My investing is for the longterm. One of the pitfalls to look every minute at your portfolio. It can become an obsessions, it interrupts your daily work and family life. You can become addicted to the ticks up and down.Why Look? If you have a plan in place with a clear entry and exit strategy, then you can just follow that? Right?!? euh… No. Turns out I still look too often.
For the main portfolio, I am already able to limit the time I spend at looking at the market and following up my losses and gains. Paper losses and paper gains that is. I index and plan to keep all the way into financial independence. At that time, I will have to decide on DGI or selling assets.
For my play portfolio, that is a whole other situation. Waking up means looking at Asia, Around 9:30 I check Europe open and at 15:30 I wonder what NYSE does. Not to mention the NYSE close… Gotta take a quick peak. This has to stop.
In February, I decided to push my automation a little further.
My play money tracking spreadsheet is tuned to now provide a clear view on the status of all my options with one blink of my eye. No need to go to a site and type in all the tickers one by one. I do this via the in-the-money indicator.
Next to that, I track to see what options are coming close to expiration. This way, I know where to act first.
I also leverage the tools from the brokers: alerts. Very easy: I get an email if a stock breaches the strike price of the option. I can the analyse and decide on what to do next.
As a last step, I use the spreadsheet to keep track of my buy-to-close orders. I do not keep the details, I just track if one is in place. An email informs me when it is executed. These are the best emails to get.
All of the actions above allow me to be more relaxed about my positions. I know that the technology is there to help me.
The one thing remaining is my curiosity. This stays stronger than myself. It does not help that I am surrounded by people that follow the market. We often discuss it during a 2 minute break. For this, I still have to find a solution. (I have changed job recently, no follow traders here)
I do not mind looking once or twice a day, the goal is to no longer look multiple times per day. Will it work?
How often do you look? Too often? What do you do to look less?