In many parts of the world, countries are in lockdown mode to reduce the spread of the Covid-19 virus. This means being confined to the four corners of our homes for weeks, possibly months.
So here at TraderLife, we've decided to come up with a list of things that can keep your mind & body busy and active to keep that cabin fever at bay.
We've already provided you with some top tips on how to work from home more effectively here, but this article will outline some activities to get stuck into that are specifically tailored to traders.
Why not use the additional time on your hands to complete that back testing of that new strategy idea you had but you never got round to doing. Whether you’re undertaking it automatically or manually, you can finally use the down time to get on top of creating and testing your next profitable strategy. Like we say at TraderLife, 'Practice makes probable'.
Trading Review / Journal
A lot of professional and successful traders highlight the importance of using a trading journal. If you don't have one, now is a perfect time to start one, get into the routine of filling it in and understanding your trading patterns and behaviours. Hear from Patrick Munnelly, Head of Prop Trading at LittlefishFX, to get some tips and insight into how and why you should journal...
Reading / Self Learning
A couple times a year Bill Gates gathers up a number of books and research papers and retreats into his log cabin in the woods, cut off from the world. Here, by himself, he spends days on end reading and learning about topics of interest to him. Why not take a leaf out of his book and get on top of your reading list that's been collecting dust on your shelf. Whether that be from one of the numerous TraderLife articles on the top books to read or many of the online articles and financial white papers freely available, being stuck indoors can be a good time to continue or start your self-learning, or just to get stuck into and enjoy a good novel. We'd love to hear what you're reading; let us know by tweeting us @_TraderLife_.
As actual physical socialising has been removed, the new thing to do is to do it virtually. We’ve been surprised at how easily people have adapted to and embraced the virtual socialising space, even the older generation. We've heard of virtual coffee meets, virtual pub sessions and even pub quizzes played with friends and family.
There are many apps or software to use to get connected with; however Zoom has been a prominent one. It’s free and allows as many people as you like to join (up to 500), which is limited in some apps. If you’ve been tracking the Zoom Video Communications Inc. stock, since its IPO in April 2019, it’s gone from c. $65 to $150 (31st Match 2020) with a high of c. $165. At the beginning of the year it was trading back down at its IPO level, however the recent circumstances and the scramble to get connected has pushed the price over 130%.
Because of isolation and social distancing, making it to your monthly home poker game with your buddies is now a no go. However this is where technology lends its magical hand and solves yet another problem. Some online poker sites have created your home game but brought it into the online world. Simple sign up; create a 'Club', invite your friends to join and 'shuffle up and deal'.
What's more, you get to play more hands as you don't have to shuffle, deal or count up any chips. And some sites even have leader boards, so no one will forget who the best player is within your club, no doubt a high bragging right. This can be done with 'play money' or putting real Benjamins on the line.
And if you’re worried about the social side of the online game, why not create a Zoom or Google Hangout to invite everyone to. Have a beer in your hand as well and it will almost be like the real thing…
In some countries, you're allowed to leave the house in order to get your daily exercise. However if this isn't possible or if you're usually an active person and are still itching to get your blood pumping, why not conduct a home workout. Many people on Instagram and Youtube are doing free live PT sessions that you can follow from your own living room. We've long championed the cause of keeping fit regardless of how busy you are, so the good news is we've already got a bunch of workout videos for you. Check out Callum Osborne's Trader Workouts series here.
It’s important to work on your mental wellbeing as well as your physical wellbeing. If you're already starting to feel a little bit of cabin fever being stuck indoors why not give meditation a go. Meditating could also help improve your mindset and the way you approach your trading. Many successful people spend time meditating daily, to provide clarity and focus as well as to relax the body. There are numerous apps out there to provide guidance, from Headspace to Tide.
And if you've ticked off everything on that list, why not re-read every TraderLife article out there! With nearly 500 posts to our name, we're sure to keep you company...