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Time for digital detox?
Dear Subscriber,
People now spend an average of 7 hours a day using digital media.
You may have seen the same news report. I thought it must be a mistake at first.
But apparently, the average day includes about 3 hours of TV, an hour or so on Facebook, plus hours of online gaming.
Then there's answering those texts and e-mails.
Not forgetting people on their smart phones and iPads...
So 7 hours a day is probably about right.
It got me thinking about how this digital media overload could be affecting your trading.
You see, because forex markets are 24 hour, it can become difficult to switch off.
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How to switch off from 24 hour markets
There's always a new newswire or comment on what somebody thinks is happening.
And it's easy to get sucked in and be continually connected to the markets.
So much so that you can't switch off from it.
I came face to face with this issue a while ago.
And I decided to do something about it.
I was having lunch in a fancy Chinese restaurant in Hong Kong, with a trader from another bank.
This was a long time ago before smart phones were invented.
We were chatting about the rugby sevens or something and then my friend went quiet.
And that's when I noticed he was frowning at the side of his plate.
I thought he didn't like my company, but then I saw he was actually peering at a small pager device.
It was flashing the USD/JPY spot rate, right next to his chop stick holder.
It turned out he couldn't be away from the market - even for a few seconds, let alone his lunch break.
No wonder he was frowning and couldn't really enjoy his lunch!
I decided I didn't want to be that kind of trader. So I've always tried to look for profitable ways to trade that don't mean you have to be connected to the markets 24-7.
In fact, I've been becoming more disconnected ever since.
You see there are ways of trading where you don't need to know what's happening every second.
With certain trading systems, checking the markets once or twice a day is plenty.
And when you learn how to trade like this, it's so liberating.
You no longer feel like your trading is controlling you...
Instead you're in control of your trading.
And of course, you can enjoy your lunch!
So, why not take a moment today to work out how many hours you're connected to digital media in general.
And give some serious thought to having a bit of a digital detox over the next few weeks.
Best wishes,
Richard Hill
Editor
Forex Round-Up
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07:09
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