When it comes to forex trading there are a lot of mysteries. Out of this a lazy trader making more money is the biggest Mistry. This is because when we think of the word “Lazy”. We automatically imagine some lazy goose with no traits, discipline, and all bad habits oriented. The most common ideology about lazy people is they won’t be successful people in life.
Today I am going to change the common belief about this topic. In most social circles the word “lazy” is frequently linked with negativity. Yet depending on what you’re being lazy about it may also good thing.
Break the Tail “Lazy”:
Generally speaking, calling someone “lazy” is a broad generalization. You might be a sports person or an artist or anything in this world. But when it comes to business, investing, and money management, you might be a couch potato. Many individuals are sluggish in some aspects of life while being the complete opposite in others.
There is nothing wrong with this, and being lazy in some areas of your life is actually pretty typical. It may even be argued that being “lazy” or easy-going can improve your chances of success when trading or investing.
The idea of the lazy trader, which I’ll use in today’s lesson, is merely a metaphor for trading without stress or emotion. But the philosophy it represents is sound. Remember, I’ve been doing this for more than ten years, and I’ve seen thousands of traders and the various ways they trade. I know what qualities excellent traders have, and I’d say being lazy is probably among the top five crucial qualities.
The serious over-thinkers and compulsively committed personalities tend to lose money in trading and investing. While relaxed, stress-free personalities tend to gain more money!!
Why A lazy Trader is More Successful?
They Don’t Worry About Losses:
If you do risk a suitable amount of Money Per Trade, the set and forget strategy performs even better. It is common for traders to stake a sizeable part of their account on each trade, which increases the likelihood that you will want to connect with your trades. Risk no more than you can comfortably lose. You can approach trading with more ease the less impact a loss has on your entire trading account and emotional state.
Over Hard Work Actually Helps Nothing:
The laziest trader concedes that every trade’s result is completely arbitrary. Furthermore, until price either hits your take profit or stop loss order, you cannot predict whether a trade will be profitable or unsuccessful. The professional lazy trader is also aware that he has little control over the distribution of profitable and unsuccessful deals.
The fact that he is confident that his long-term profitability would be ensured by his win rate and the risk-to-reward ratio is what matters most. No matter how hard you try, trading is a skill that cannot be forced. You might as well stop caring, become more at ease, and let the market take care of itself. Making money in trading is not a matter of “if,” but rather of “when,” if you have discovered a trading technique with a profitable mix of winrate and risk: reward ratio.
Lazy Traders Cannot Be Surprised:
If a trade situation completely blows you away, your due diligence was insufficient. A trader needs to be completely aware of all potential outcomes. This requires that you stay current on current political and geopolitical developments as well as be informed of impending news events, significant talks and speeches. Further still, you need to understand what might technically happen to your charts as a trader. What possibilities surround the main price zones, significant moving averages, and other well-known trading tools?
But you don’t do this on the spot; you do it in advance of the market opening. When you get to your trading desk, you need to be aware of every possibility and then just sit back, wait, and let the markets take care of the rest. You haven’t done your research if you find yourself astonished or unsure of why anything is happening.
The Screen-Time Myth
Traders frequently mention that it takes 10,000 hours to become a successful trader. They consequently apply this approach to the notion that accumulating 10,000 hours of screen time will enable them to Become successful traders. Any trader who makes such assumptions is not knowledgeable about what they are talking about. You’ve certainly logged (tens of) thousands of hours watching TV shows and movies over the course of your life, but did that make you a competent and prosperous Hollywood director? Don’t squander your time staring at your computer screen all day; this will not make you a better trader.
Do your research, make a trading plan, and then carefully watch as the circumstance unfolds before walking away. Your deals do not need to be watched over.
Lazy Traders Always Stay Positive
The lazy trader opens a EUR/USD chart, scans for a clear trading opportunity, and either takes it or passes it up. He is not overthinking things, he is not concerned with newsworthy events or what the media is saying, and he is not concerned with whether he joins a deal or not. Trading in this way reinforces a straightforward trading strategy, which creates favourable trading habits.
A lazy traders always keep trade straightforward and organized. They can’t take being anxious or upset about the state of the market, nor can they stand the idea of spending hours studying it or anything else, for that matter.
In fact, anything other than worrying about a trade or a trading decision would be much more preferable to a lazy trader. The more dedicated and obsessive traders frequently have addictive and self-destructive personalities when they first begin trading, or they already have these traits and are unwilling to change.
Lazy Traders Aren’t always on the Charts.
The best traders don’t waste time constantly analyzing the market or monitoring their charts. They only put orders or alerts when specific levels are reached or briefly monitor the market in the morning and evening since they are aware that they cannot alter the direction the market is going. Successful traders adopt a laid-back, stress-free attitude.
The most successful investors and traders don’t obsessively monitor their positions during the night when they need to be sleeping. They make a choice and leave the market to work out the details without their intervention. This might be considered “lazy,” but I think it’s smart because it works and is the cornerstone of the set-it-and-forget-it philosophy that I subscribe to.
A good trader almost always does the complete opposite of what seems “correct” to them. Sitting there and watching the markets and your transactions progress seems “correct.” However, nothing is really achieved by doing this other than increasing your likelihood to make a bad decision, such as changing positions or closing your position before it actually moves.
It may seem necessary to spend a lot of time “analyzing” the market, particularly after entering a trade, but doing the exact opposite is what you should aim to do instead. You may really give your trading edge a fair chance to work out if you just step away from your computer, be “lazy” about your trades, and forget about them for a bit.
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