If you trade Forex correctly, this job should be boring.
You should be doing nothing most of the time, and you need to learn to accept that you should be happy about it because as I’ll explain in today’s lesson, a bored trader is often a successful trader.
Trading boredom is ‘beautiful’ because it usually means you are making money in the long term.
Unlike traders who are in an emotional carousel of ups and downs, defined by higher highs and even lower lows, successful traders more or less know what to expect each day when they start trading in their trading room.
They know what they will do if X, Y or Z happens, they have a plan, they control themselves more than they let the emotions of the ups and downs in the market control themselves, so for them, trading is basically boring.
Money is attracted to traders who are in control, not to those who trade without consistency, logic and discipline. Self-control is usually boring because it means not giving in to temptation and momentary emotions. However, as you may know, self-control is also a way to achieve long-term goals that can change your life and are much more meaningful than any momentary temptation.
So let’s discuss why boredom in trading is ‘beautiful’, so that you can learn why you need to ‘boring’ trading if you want to start making money on the market …
Trading is not your day / night entertainment
Too often traders look for entertainment in the marketplace and even when they don’t do it on purpose, the way they trade keeps them entertained.
Trading should definitely be enjoyable, especially if you make money every month, but experiencing ‘entertainment’ and getting more thrills aren’t the results you should be looking for.
Based on my experiences and observations, I can say that if you feel agitated or excited about trading, be careful, it is a sign that you are trading incorrectly and in the long term it will lead you to collapse, both financially and mentally.
If during each week in the market you feel excited, thrilled, angry or frustrated, it means that you are not trading properly and your experiences are too emotional.
Your trading mind should be clear, calm and relatively boring every day – as long as your trading is going well. If you are speculating this way for an extended period of time, say 6 months to a year, you will eventually see consistent results and profits and at this point it is really OK to experience satisfaction and contentment with your progress in trading.
So you should aim for a long-term feeling of gratification and satisfaction with the results of your speculations, and this will only come if your daily / weekly experiences have not been marked by ups and downs but by consistency and the feeling of being ‘bored’ that is the result of trading with adequate patience and discipline. Trading in this way leads to a kind of happiness in this area that you will not achieve otherwise.
A boring trading routine every day is a good routine
Trading is not a casino, nor is it a game, and it is not there to entertain us. We have to show up in the ‘office’ and make the transaction, then let the market work. We must have some other activities so that trading is not the only source of our mental arousal and emotions.
A trader’s daily routine should be boring and we shouldn’t fight it or try to find a way to free ourselves from this feeling. If you feel bored with your trading it probably means that you are on the right track.
If we allow trading to become our main source of mental arousal, it can lead to addiction, over-trading, and chart obsessive attention. You have to do everything possible to find an alternative… otherwise you will face financial consequences.
Transactions take time, more time than you think
It is typical for retail traders not to understand how long trades “stack” and it is typical for them to question what they do when nothing is happening, e.g. lack of open trades and signals. It’s almost as if they want or need something to happen, and that ends up with forcing it, which we call over-trading. You can’t do something boring in a boring way, and frankly watching your profitable trades unfold is painfully boring to watch over a series of days and weeks (that’s another reason not to sit there watching your trades!) Get it, and when it does you will feel means that you are probably doing everything right. If your heart is not going too fast and you don’t feel butterflies in your stomach (you don’t feel anything)… this is a good place for you to develop as a trader because it’s probably that you’re trading the right way.
You have to trade as if you had a huge account
Many of the people reading this article are likely to trade on a small bill and face the temptation to expand their account as soon as possible.
This feeling can cause you to over-trade and take too much risk on the trades, which in turn will result in you losing money as quickly as possible instead of earning it. Trading this way is also very exciting, so it won’t come as a surprise that you lose money.
I wrote an article earlier about trading like you were a hedge fund manager.
Think of it as if you have millions of dollars under your control, and some of that money belongs to powerful investors looking for a decent return at the end of the year. You shouldn’t take stupid risks then, that is, over-trading or over-trading. Basically, you would then be exposed to a relatively small, calculated risk, which would make your trading boring every day. This is what you should trade now, even if you only have $ 2,000 in your account, you need to simulate it as if it were $ 2,000,000.
The principles of trading success are the same; if you can trade successfully for a year on an account with a deposit of $ 2,000, you should do so well on an account with a deposit of $ 2,000,000.
The reality is that most people with a $ 2,000 deposit account will wipe it out in 3 or 4 months because they trade too excitedly, which is the result of trying hard to make too much money in too little time.
Think of it this way, getting excited about trading is the direct result of playing too risky for your account size.
So, as long as you manage your risk properly and don’t over-trade, you should feel bored every day you operate in the market.
You should know that the more days and weeks you successfully feel bored with your trading, the greater the chance of long-term success in a market that will bring you deep satisfaction and happiness that you will never get if instead you trade with tremendous excitement, rocking your emotional the swing.
To get on the path to making your trading ‘boring’, you need to learn a simple trading method that doesn’t get embarrassed or cluttered your charts.
The simple, and even ‘boring’ nature of price action is the best possible representation of why ‘boredom is beautiful’ in trading.