Sometimes you become aware that your forex trading has become monotonous and stuck in a rut. You no longer have the same enthusiasm you did when you initially started trading since you’ve lost your motivation and desire. It all became monotonous.
But an adventure is just what you need! You want to be wealthy, have a good life, and be passionate about what you do. Isn’t that what trading is all about?
In this article, we’ll outline our reasoning for thinking that “fun” trading is actually harmful and offer 5 strategies for becoming a more conscientious and productive trader.
Why do we get bored with forex trading?
Because our brain is continuously working and is powerless to do anything but work, it is continually looking for methods to amuse itself—that would be you. We have this wiring, which is why we:
- Playing music
- Movies to watch
- Enjoy game
We can converse on the phone or send amusing SMS to a pal while we’re doing it. Anything we can do to prevent boredom and raise serotonin levels. Yes, it’s in our nature to prevent being apathetic or bored. We become depressed and feel lousy when we are bored. But did you ever notice that all truly outstanding thoughts and solutions appear when there is peace and quiet?
Both novice and experienced traders may grow weary of trading when there is minimal market activity or when they believe that their trading routine has become repetitive.
Whether you’re doing commodities trading, metals, or forex, here are some following suggestions for avoiding common errors when price action bores you:
1. Remind yourself that it is a planned action
You can’t help but notice how different your present trading is from when you first started when you’ve backtested a billion deals or carefully examined a thousand charts.
Remember the first time you ever placed a transaction and had stomach butterflies as you followed the price movement?
Remind yourself that you are on the grind for the profits and not for the excitement when you start to feel like following your forex trading plan day in and day out is a tedious activity.
You will need to have the patience to wait during those times when your trading plan doesn’t produce as many setups in a given market setting.
If the trade doesn’t exist, it doesn’t exist. Forced transactions are not necessary only for the fun of it.
2. See the bigger picture of forex trading
Consider the following instances:
A) You decide to swap the United States. NFP data is infamous for causing big market fluctuations. You decide to purchase the dollar (sell your short EUR/USD position) after the news indicates that more jobs were added than expected.
When you enter the market, the EUR/USD does indeed fall by 80 pip. Since you got it right and can now make it rain, you believe you are the man.
But a few minutes later, the market changes, and we witness a sharp increase in price action. You were once up 80 pip, but now you’re down 100 pip, and the price is closing in on your stop loss!
When you’re going to cut your losses and close your position, the price suddenly reverses. You close your position after deciding that enough is enough, gaining a respectable 40-pip profit.
B) Because it is summer, volatility has slowed to a halt. The EUR/USD pair, which you love to trade, has been fluctuating by an average of 30 pip. You decide that since the pair has been mired in consolidation, scalping is the way to go.
You occasionally trade currencies, playing support and resistance. Even if you lose on some trades, you also succeed on others, and at the end of the day, you have earned a healthy 40 pip profit.
When you’re going to cut your losses and close your position, the price suddenly reverses. You close your position after deciding that enough is enough, gaining a respectable 40-pip profit.
3. Elevate the horizons
Are markets moving too slowly for your taste? Then utilize the free time to further your education!
Browse the forex trading forums online! Join a Facebook group or follow other traders on Twitter to learn more! A book on Elliot Wave Theory should be read! Backtest a mechanical system or research other indication types! Learn how to become a knowledgeable advisor!
Time is incredibly important and the great equalizer. Don’t assume your time is wasted if the market isn’t moving. Instead, utilize it more effectively.
Download alert tools that will notify you of breaking news or if price action is abruptly changing if you’re worried that you might miss out on any changes.
No discipline, no success.
Without consistency and discipline, it is impossible to grow your business. We mean business. Do you honestly believe that George Soros, Warren Buffett, and even the chatty Mike Novogratz follow their plans and methods without you having to? Perhaps it explains why you don’t yet have a brand-new Bentley parked in your garage.
Boring trading is a profitable trading.
The same rules apply to trading stocks, cryptocurrencies, and currency pairs as they do to office employees. You take a seat at your desk, concentrate on the job at hand, and go to work. Continue to expand your knowledge, polish your abilities, establish objectives, and evaluate your progress.
You will achieve trading success and enormous earnings by doing all these tedious tasks. Are you prepared to start again?