By Rob Colville on May 15, 2017 in
Trading is boring. Unless you’re doing something spectacularly wrong, trading is meant to be boring. So, in this case, boring is most definitely good. That’s because most of the time when it comes to your trades, you’re not meant to be doing anything at all. Never has the phrase ‘set and forget’ been more apt.
If you hate being bored, you’ll hate trading because, simply put, trading is boring. But you’re not supposed to be sitting and watching a screen doing almost nothing all day as you sit on your trades. You’re meant to be out living your life and doing anything you feel like while your trades quietly get to work making you money. Trading is boring? Sure, but the money isn’t, is it? So it’s time to think again about whether or not you can stand the boredom that comes with trading because when you’re bored, you’re making money.
As soon as you start to get more involved in your trades, as soon as you try to inject a bit of excitement into them, it will all start going wrong. You’ll rush things, put trades on when there really shouldn’t be any trading happening. You’ll lose money, and quickly too. Now that might be exciting in a thrill ride kind of way, but in the long term cashing out those profits is a much better deal, and to do that, you need to make sure that your trading is boring. Control yourself and you’ll reap the rewards – remember that patience is indeed a massive (and profitable) virtue.
That’s right. Trading is not entertainment. Do it right, and trading can be your job, only it’s a job that you don’t have to do much about. Now, apart from a lucky few, most people would say that their jobs are boring, and it’s the downtime they get that brings them the most fun. So it’s okay that trading is boring. It’s fine. It’s good. And you are allowed to enjoy it – just don’t obsess over it. When it’s done it’s done, just like any other day job. Enjoy the rewards you get from it. Enjoy your life. Find other means of entertainment and forget your trades – they’ll do what they do with or without you (and they’ll probably actually do better).
Here’s a hint: if you find that you’re being entertained by your trading, you need to step back and look at how you’re doing it because you might be trading improperly. And while that might be fun for a while, losing all your money won’t keep that smile on your face long term.
If you want to make a healthy return on your trade, you need to be in it for the long haul. Trading is boring because it does take a long time, and you need to leave it to work its magic. Many people fail at trading because they are expecting a lot more in terms of actual excitement during the trade itself, and the speed at which they can make some money. This is not a magic bullet for overnight riches. Be patient, be careful, and you’ll see your money and then some come back to you. That’s just how it works.