He list here three things that detract from "watchfulness" 1) being overly occupied with worldly matters 2) occupied with laughter and jest 3) bad companions
He then disuses each one individually.
from the beginning, it sounds like it list the first one - "being overly occupied with worldly matters" as opposed to being occupied with torah- is first since it is the most important one, as he says:
QUOTE
We have already mentioned that it is such study which is the prime requirement for Watchfulness; as stated by R. Pinhas, "Torah brings one to Watchfulness." Without it, Watchfulness will not be attained. As our Sages of blessed memory have stated (Avoth 2.6), "An ignoramus cannot be a saint." This is true because the very Creator, Blessed be His name, who invested man with an evil inclination, created the Torah as an antidote to it (Kiddushin 30b). It is self-evident that if the Creator has fashioned for this affliction only this remedy, it is impossible under any circumstances that a person be cured of it through any other means.
However he starts off the second one (about exsseive lauther and jest) with these words:
QUOTE
The deterrent that we have been discussing, though more common than the others, is the easiest to escape, for those who wish to escape it. The second deterrent, however, laughter and levity, is very severe. He who is immersed in it is as one who is immersed in a great ocean, from which it is extremely difficult to escape....
Which makes it sound like it is going from easier to harder, so what is the order?

