Eliminating Boredom Trades
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Trade to Make Money
Watchlist – A List of Trades ready to go in the future
The first thing you should do is come up with a successful watch-list. The best ideas in trading are when you come up with the idea and then the idea instantly plays out. The next part of your arsenal is creating a Monthly watch-list of about 10-20 ideas ready to go at some point in the future. Refresh this list every month.
Filtering Infinite Opportunity – Information Overload
You need to have your process and methodology in place. A few important tools to filter ideas is tradingview or FinViz. The idea generation is just as important as risk management. You need to have enough ideas to feed a portfolio. You can’t have a 10 asset portfolio with 8 ideas. You need a large amount of ideas to work with and manage risk on. It takes time to come up with your own process. The time consumption will eventually go down when you become more comfortable with your process.
Discipline – Taking a trade for no reason
Every trader does this. Its a slow day and not much is going on. So you take a trade just for the hell of it. I am sure if you tracked everytime you did this you would be in awe of how these boredom trades cost you serious money. In trading you should never be bored. There is always work to be done. You could be refining your watch-list, journaling and reviewing previous trades, analyzing data, setting up a feed of alerts, etc…
Authored by WildWestTrades.