If you’re trading properly, it should be boring. You should be doing nothing most of the time and you need to learn to embrace, to even enjoy doing nothing in the market, because as I will explain in today’s lesson, a bored trader is often a successful cheetah trader.
Boring is ‘beautiful’ in trading because it usually means you’re making money over the long-term. As opposed to the traders who are on an up and down thrill-ride through the market that is defined by high highs and even lower lows, a successful trader knows more or less what to expect each day as he or she enters their trading room. They know what they will do if X, Y or Z happens, they have a plan, they control themselves rather than let themselves be controlled by the ups and downs of the market, so for them, trading is basically boring.
Money is attracted to a trader that can control himself or herself, not to a trader who is all over the map and has no consistency, logic or discipline in his or her trading. Controlling yourself, is usually ‘boring’ by most accounts, because it usually means not giving into temptation and to how you feel in the moment.
However, as you probably know, controlling yourself is also the way you achieve long-term goals that can change your life and which are much more meaningful than any short-term temptation.