by Griffin Cooper and Ken Long
“I have never found a companion that was so companionable as solitude.”
Henry David Thoreau
Thoreau wrote that there were four basic necessities for life: food, clothing, shelter and fuel. Hey, what about solitude? Or love and kindness for that matter? It looks like Thoreau was more focused on the tangible physical necessities, but still I can’t help but think the need for solitude for him was so great that he didn’t even think about it. I don’t think that’s the case for most of us nowadays. It’s a cliché, but it’s true: We’re more connected now than ever. And one of the most popular therapeutic processes being promoted these days (rightly so) is connection. Solitude isn’t given as much credit as it deserves, so let’s give it some loving attention.
Solitude isn’t just for 19th century writers. There are specific benefits to practicing solitude (and I do believe it is a practice) for traders in particular, as we face a certain set of challenges. But I would also I contend that everyone needs solitude. Busy professionals, parents, even kids. My 7 year-old daughter the other day lamented she just wanted to be alone for a little while. And I get it. She had just spent hours with our 4-year-old who can leave anyone pining for peace and quiet. Even Pantera’s Phil Anselmo asked to “Please just give us five minutes alone.”
The benefits to solitude are many. It helps us to manage stress much better. It also enhances our mindfulness and ability to be present in the moment. It enhances our decision-making as well. It gives us time to step back and reflect, which I think is particularly important for leadership where we get to step back and look at the big picture. Sure, I’m keeping my axe sharpened and showing up every day to chop wood, but am I chopping in the right forest?
Traders are a unique group that face unique challenges. We can face stress from constantly monitoring positions and markets. We’re making quick decisions. We’re dealing with financial risks. And as the number of black swans in the markets continues to accelerate, we deal with more risks that we might not even know about.
This is why solitude is so helpful for traders. It can give us the space and time to step away and gain some perspective while giving us the much-needed rest and relief from stress that we all need as humans. But it takes practice. Living a life like in Walden, out in the forest for years with no internet. It sounds hard. No devices? And who is going to worry about my problems? They’re important!
It can be hard to step away, and embracing the act of solitude is a skill we have to learn or re-learn. It can make us feel more worthy, to know that we’re putting our peace of mind as a top priority. That we’re taking the time to take care of our mind and cultivate our peace like you would water a plant, with care, attention and thoughtfulness.
Some principles for consistency can go a long with any new practice, including practicing solitude. I have found that when I want to add a new daily ritual into my life, there’s three things that seem to greatly increase the odds of it sticking.
1) Dedicate a small amount of time to it.
2) Make it easy.
3) Record it.
The recording can sometime seem like more work than I want to do. But it can reassuring to see something tangible and have proof of your progress. It can also help adjust things like the frequency and duration. I had recently started getting up earlier to do a morning routine that involved silent meditation, prayer, reading, exercise, and then a gratitude list. There’s an excellent book called the Miracle Morning by Hal Elrod that convinced me to try this. However one of the main ideas of the book he adapted from Jim Rohn, that “your level of success, will rarely exceed your level of personal development.” And how else can I develop peace of mind unless I take time for it?
Here are some tips for practicing solitude. The key, obviously, is to be alone. It can also be helpful if it’s quiet and there are no devices. And if you have the option to dedicate a particular space to your alone time, even better. Two techniques I used when I first practiced solitude was deep breathing where I focused on counting my breaths. I also found journaling thoughts or feelings to be really helpful in emotional health. There’s something about plucking them out of the ether and putting them on paper that is very rewarding.
For guided meditations and relaxation, I don’t know if there’s a better resource that Van Tharp’s relaxation exercise that’s in the Peak Performance Home Study Course. It combines visualization with progressive muscle relaxation that is incredibly powerful and relaxing. I’ve had periods of my life where I’ve done his relaxation exercise twice a day, and it was honestly the most calm I’ve ever felt.
I would say when starting a solitude practice the main thing to focus on is consistency over perfection. Set realistic expectations. I started with 5 minutes of meditation because that was something I knew I could accomplish. Now I do about 20 minutes each morning because it just feels so good. It doesn’t have to be perfect, or be planned out perfectly. As long as we commit to make a start, we can trust our intuitions and experiences to show us the rest of the way.
Happy Trading!