Boring Is Beautiful – The Forex Trading Perspective
Contrary to all the images created by the pop media, trading in the money market can be a boring affair. Trading in the forex market is no different as most of the time you will be doing nothing. But if you want to be a successful trader, you need to get used to doing nothing. You should even enjoy doing nothing. Things that seem mundane or boring are beautiful in forex trading because they can imply –
- You are composed and in control –
As opposed to impulse traders who are on the roller coaster ride of a forex market, seasoned traders are more composed as they know what to expect from the market. A trader who can control emotions and impulses to take the right decision attracts money. The right decision is not always the most lucrative or the most apparent one, but one taken per the trading plan.
Seasoned traders have a strategy that can accommodate different possible situations in the present market. They control their emotions and are not controlled by market fluctuations.
If you are trading without being able to control yourself, you are giving in to the market pressures and not trading properly. If being composed seems boring then boring is beautiful in this situation as you are making money over the long run.
- You take trading seriously
Seasoned traders don’t take trading as entertainment but as a serious vocation. Often individuals are attracted by the adrenaline rush as they see trading as a kind of gambling. This sporadic and unplanned indulgence might cater to your gaming needs but be sure that you are doing it wrong and in the long term can lose your money and sanity.
Even if you feel thrilled or frustrated at day’s end, then you are not trading properly and as a result, being too emotional. For a successful trade, you should possess a calmness that might seem very boring. Instead of a day-to-day emotional upheaval, you should aim for a long-term feeling of satisfaction that arises from consistent performance over weeks or months.
- You have a healthy routine
You need to spend a regular time in the market. The forex market is spread over the world and situated in different time zones. You need to select the markets you want to trade and also your trading hours. To be in the market daily (you don’t want to miss that elusive perfect opportunity), you need to maintain a regular daily routine.
You also need to make the routine healthy with proper sleeping and eating habits as you have to continue doing it over months. A healthy habit also will help you stay alert and vigilant not only in the market but also out of it. This is important as forex deals with currencies, which are highly susceptible to economic, political, and other influences beyond our control. You need to be aware of the happenings around the world habitually.
Developing regular work and personal habits and adhering to a routine may seem boring and mundane but they are more likely to yield a steady return that random and undisciplined trading cannot do.
- You are patient
Success in forex trading requires more time than you ever thought of. You might not always predict how long a trade will take to pan out or when there will be an opening. There might be days when you will have nothing else to do other than survey the market. It is undoubtedly boring to watch a trade unfold but you cannot attempt something dramatic like overtrading out of boredom. A moment’s indecision or emotional wavering can make you lose the trade and your money with it. But if you are embracing the boring act of watching a trade unfold over days or weeks, you might be rewarded the way you planned for – and that also means that you are trading properly!
To sum up
If trading feels boring for a trader, then there is something wrong. You need to revisit your goals and strategies and modify them. In this age when we are all connected, you can also watch over your assets and trades from anywhere you can find a network. You can also take up another activity or a hobby to keep you relaxed and alert. The most important factor is to devote time – both for learning the ropes of the trade and also to practice your skills.