Our day is full of habits—actions registered in our subconscious minds that we have little or no control over. What’s fascinating about these daily habits is how one can get certain trading ideas from them. Think of it! From your choice of game to see your favorite movie, you could learn a thing or two about stock or currency trading.
In this article, we will focus on those daily habits that can be a strong source of inspiration to traders. So if you’re caught up on trading ideas for your next investment, this article is for you.
Without any further ado, let’s look at the top 7 habits from our daily lives that could serve as a source of trading ideas.
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1. Watching a movie
Not all movies can tick the box of inspiration for traders when it comes to trading ideas. However, with movies like “Rogue Trader,” you can learn about stop loss and risk management. You get insight into how to deploy stop loss during your trade and also learn the psychology of trading.
Typically, every amateur trader thinks the best way to make money is to continue risking money. That’s not the case with someone who has had some education on managing risks as they pop up during your trade. A good example of a trading idea from watching this movie is to “set a daily loss target,” Once you hit that target, you stop trading for the day.
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2. Playing monopoly
Games are one of the most underrated sources of getting trading strategies. More people tend to rely on manuals and guides. However, a game like “Monopoly” has tons of investment lessons and risk management ideas.
You can dive into several gameplay modes with friends or a robot to improve your investment skill. Playing monopoly or any other investment game will boost your confidence level and show you paths to taking calculated risks.
3. Studying books
Books have long been the source of great ideas for many people, and traders are no exception. So that you know, most successful traders reveal their strategies and trading blueprint in their books. So, if you’re a book lover, you might want to get books from renowned traders with a successful track record.
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4. Social media
Speaking of social media as a source of trading ideas, you might want to focus your attention on platforms like Twitter. Twitter and other professional social media platforms like LinkedIn provide you with trading and investment ideas from thought-leaders.
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Here also, successful traders can get tons of trading ideas as they share nuggets on how to be better at trading.
5. Shopping
Shopping is one of those daily habits that give you a hint about how to trade with contentment. It takes huge discipline to shop without exceeding your budget. Since you wouldn’t want to buy more than you can pay back, you should learn never to invest a certain amount of your capital into a trade (regardless of how sure you are about the results).
Secondly, disciplined shopping helps you stay off of unnecessary or impulsive purchases as you should when trading.
6. Playing chess
Although intelligence has little to do with market volatility, a game of chess gives you an insight into how you should exchange impulsive moves for calculated moves. If you are a chess lover, you will immediately correlate the idea of anticipating your opponent’s move with speculating the market. This mind game can build your decision-making as a trader by increasing your intelligence quotient.
Regardless of whether your opponent has knocked out your pawns, you stay focused on taking out the king. This implies trading the market. You can look beyond the market’s instability and see through your strategy.
7. Watching global news
One thing traders and investors can all agree on about watching global news is the endless hint to trading. Global news gives insight into national economies and how they affect the cause of the market. Paying attention to global news on vital topics such as politics and job opportunities will inspire you on what stock or currency pair to trade and when to trade.
Final remarks
Daily habits contribute to how well a trader manages money, makes decisions, and analyzes the market. From mind games to challenging daily activities, all of these tiny bits of our lives, if paid due attention, can improve how we view investment and trading.
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