Trading can be an incredibly exciting thing, especially when you are first starting out and everything is brand new to you. Even for experienced traders, it can be an incredibly exciting and thrilling thing to take part in, especially when there is a lot of volatility within the markets. The problem comes when the markets are a little bit slower, in these slower conditions something called trading boredom can set in.
Trading boredom can simply be described as the period when there is nothing going on, the markets aren’t really moving and even if they are, they are not moving in a way that is suitable for your trading strategy, and so you are sat there with nothing to actually trade, not much to analyse and nothing to do at all, this is where trading boredom begins to set in.
While boredom can bring our motivation levels down, it can also lead to other problems. It can make us far more likely to be distracted, those little toys that you have in the room, or the TV in the corner will be turned on a lot more often than it will. This creates a really bad habit when it comes to trading. You want to be getting rid of these distractions, so this trading boredom leads us towards a very slippery slope because if you get into the habit of getting distracted, it will be hard to break out of it.
So we briefly mentioned that boredom can actually reduce our motivation levels which in itself is not a good thing. Without motivation, we become more easily distracted and can make us just not want to do it. In fact, a lack of motivation is one of the things that can cause people to quit trading completely, which is of course not a great thing because trading is such a fantastic opportunity and a great hobby to have.
The problem with boredom is that for some it is unbearable and so they decide to try and force some trades, this is never a good idea, neve. All that this will lead to is bad trades and the inevitable losses that come along with them, if you are feeling bored, the last thing that you want to do is force trades, so do not do it, none, not even one, it will lead you down a slippery slope which for many there is no way to return from.
For some it is easy to get through these dull moments in trading, they do not need any added stimulus and can very patiently wait out the slow moments., For many though, it is not quite this easy and these dull moments can be a real killer. We need to find ways to help reduce the feeling of boredom and so we have come up with some ideas that you could try which could help to alleviate that feeling, some may work, some may not, but it is always worth trying as you do not want to be stuck with the feeling of boredom, it will only make you want to put down your trading tools and leave.
When the markets are slow, it is the perfect opportunity to learn a little more, learn something that you do not know much about. This could be a new strategy or just something smaller than can be used to adapt your own strategy. It is also a perfect time to start learning about additional timeframes. These can be used to help you confirm your analysis, as the more timeframes that you understand, the more accurate your analysis can be.
It can also be the perfect time to teach yourself a new skill, patience. Patience is key when trading, these dull moments will always be there, some lasting minutes, others for potentially days. Having an understanding that you have your strategy set, you understand the entry requirements and now are just waiting, do not see this as a time to be bored, think of it as waiting to pounce on the perfect trade. Building up your patience will benefit you in the long run and will potentially help you trade in more strenuous market conditions down the line.
If we are used to the high pace markets, then these slower moments can be even worse, you need to be able to slow yourself down, to calm yourself from all the excitement that you are used to. Take a few minutes before sitting down to trade to relax, take some deep breaths and slow your body and mind, this will allow you to better focus on the issue at hand and to be more in sync with the markets.
There are also a lot of trading forums and communities out there, do not be afraid to join a few. Some people often think that they are a waste of time or that they will not be able to learn anything from it or that they are simply full of people wanting info but not willing to give them. This is certainly not the case, there is a wealth of information out there, you will always find answers to questions and a lot of information that could be beneficial for you, not only this, but it will give you something to do while the markets are quiet, taking away some of that boredom.
So remember, there will be some dull moments, no matter what your strategy is or how long you have been trading, there is always the opportunity for the markets to be slow and for you to struggle to find trades, it is important that you know what to do with yourself in those situations. If you have a lot of patience then it won’t be an issue, but for those that find it hard, keep looking for something for you to do, different forums, new analysis, new strategies, anything that isn’t forcing trades. So have some things planned to do for those quiet moments, that way you won’t be tempted to make those bad boredom trades.