Trading, whether in currencies, stocks or options, is usually associated with money and risk – things that most people find very exciting.
But the truth is that there is Sooo There is so much work behind the scenes that many beginners quit when boredom sets in.
Those who start trading may be surprised to find that they have to spend long hours when it comes to analyzing economic data, studying charts, looking for good setups, and writing down trades.
Then there are days where the markets stay stuck in a range and there are no good triggers to trade.
There may be times when huge declines can bring a lot of stress and take all the excitement out of trading.
During these situations, the idea that Forex trading is “all work and no play” may seem 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 business activity, can actually be beneficial for Forex trading?
When your mind is under intense pressure from all sorts of visual, audio, and emotional noise, it’s hard to hear what the markets are saying.
Distractions may prevent you from focusing on recognizing chart patterns. Or they may negatively affect your ability to process market information and respond in a timely manner to changing market conditions.
So, while the absence of stimuli may seem boring to you, it gives you a chance to reset your mind and calm your nerves. 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 boring moments. And if you’ve ever been bored while trading, you know the frustration that comes with it.
You want to feel productive, so you actively look for trading-related things to do. I personally know a few traders who do this.
When they get bored, they try to fill the void by overtrading and forcing traders to close deals. Some end up increasing their risk tolerance just to get the thrill. 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 calm and peaceful state where you can truly focus on your trading goals. This should be your goal because good trading decisions usually come from a calm and collected mind.
Remind yourself that it’s okay to take breaks. Gather your thoughts, reorganize your business goals, and focus on more constructive efforts.
Boredom isn’t necessarily a bad thing. Boredom is just your mind and body telling you that everything is in its right place and it’s time to be patient and let things come to you.
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