Dealing with boredom is an issue with almost every career path in the world.
Inevitably, we will find ourselves in a monotonous situation that doesn’t challenge or interest us. Dealing with boredom in Forex is no different and it is something every trader should be aware of and prepare for.
Some weeks, the markets are just too quiet. Perhaps you trade on a larger time frame which means you don’t take trades everyday.
Whatever your situation, there are methods to push back against it!
Boredom is only temporary if you know some handy tricks to keep your trading fresh and interesting. Below I have listed some of the most useful things I have picked up over the years.
1. Explore the Trading World!
There is more in the trading world than just Forex trading. There are a variety of trading options and chances are your broker will offer them.
For example, in the last few years I have become more involved in Cryptotrading (you can check out this article on adding cryptos to your watchlist). It is not exactly like Forex trading, but I have been able to transfer a lot of my knowledge from Forex over to cryptocurrency!
This isn’t to say you should stop trading Forex – you should check your charts every other day or whenever you can.
However, Forex trading and my strategy are both flexible enough that you can check out some other corners of the trading world and apply what you have already learnt. If you are bored, just create a demo account and start trying out some new things.
You never know what you find engaging until you give it a go. So get out there and start exploring!
2. Join a Community
One of the difficulties about being an independent trader is that you can very easily become isolated.
This is a huge factor that leads to boredom but it is also something you can easily combat. There are a whole host of communities out there for traders to join!
Forex4noobs has a forum where we have discussions about trading, strategies, and trading psychology. But for those of you that aren’t members of the course, there are some fantastic communities out there you can join.
TradingView, for example, is not just charting software but also a social media platform for traders. You can engage in discussions about anything trading related, read up on different ideas and theories, check out other types of analysis – there are endless opportunities to find new and exciting discussions.
Isolation will lead to boredom, particularly with slow trading days. Joining a community will help fill the gaps as well as engage your mind! You never know, you could be a great teacher yourself with what you have learnt over the years.
That said, you do need to exercise some caution if you are to join a community of traders.
With your trading, you need to maintain your trading independence and not follow the pack. Copy trading will be something you come into contact with – be extremely careful to not get sucked into it.
Becoming reliant on other traders is a quick way to lose your independence as a trader.
3. Push Your Strategy To It’s Limits
This tip is for those of you that have at least 100 live trades under your belt. Your experience will be a big factor in this trick!
Your strategy is extremely valuable and it is, in most cases, unique to you. As such, you can’t rely on others to progress and push your strategy to new heights. That comes down to you.
Have some fun with it!
You can demo trade so easily nowadays that there is no excuse not to try out some new and interesting ideas. Perhaps you want to try out Fibonacci and look for confluence, or try out the 50 moving average tool on a lower time frame. Maybe you have seen discussions on TradingView that caught your eye and want to test out.
The only thing you need to watch out for is to not make any sudden changes to your working strategy.
Testing is essential to any potential additions to your strategy – don’t force new things into your live strategy without a large enough pool of data. This is why I suggest traders to have at least 100 live trades before using this trick.
That said, if you want to tackle boredom in trading, exploring different ideas and tools will refresh your perspective.
4. Take a Break!
Trading can be a grind on some days. Maybe you are on a loss streak and are just frustrated with your charts and are bored with losing.
This is a common issue but you cannot let this take a hold over you.
Losing in trading is normal and something you need to expect. You can lose interest very quickly if you are not careful.
To tackle this, take breaks! Go do something that clears your mind and is fun.
For me, I love to run – it clears my mind, I think about my trading, and I come up with new ideas and strategies. For you, perhaps it’s puzzles or creating art – anything you find interesting!
The only difficult part of this is that you need to find what it is that breaks up your trading day and keeps your mind fresh and eager to trade. Rest assured, there is something out there for every trader to tap into. You just have to try a few things out and find your niche.
That sums up my first list of tips and tricks on dealing with boredom in Forex. I will make a part 2 later this year, but for now, leave a comment below if you have any tips you want to share with your fellow traders!