What if the secret to your trading success is not to trade more, but to be more patient?
You see, most retail forex traders crave excitement. Quick moving charts, massive winning trades, ‘trader’ lifestyle. But what if the real secret to success lies in the boring stuff?
I believe most traders fail because they are unwilling to do the ‘dirty work’. I know this because it was once me.
I was chasing every strategy under the sun, trying to chase no losing trades and ultimately failing. Until I sought direction, and did the work.
Here are some boring things to do that could help get you to the next level.
1. Stick to one thing
This one is tough, but this can help massively.
Now, when I say stick to one thing, I mean stick to one consistent way to enter the market. Or one consistent way to analyse the market.
I do believe in being flexible and adaptable in the markets, but you have to have something that you can measure.
For me, I follow the three-step process of Why, Conditions, and Strategy.
The why is flexible as narratives and macro drivers can shift. The conditions and the strategy remain the same. This helps me to remain consistent in my approach.
It doesn’t work all the time, but it keeps me composed.
Repeating the same setup week after week, day after day can feel like you’re standing still, but in fact, you’re progressing.
2. Journal
This one is boring to most traders, but here is where you will gain valuable insight into your trading habits, mindset and strategy.
Being able to monitor your trades is so important.
I don’t mean writing down your entry, stop and target level. That’s not important and you can get that information at any point.
Instead, monitor:
Why did you get in the trade?
What conditions the market was in?
What strategy did you use?
How it made you feel.
How did the trade play out?
What happened after the trade closed?
3. Focus on risk management
Stop focusing on the rewards, and focus on the risk.
Some may say this is boring but risk is everything. If you can manage it and not blow up, even mitigate losses then you will be in this game for a long time.
Use your data to your favour and identify how managing risk could change your outcomes.
Final Thoughts
Making some small changes can make a big difference. Try to dive into the boring side of trading and get your hands dirty in the work. You may be surprised at how your trading and mindset begin to evolve.
