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Manage risk in the markets and in life.

  
  Education
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No question that there is volatility in the markets right now. Too much volatility can lead to an increase in stress, especially if your trading involves holding positions longer than 5 minutes. Stress is part of the business so we have to adapt to it, both physically and mentally, or fade away. For some it is easier than others to find an activity to unwind and release some stress. Hitting the batting cages, taking in a movie, attending a sporting event, going for a jog or simply reading a good book are some examples.

I’d argue that those who have a difficult time taking a break from the trading world and thus the accompanying stress are also poor managers of risk. Having risk in the market is a given. Not having discipline to manage that risk is where they fail. We’ve all had that gut feeling that X is going to happen and a loss will occur, it’s part of the business. Those that take that loss, learn from it and move on are those that are able to escape the markets when needed.

Those that choose to not manage risk in the market fail to manage risk in life. Instead of taking the edge off at the local watering hole they stay there ’til last call, neglecting other duties in life. Instead of spending the weekends with family and friends to recharge they pore over charts, financial statements and twitter looking for the next holy grail. Always chasing, never catching.

Sixty Ways To Make Life Simple Again

  
Education, Life
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  1. Don’t try to read other people’s minds.  Don’t make other people try to read yours.  Communicate.
  2. Be polite, but don’t try to be friends with everyone around you.  Instead, spend time nurturing your relationships with the people who matter most to you.
  3. Your health is your life, keep up with it.  Get an annual physical check-up.
  4. Live below your means.  Don’t buy stuff you don’t need.  Always sleep on big purchases.  Create a budget and savings plan and stick to both of them.
  5. Get enough sleep every night.  An exhausted mind is rarely productive.
  6.  Get up 30 minutes earlier so you don’t have to rush around like a mad man.  That 30 minutes will help you avoid speeding tickets, tardiness, and other unnecessary headaches.
  7. Get off your high horse, talk it out, shake hands or hug, and move on.
  8. Don’t waste your time on jealously.  The only person you’re competing against is yourself.
  9. Surround yourself with people who fill your gaps.  Let them do the stuff they’re better at so you can do the stuff you’re better at.
  10. Organize your living space and working space.  Read David Allen’s bookGetting Things Done for some practical organizational guidance.
  11. Get rid of stuff you don’t use.
  12. Ask someone if you aren’t sure.
  13. Spend a little time now learning a time-saving trick or shortcut that you can use over and over again in the future.
  14. Don’t try to please everyone.  Just do what you know is right.
  15. Don’t drink alcohol or consume recreational drugs when you’re mad or sad.  Take a jog instead. (more…)
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