Trading, whether it’s currency or stocks or options, is usually associated with money and risk – things that most people find very exciting.
The truth, however, is that there is sooo much work behind the scenes that a lot of newbies quit at the onset of boredom.
Those who are starting out might be surprised to find that plenty of hours have to be put in when it comes to analyzing economic data, studying the charts, hunting for good setups, and journaling trades.
And then there are days when markets are stuck in a range and there are no good catalysts to trade.
There might even be times when huge drawdowns can bring so much stress and suck all the excitement out of trading.
During these instances, the idea that forex trading is “all work and no play” might feel boring and unmotivating.
How can you overcome this?
“Idle hands are the devil’s playground,” some say. But did you know that boredom, or lack of trading action, may actually be good for forex trading?
When your mind is being blasted with all sorts of visual, audio, and emotional noise, it’s hard to hear what the markets are saying.
Distractions may keep you from being focused on recognizing chart patterns. Or they can negatively affect your ability to process market information and react timely to changing market conditions.
So, while the absence of stimuli may seem dull to you, it gives you an opportunity to reset and put you’re your mind at ease. And when your mind is not distracted, you can become more in tune with the markets.
But the problem is that most forex traders can’t stand dull moments. If you’ve ever been bored while trading, then you also know the feeling of frustration that comes with it.
You want to feel productive so you look hard for trading-related things to do. I personally know some traders who are like this.
When they get bored, they try to fill the void by overtrading and forcing trades. Some even end up raising their risk tolerance just to get their thrills. Sometimes they win, but in many cases, their account balances take unnecessary hits.
Boredom can actually be a good thing if handled properly.
The absence of stimuli allows you to put yourself in a serene and peaceful state where you can truly focus on your trading objectives. This should be your goal as good trading decisions usually come from a calm and collected mind.
Remind yourself that it’s okay to take breaks. Gather your thoughts, realign your trading goals, and focus on more constructive efforts.
Boredom isn’t necessarily a bad thing. The feeling of boredom is just your mind and body telling you that you have everything in place and it’s time for you to be patient and let things come to you.
