It’s hard to do nothing. We all find it difficult to simply stop, to pause, to be alone with our thoughts. Most of the time when this happens, we don’t take long before we feel we have to do something – anything – just to keep moving, whether physically or mentally.
Yet sometimes, doing nothing is exactly the right thing to do. It allows up to take stock and reassess, and it means we can have a rest and regroup. This can be so important. But it’s not just in life in general that doing nothing is sometimes the ideal solution to pretty much everything; when it comes to something more specific like trading, the same can be true. Just what is the positive power of doing nothing?
Traders Who Do Nothing
Traders who do nothing are, strange as it may seem, often the most successful. Of course, doing nothing doesn’t mean that they never do anything; what it means is that when there are no suitable trades, they walk away and save their money for another day. This is the difference between a good trader and a bad one, a successful trader and one who loses all their money quickly with no reward whatsoever.
Waiting for the right trade may not be much fun, especially when it takes days or even weeks for the right trade to turn up, but that’s not the point of successful trading strategies. The point is to make a profit, and that’s what doing nothing should bring you, even if it’s a hard thing to do.
Is there any way that this waiting period can be made easier without wasting money on trades that simply don’t make sense? Perhaps there are some ways that it can be done.
Look At Multiple Markets
One way that can help traders get over the ‘nothingness’ period is to look at multiple markets. If you only look at one type of trade and there is no trade that works for you, no sensible data, no news stories that can point you towards anything, you could be tempted to make trades anyway, but ones that just aren’t going to work for you.
However, if you have a number of different types of trades to look into, there is much more chance that you will find a trade that works for you and that you can make a profit on. If you must trade, trading on something that works with your charts is a much better idea than trading anything you can see just to get it done.
Do Something Else
Don’t trade! This option may not seem like a great piece of advice, especially if you’re here looking for information about how to help yourself do something when it comes to trading, but sometimes it really is the best thing you can do. And we don’t mean just sit and twiddle your thumbs if there are no good trades. We mean literally go and do something else other than trading.
In fact, if you’re at all tempted to trade even when you know you shouldn’t, don’t even go on your laptop. There are plenty of things you can do that aren’t trading; read a book, take up a hobby, play sports, go for a walk… soon you’ll fall into the habit of only trading when you really have a valid trade set-up based on your trading strategy’s rules.
Give Yourself A Reward
For some people, a reward can be a great motivational tool. So if that is how you work in other aspects of your life, it can work for trading too. If you don’t trade because there are no good trades, why not buy yourself something that you really want, or go out for a meal, or take a trip somewhere fun? Hold yourself to account and have something to look forward to while you are adjusting to not trading every day.
Think Of The Future
When there is nothing happening in the markets that you can fit neatly with your strategy and trading charts and you don’t trade, you are saving money. So in this respect you can think of the future; you’ve saved money for something else.
That something else might be a big win that is just around the corner. You won’t know until you see it, and certainly the fact that you haven’t traded for a while doesn’t automatically mean there is something exciting about to happen, but if you have kept back the money you would have spent on useless trades and you can use it on something bigger that fits with your charts, your profits will be bigger too. Bear this in mind and you will always remember why you shouldn’t put trades on for no reason.