting trades. Some common mistakes, in my estimation, are often made. Such as:
Listening to the talking heads on the major financial news networks. While I have great respect for some of the individuals that are interviewed during these broadcasts, by and large they are talking about economic occurrences that have little to do with my trading. While there is a good quantity of news to report throughout the day, there generally is not enough important new events occurring in a trading day to make an entire broadcast relevant and up to the minute. Consequently, much of the content of financial news networks is filler and completely irrelevant to day trading. Further, shocking and the astounding news garners great interest, so some of the economic reporting is of shock value, and the only shock value. In short, I find the financial news networks to be distracting at best, and misleading at worst. Listening to these networks may have you subconsciously thinking that the trading is to the upside because of all the rosy news, when your chart is saying something completely different. We don't trade and economic news, we trade charts.
Listening to your favorite music album may also be distracting. I often find myself getting wrapped up in a great tune and losing my concentration on my trading charts. For that reason, I avoid listening to high-powered music during my trading session. In my opinion, talk radio falls under the same heading; perhaps you become emotionally involved with the message on a particular day of the radio announcer or his guests. The end result is your distraction from the trading charts and your own focus on the radio.
Often times, you may be forced to trade in and around the presence of other family members, especially your children. While I hate to sound like a cretin, family matters will definitely steal the attention from your trading charts. For that reason alone, I highly recommend finding a spot in your home where you can close the door and trade uninterrupted. With children, I would often take a scheduled break during the trading day and spend time with them to explain that I was working and listened to their concerns. It was also common for me to just spend 15 min. with my children having fun; at the end of my scheduled children time, I promptly headed back to the trading room and reestablish my concentration on the trading charts. This suggestion can be a bit controversial, but if you intend to trade for a living, you must establish an atmosphere that is conducive to successful trading. If you were to a normal day job, you certainly would not take your children to your workplace.
Without exception, I always trade in complete silence. On a rare occasion, I choose to listen to some classical music for relaxation. I often employ classical music when I am feeling overstimulated or ill at ease during a trading session. I find this music relaxes me and is not intrusive to my chart concentration. Of course, you may have your own benign methods to relax; relaxation methods are great, just so they do not interfere with your chart reading ability.
In summary, you have seen that I strongly discourage trading in an atmosphere where outside stimulus can detract from my concentration. For me, no television, no rock 'n roll music (one of my favorite types of music), and a detachment from my family except during scheduled breaks; I trade in silence when possible to devote myself completely to e-mini trading.
by: David S Adams
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