Forex traders thrive in volatility. This is why it’s understandable when a lot of us feel bored when the action slows down.
And as humans, we’re naturally inclined to avoid boredom. Heck, mankind has made many technological developments just to address those unavoidable inactive moments in life!
“Idle hands are the devil’s playground,” some say. But did you know that boredom, or lack of trading action, may actually be good for forex trading?
When your mind is being blasted with all sorts of visual, audio, and emotional noise, it’s hard to hear what the markets are saying.
So, while the absence of stimuli may seem dull to you, it gives you an opportunity to reset and put you’re your mind at ease. 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 dull moments. If you have ever been bored while trading, then you also know the feeling of frustration that comes with it.
You want to feel productive so you look hard for trading-related things to do. I personally know some traders who are like this.
When they get bored, they try to fill the void by overtrading and forcing trades. Some even end up raising their risk tolerance just to get their thrills. 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 serene and peaceful state where you can truly focus on your trading objectives. This should be your goal as good trading decisions usually come from a calm and collected mind.
In times of slow markets, you’ll have to think of yourself as a spider. That is, instead of moving around to find prey, a spider simply builds a web and waits patiently for its food to fall into it.
If you’re having a hard time being calm like a spider, then consider doing this simple 3-step exercise whenever you are overwhelmed by stimuli or when you feel the need to get in the zone:
1. Before you begin trading, set 5-10 minutes to get comfortable.
2. Close your eyes.
3. Take deep, rhythmic breaths.
That’s it! Now, that may not seem like much but this exercise has helped a lot of forex traders, including myself, to slow down and regain focus.
You see, boredom isn’t necessarily a bad thing. The feeling of boredom is just your mind and body telling you that you have everything in place and it’s time for you to be patient and let things come to you.