Why is boring trading better? 🥱

Hello Pip Surfers! We aim to help you get smarter about your trading in 5-minute reads, keep going to find out why boring in trading is actually better 💥

What’s on the agenda today:

• Why when trading is boring do you make more money? 💰

• Zimbabwe gets a gold-backed currency! 🪙

Why when trading is boring do you make more money? 💰

I don’t know about you, but when I first started trading I would watch them like a hawk, eyes on the screen and almost at the point of perspiring, jittering in the chair with an ounce of hope this trade would go my way and be the one that gets me out of my job…. sound familiar, or is it just me?

At times like this a bad obsession makes its way into your mind, making you double, triple, and quadruple-check your analysis. Invasive thoughts arise, such as “Should I close? Should I add more? This was a mistake? Should I stay by the computer and stare at the candles forming?”

I’m sure as a trader you can agree, we’ve all been there at one point, not use denying it. Notice how when these constructs come into your mind, it usually ends in disappointment.

Truth: Trading well is not supposed to feel like you are skydiving or swimming with sharks (though technically you are trading against sharks ie the big players) but you get the point. It should feel as if you are watching a documentary on a dam wall unless that is riveting for you.

So if any of these points resonate with you or you’ve felt that you slip up every now and then to try an make trading exciting, here are 3 takeaways we’d like you to try to break this habit of an unsuccessful trader!

1. Focus on what you can control and not on what is out of your control

Remember the targets/take profit levels you set are in your head and the market does not care for these nor does it care how many pips you want to catch this week. So shift your mindset to setting goals and try to achieve targets that are in your control.

2. Bigger is better

And no, this is not implying that you should increase your lot sizes, but rather trade with a larger capital allocation. And remember it’s about the next 100 trades, not the next 5.

3. Finally the walk away test

You need to be able to take a trade and walk away, if this is an issue then you know that whatever you are currently risking is too large. Some people are comfortable risking 8%, others are comfortable risking 0.5%, whatever fits into your strategy, but be comfortable doing it.

The essence of good trading is being systematic in your approach, removing emotion from your decision-making process, if you feel like you get an adrenaline rush every time you open a position, it just may be time to take a look at your risk management principles. Boring traders are the ones who are getting paid.

Extra Extra ☕

• Zimbabwe launched a gold backed currency!

Memes of the day 🎈