It is often said that a trader’s psychology is the most important aspect of profitable trading. ‘ Patience ’, ‘ discipline ’ and ‘ having a system ’ are just some of the most commonly touted characteristics of great traders.
But while most traders are aware of these traits, many fail develop them. Why? Is it really that difficult to just sit there and have the patience to wait for a favourable trade setup? Is it hard to avoid entering into unnecessary, low probability trades?
You see, a majority of the traders in the market are bored with their lives. They wake up in the same bed, drive the same car to work, sit in the same office and push the same papers around. Then they go home in the evening, change into the same t-shirt and shorts, eat the same microwave dinners, and watch the same TV shows before going to sleep… only to wake up to the exact same day tomorrow.
They’re bored with their lives. They’re bored with the same old clockwork routine day after day after day.
Suddenly, the exciting world of Forex trading is made known to them, and they embrace it like a child in an amusement park. As humans, we all need a little emotional stimulation.
Unfortunately, this craving for stimulation often turns into an addiction in the Forex market. People get addicted to the dizzying highs of a winning trade; and also to the feelings of loss and anger in a losing one. Of course, it doesn’t really matter to them if they win or lose; they’re only there for the excitement. They just won’t admit it, that’s all. But once you’re in the market for excitement, you’re finished .
You must understand that trading to make money is boring
That’s the best way I can put it. Truly, making money in the Forex market is a boring job.
If you’re looking for excitement, get a Playstation or Nintendo Wii. Maybe go down to Vegas for a quick, sinful gambling splurge if you’d like.
But don’t confuse excitement with profitability in the market. It’s not worth it.