Trading is supposed to be exciting right?
Sorry to say, but that’s not actually true… at least not if you want to make money.
So many people get into trading with the idea that it’s going to be a lot of money quickly… over and over… constant movement… non stop trading and excitement…
Well sure you can trade non stop… but you will definitely blow your account out… and fast.
In fact, trading should be boring… at least in a sense.
So much of trading is planning and waiting… patience and discipline are key.
So how in the world do you deal with all of the slow times and the inevitable bouts of boredom?
I have some really easy and productive ways to help you deal with that… and they will actually make you a better trader.
And instead of being bored, you will be more productive, less stressed, more profitable, and happier…
Sound too good to be true?
Listen, the first two hours after the market opens is when the majority of action is going to take place. After that, volume will dry up and you will not have the same fast movement.
Don’t expect a breakout to continue without some pull back or you may simply be staring at constant sideways movement in general.
If you aren’t patient, you can easily find yourself forcing trades outside of your all important trading plan.
This is where you need to be very careful with your actions… and this is the time to use tactics to alleviate boredom… and the “urge to trade.”
Here are my favorite and most useful ways to tackle this serious problem:
1. Write Out Your Trading Plan
One of the most important things to be a successful trader is to have a trading plan… for every single trade.
Writing out your trading plan is crucial. This simple act can keep you from making bad trades during the slow “boring times” by forcing you to think through the reasons and details of each trade…
And along the same lines of writing your plan down… talk it out with a trading partner… they can help you see flawed reasoning… and remind you about the time of day and how there is no volume to justify the trade…
2. Reviewing Trades
This is something you should be doing as well, regardless of when…
Trade review is crucial in becoming a better trader. It allows you to find what works and what doesn’t so you can eliminate the mistakes and focus on the best setups…
This is a good place to use a trading journal and it lets you focus on the process without all the extra emotions involved when you are in the middle of the trade.
It is a really great way to offset any boredom and to be more efficient with your time, reviewing your trades during the mid day doldrums is very effective.
Think about the things you can do with the time you will save when you don’t have to be reviewing after the bell.
You can now be more productive in your personal life… as well as manage stress better by using the time to “get away from the markets.”
3. Expand your Horizons
Time is the common denominator in life… we all have the same amount and once it’s gone we can’t get it back…
Regardless of the saying “making up for lost time,” you can’t actually make up for it… you can just do better going forward… but once it’s gone it’s gone.
If the market isn’t moving, you don’t need to force a trade because time is passing… Instead of sitting there staring, making bad trades, or worrying about wasting time…
Make better use of it.
One way to do that is to educate yourself!
You can study new trading techniques, read books on new subjects, talk to other traders about what they are doing, work with your mentor… the list goes on and on.
Another way to stay educated and on top of things is by joining different trading communities and spend a little down time each day reading through what people are talking about or interested in… basically keeping a pulse on the market chatter.
And your education doesn’t have to be limited to trading…
The key here is don’t waste the time… grow as a trader and grow as a person.
4. Leave Your Computer
Having the market in front of you can make it extremely tempting to trade.
Sometimes you just need a break… contrary to what others may say, there isn’t a problem taking a break sometimes…
It’s good to clear your mind. And if it helps you stay away from bad trades or overtrading, it can actually be a profitable move.
There are plenty of things you can do to clear your mind and stay productive as well…
Go get a workout in or simply take a walk… exercise is key in keeping stress down…
This could also be a great time to get some personal errands done. Little accomplishments help relieve stress and provide you more time for relaxing and at the end of the day.
Meditate or go out for a nice lunch… there is no end to the possibilities.
Everyday is a new day… and sitting in front of a computer to no end is not actually going to help your trading… but balance will.
5. USE ALERTS
And listen, I get it… you might worry about focusing on something else or leaving the computer because… what if…
What if news breaks out on a stock you are watching… or big news that rocks the whole market… or something happens to one of your positions… and you aren’t there.
Oh no… So what???
You have stops and target orders out for a reason… let the trades take care of themselves… babysitting a trade is a quick way to mismanage it.
And here’s another trick… USE ALERTS!
You can get alerts to pop up on your screen as you study, journal, or review etc.
And you can even use alerts on your phone for the times you simply need to leave for a break…
But regardless of that… you have to just get away sometimes… and you aren’t going to die if you miss one trade.
In fact over time… you will benefit more from being productive during the slow times than being there at every hour of the day to catch one breaking news move every couple months…
If you want to learn more about how to trade… gain insight into what strategies and systems work for me… and how I balance trading and life to stay more productive and more profitable…
Simply join my group of trading members and partners as we all work together every day…
Come grow and profit with us.