I’m going to say this definitively: You can become a very profitable trader and only spend a minimal amount of time on your investment strategy. This can be true no matter what markets you invest in. Some very very good traders spend less than 15 minutes a day actually trading. They are able to do this because they created a method to get the busy work of trading out of the way as fast as possible. That’s investing fast.
Let me assure you, the life of a trader isn’t just drinking champagne and flying to Tahoe in your private jet. You do need to do some actual work every now and then.
Some of this work will be quite enjoyable – like tracking your account when it’s making money. But other parts of the work of trading have more in common with balancing a check book than standing at a craps table in Vegas.
Do you want to make fast money investing? Well, part of trading is fast… making trades, entering orders and checking positions.
You are going to be entering lots of orders over the next few years. If you are a trader, you won’t be able to avoid it – you need to enter orders and track positions.
And this is tedious and boring. Not fast investing. So what matters – what do you want to accomplish in tracking your trading?
Accuracy: You’ll want enter orders and track positions accurately – or you’ll find yourself losing a ton of money without even knowing about it.
Speed: You’ll want to do it rapidly – because who wants to spend their time looking at account statements and order screens? Fortunately, you can easily do all of your tracking quickly and accurately. You just need a checklist.
Having a pre-built checklist that forces you to do these tasks rapidly and accurately is a huge help. Checklists make sure you’re doing the right actions, in the right order, with the right information. They make you a fast investor.
I think it’s a common experience for people – doing something in a preset order makes it faster and easier to do, plus it ends up being more accurate as well.
For my own trading, I’ve created a checklist to make sure I complete the exact same, necessary tasks every day and you can easily make your own.
The main point of this article is to show that if you want to be a better, more diligent trader, you want to use a checklist – it’s easier, faster and more accurate than just winging it every day. It will make you much more money and make you a much better trader.