Search ForexCrunch

If you are looking for excitement and thrill, a Las Vegas casino or a Universal Studio’s roller coaster may be a much better fit for you than Forex trading. While the FX market’s quick moves can prove exciting sometimes, if you are constantly feeling the thrill of trading, you are doing something wrong. Traders who are constantly looking for excitement tend to have as a goal making too much money too fast and more often than not, will find themselves trading without a solid strategy and will face a downfall in the long-run.

Rather than looking for excitement and thrill, aim at boredom. A bored trader has a plan, controls him/herself and knows what to expect. They have a clear path in their mind to take action X when the market does Y. Bored traders tend to make money in the long run and are often successful traders.

So how do you stay bored while at the same time fight the urge to search for thrills?

  1. Trade on longer time frames. When you trade on short time frames you’ll find yourself looking at the charts way too often and you will be tempted at taking action that may not necessarily be in line with your trading plan. Besides, trading on longer time frames, especially given the fact that Forex trades over 24 hours, will allow you to take opportunity of the hundreds of pip moves that occur overnight, which traders who enter and exit positions too quickly might miss, and will allow you to more easily see your profits run and ride losing waves (when proper SLs have been set).
  2. Find yourself a hobby. If you are stuck at home looking at the charts for hours on end, you’ll end up feeling the urge to deviate from your trading plan just out of pure boredom. Design your trading strategy, set your SL/TPs and check the charts when your plan calls for it, but not compulsively because you have nothing better to do.

The more bored you become and the longer you succeed at staying bored with your trading, the most likely you will be at achieving long-term success. You may be bored, but trust me, you’ll feel happiness and satisfaction, which in trading, far outweigh the feeling of excitement and thrill.