Information Overload
Information Overload: These days there’s so much information available out there. I mean YouTube, Facebook, Google, e-mail, it’s very easy to get overwhelmed with all this information.
But, there is a simple 3-step system that can help you with information overload and that’s what we are going to talk about right now.
Information Overload: How to deal with it
These days it’s so easy to get overwhelmed with information.
If you think back in the day, we went to a library to read. I remember my first trading books that I read, I read them in a library.
But now we have Google, YouTube, Facebook, e-mail, Instagram…
And doesn’t it sometimes feel that there is simply too much information? How can you sift through this?
Because there’s one problem
When you have too much information you can experience what I call analysis paralysis.
Meaning that you don’t know what to do because you have so many things to analyze.
3 Step System: How to cut through the clutter
Let me give you a very simple 3 step system on how you can cut through the clutter and really get rid of information overload once and for all.
Step 1: Define what information you actually need
Define what information do you actually need. Where is the gap?
For example, if you say, “Hey, I want to make money while I sleep.”
You know me, the three ways to do this are trading stocks and options, investing in real estate, or running a business that runs without you.
Now, I must honestly say I haven’t figured out how to run a business that runs without me.
So let’s talk about these two, trading stocks and options or real estate.
So which one of these two do you want to do, right?
I mean, you’re here so trading is probably what you want to do. If that’s the case for now, focus on this and just stop looking at investing in real estate.
Now when it comes to trading, you can break it down into three main parts.
First, what to trade? So if you already know what you want to trade, if you want to trade stocks, don’t look at any crypto currency techniques, right?
Number two is when to enter? And if you already mastered this don’t worry about it.
The third thing is when to exit? But again, step number one here in how to deal with information overload is what information do you really need?
If you need all of this information start with step number one, what to trade.
This is where for me personally, it helps to break everything down into chunks of 3.
You see that this here is a three step system on how to deal with information overload.
There’s three ways on how to make money while you sleep, right? And there’s three major things that you need to know when trading.
This is what makes it easy for me. Based on this, go out and find the information that you need. Really think about it like going into the library.
What section are you going into? Are you going into the trading section or are you going into the real estate section?
Once you decide to go with trading, stick with it and don’t worry about what other things you see, the grass is always greener on the other side.
Step 2: Is this applicable to me?
Once you know what information you want, step number two is, is this actually applicable to me? Can I personally do it?
Let me give you an example.
As you know I’m also invested in real estate. When I got started investing in real estate back in 2006, I had just started my trading career.
In 2003 my trading finally turned profitable. I did have some money but not enough money to invest in multi-family units.
Three years ago I bought apartment complexes and they cost 5.2 million dollars. When you buy apartment complexes you have to bring 20% of the purchase price in cash to the table. So this was a little bit over a million dollars.
Three years ago that wasn’t a problem at all for me to afford. But many years back, in the beginning when I started building my wealth it was impossible.
So what was applicable to me? In 2006 I was buying single family homes.
Just keep this in mind is this applicable to me?
Another example from trading:
If right now you have a job, you probably cannot day trade yet.
Depending on the time zone you might or might not, but if you live on the East Coast and you have to work from 9 to 5 and the markets open at 9:30 you can’t day trade.
So for now, set day trading aside. Focus on swing trading, and then as you become more successful, add other information in.
There’s so many things that you can do but you have to find what works for you.
Step 3: Ask yourself, “Will I do it?”
The third thing is, ask yourself the question, “Will I do it?”
Let me give you a very personal example.
If you have been listening to my personal podcast you know that a few episodes ago I said that I’m pretty unhappy about my weight. I
‘m right now 224 pounds and I was never that heavy. I want to do something about it, but I can tell you right now three hours working out per day doesn’t work for me.
Again we are at step number three, “will I do it?”
So, I can seek information on how to lose a few pounds, and if it would say, “All you need to do is work out three hours a day,” I’ll never do it.
So why would I even bother with this type of information?
If I know my gap, what do I need to know, right?
I need to know how I can create a calorie deficit, and for me the applicable thing would be intermittent fasting because I can easily do it I’m not a big breakfast eater.
Recap: 3 Steps You Can Apply to Reduce Information Overload
- What information do I need?
- Is this applicable to me? Can I actually do this?
- Will I do it?
These 3 steps should help you cut through the information overload.
This is the approach that I personally use to make sure that I’m not getting overwhelmed by information. Because when you are overwhelmed by information what will happen?
Analysis paralysis. Meaning that you don’t do anything.
Is this helpful? If so, leave a comment and let me know if this makes sense to you. I would really appreciate any comments saying, “Yep, great! I’m doing it already.” Or, “No, I’ll try it.”
To learn exactly how I trade, visit My Trading Routine for a free 25-minute training I’ve created for you.
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