Stop Multi-Tasking and Start Mono-Tasking! – 8 Trading Reasons

27. Nov. 2023You’re risking your own money when trading.

You realise that?

And in this fast-paced world, it takes a split second to break a fortune.

It takes a split second to miss an opportunity.

It takes a split second to lose focus.

And it’s all down to one trait that is actually detrimental to your trading.

Multi-tasking.

Here’s why.

Reason #1: Missed Opportunities

When you try to juggle too many charts, markets and tasks at the same time – it’s risky.

And if you distract yourself at the same time with social media, your cute cat, the news and hype…

It makes it a whole lot worse.

You might miss the best and highest probability trades – that you need to grow your account.
If you want to really dig into finding the best opportunities you need laser focus and tunnel vision.

So stop multi-tasking and instead stick to mono tasking.

Reason #2: Delays in Priorities

If you multi-task, it can lead to a delay in focusing on high-priority tasks.

Any delay, can result in:

• Catching the trade too late
  
• Skipping the trade completely
  
• Forgetting what you need to execute
  
• Taking an unnecessary loss
  

You need to stop diverting your attention away from urgent market developments.
Instead, make it a priority to focus on finishing that one task.

And make sure you do it with your undivided attention.

Reason #3: Elevated Stress Levels

As traders, we’re not only working on our method and money management – but also our mindset.

Financial trading and risking money is already stressful alone.

So, multi-tasking can only exacerbate this stress.

And when you get stress you don’t need me to remind you what happens:

• You see red
  
• Your judgement becomes cloudy
  
• You make impulsive decisions
  
• You make wrong decisions
  
• Your emotions override your logicality and rationality.
  
• You can get stress all because you’re doing too many things at once.
  

Keep to one thing and compartmentalise the others. This will do wonders for your stress levels.

Reason #4: Drop in Productivity

You’d think if you do more, it’ll enhance productivity.

Because you’ll get stuff done right?

Um no.

With complex instruments analyses and risk management principles, trading needs deep analysis, strategic planning, and quick execution.

With multi-tasking, you’ll most likely shift between tasks rapidly.

This will not only disrupt the flow of concentration you need for one task at a time.

It could also reduce the efficiency and suboptimal outcomes for every task you take on.

Reason #5: More Mistakes

To err is human.

And if you multi-task and take on too many things, this will increase the likelihood of errors in trading.

You might enter the wrong amount.

Get in at the wrong prices.

Get your volume wrong.

But more likely, you’ll misinterpret good market signals.

Each mistake has the potential to reduce your profits and damage your reputation.

Reason #6: Reduced Learning Opportunities

Successful trading is an ongoing learning process.

When you multi-task, it hinders you from fully engaging with market trends, historical data, and educational resources.

When you’re learning one thing – stick to one thing.

Or it’s going to go in the one ear – out the other.

Be passionate and fully immerse yourself in the one thing you’re learning at a time.

You’ll find you’ll get a better and deeper understanding which is critical for your learning journey.

Reason #7: Loss of Concentration

Multitasking fragments attention.

This makes it super difficult to maintain the level of concentration you need when trading.
When you jump from one thing to another.

This rapid task-switching, diminishes the brain’s capacity to keep focus.

And this could lower your analytical attention.

Reason #8: Overwhelm and Burnout

We’ve spoken about how multi-tasking increases stress and cortisol levels.

But if you fail to work on it, you’re going to eventually go kaput.

This is a forever game.

The last thing you want to do is burnout in the journey.
The last thing you want to do is develop a mental fatigue.
The last thing you want to do is fail because you quit.

Final words.

Stop multi-tasking and start mono-tasking.

Your singular focus will show you amazing, productive, optimal and efficient results.

Not just with trading, but every task you set your heart and mind to.

Let’s sum up the 8 reasons why Multi-Tasking is an absolute NO when trading.

Reason #1: Missed Opportunities
Reason #2: Delays in Priorities
Reason #3: Elevated Stress Levels
Reason #4: Drop in Productivity
Reason #5: More Mistakes
Reason #6: Reduced Learning Opportunities
Reason #7: Loss of Concentration
Reason #8: Overwhelm and Burnout