Social media is a powerful tool that can be used for a variety of purposes, including staying connected with friends and family, learning new things, and finding entertainment. However, it can also be a major distraction, especially for investors.
When you're trying to research a stock or make a trading decision, the last thing you need is to be bombarded with notifications from social media. The constant stream of updates can be overwhelming and make it difficult to focus.
In addition, social media can lead to FOMO (fear of missing out). When you see your friends and colleagues talking about all the amazing things they're doing, it can be easy to start comparing yourself and feeling like you're not good enough. This can lead to procrastination and a lack of motivation to improve your own skills.
If you're serious about investing, you need to learn to ignore social media distractions. Here are a few tips:
Turn off notifications from social media apps on your phone. This will prevent you from being interrupted by constant pings and alerts.
Delete the social media app you spend the most time on and reinstall it once a week for a designated time. Remember when we were in school and most of our parents didn’t allow video games during the weekday? This is a similar strategy for adults.
Set aside specific times each day for checking social media. This will help you avoid getting sucked into the endless scroll.
When you're researching stocks, crypto, or making trading decisions, close all social media tabs on your computer. This will create a distraction-free environment where you can focus on the task at hand.
Find other ways to stay connected with friends and family that don't involve social media. This could include phone calls, text messages, or in-person visits.
It's also important to remember that social media is not a substitute for education and experience. If you want to be a successful investor, you need to put in the time and effort to learn about the markets and develop your own trading strategy. Social media can be a useful tool for staying up to date on news and trends, but it should not be your primary source of investment research.
The next time you find yourself getting sucked into social media, take a step back and ask yourself if it's really worth it. If you're serious about investing, the answer is probably no. Instead, focus on perfecting your craft and learning everything you can about the markets. That's the best way to make money in the long run.
Written by Eric White