How to Deal with Boredom in Forex Trading?
Human beings have evolved to avoid boredom. When there is no excitement in what we are doing, we tend to find something interesting and exciting to do.
Because boredom is very unpleasant. Imagine in a busy morning when you are stuck in traffic for an hour. It is not a nice experience, isn’t it?
For Forex traders, boredom can be a huge problem. To overcome boredom, many people resort to overtrading or forcing trades. But this is really bad for your account.
You can blow your account quickly by overtrading. You also decrease the overall accuracy by taking less accurate trades.
But wait! There are lots of ways to deal with boredom in Forex trading. Let us see them one by one.
1. Join a trading community
With the advent of technology, the internet is filled with discussion forums. People can discuss and share ideas through the internet no matter which part of the world they are from. So no matter which type of career you have, discussion forums are good
Engagement in a discussion forum is a good way to deal with boredom in Forex trading. It allows interacting with thousands of traders from all over the world.
One challenge that a trader faces is having to work alone. In trading, you are your own boss but left with no colleagues to interact with. This may add to the existing boredom.
By signing up in a forum and participating in discussions, you no longer feel you are alone; you feel like being a part of a huge network of traders.
Most of the discussion forums have an option to sign up for free. If you do a quick search on Google for Forex trading forums, it will bring up tons of results.
So, don’t wait any longer. Join a couple of trading-related forums today. Start asking questions, answering questions and commenting on posts. This will also help you to learn more, get to know different perspectives and deal with boredom in Forex trading.
And to make it simple, we have the right place for you. Our Virtual Trading Floor connects traders from all around the world in one place. And you can get acquainted with experts and pros here. So join now.
2. Learn something new
In trading, learning is a continuous process. You do that for a lifetime and continue to expand skills. Also, learning something new and trying it out is an excellent way to deal with boredom in Forex trading.
Learning not only gives you something exciting but also helps you to improve your trading. The more you learn, the better you get in trading.
Getting and using a demo account in Forex is free. That is all you need to learn and test a strategy. When you don’t have anything to do, trying new things in a demo account is a risk-free way to make the best out of the free time.
You can also spend your time watching videos of expert traders on Youtube. That is equal to getting free mentoring. Because you can listen to well-experienced traders and learn a lot from them.
To make sure you become an expert yourself, keep expanding your horizon. When you have so many things to learn, you don’t have any excuse to feel bored.
3. Accept Boredom as a part of trading
Just like losing is a part of trading, boredom is a part of trading too. You have to accept that and get used to it.
Even though we do have many ways to deal with boredom in Forex trading, some amount of boredom is unavoidable. Don’t keep complaining about it in your mind. It is going to be always there.
Once you become more experienced in trading, you need less amount of time to analyze charts and identify trading setups. Also, when you trade longer time frames, you get to spend a very less amount of time too.
In both cases, you are left with a lot of free time. But don’t distract yourself and try to overcome it. Because some amount of boredom can actually be good too.
When there are less excitement and fewer distractions, you give the mind to settle down and become clear. This serene mind helps you to focus on trading better.
4. Take vacations
Trading sometimes feels like traveling in an emotional roller coaster. There are a lot of ups and downs. Sometimes you feel happy because of continuous winning trades and sometimes you feel down because of losing streaks.
Taking breaks and vacations not only helps to keep the mind fresh but also helps to deal with boredom in Forex trading.
As a trader, you fix your own schedules. So you do get a lot of opportunities to take a break. In cases of extreme boredom, taking a vacation is the best solution.
But when on a vacation, forget all about your charts. Spend time in what you like to do rather than thinking about your trading. This will help you to make your mind completely fresh. It heals the emotional pain too.