The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. The lazy trader concept I am learn forex trading co tv for today’s lesson is simply a metaphor for trading in a manner that is relaxed and unemotional, but the theory behind it makes sense. I know what attributes make good traders and being lazy is probably in the top 5 essential attributes in my opinion.
Lazy traders aren’t glued to their charts all the time The best traders I know don’t bother analyzing the market or watching their charts all the time. Successful traders take a relaxed and no-stress approach. The most profitable traders and investors don’t addictively watch their positions all night while they should be sleeping. They make a decision and let the market determine the outcome without interruption or interference. But this really accomplishes nothing except making you more likely to do something stupid like enter another position, close your position before it really gets moving, etc. Lazy traders have bigger winners How many times have you entered a valid trade setup from the daily chart time frame and then began watching the 4 hour or 1 hour chart after your trade was live?
Lazy traders don’t sit there and watch their trades after they are live, thus they are not looking at every up and down move during the intraday session, and thus they eliminate most of the temptation to interfere with their trades. This leads to bigger winners and a higher overall risk reward return over the long run. When they wake up in the morning they turn on the computer and look at the overnight price action for a few minutes and then carry on with their lives. The obsessed coffee-addicted trading junkie is sleep deprived because he has been up watching the market until 4a. Putting pressure on yourself to make a lot of money from your trading right out of the gate is going to flood your mind and body with emotion and adrenaline which is naturally going to cause you to do stupid things like over-trading and over-leveraging your account. Lazy traders develop positive trading habits The lazy trader flicks open a EURUSD chart, looks for something obvious to trade and either trades or passes on the opportunity.
I am a minimalist myself and I keep things simple and clean when it comes to trading. I can’t stand being stressed or worried about what the market is doing, I can’t stand the thought of analyzing the market for hours on end, or anything for that matter. I don’t listen to financial news and I don’t over-think what I am doing in the market or in life. In fact, I would much prefer to do ANYTHING else but stress out about a trade or a trading decision. It is often the case that the more serious and obsessed traders typically develop addictive and self-destructive personalities, or they already have these personalities when they start trading and they aren’t willing to change. The easiest way to really not care if you’re in the market or about the outcome of any one trade is to be sure you are totally OK with the money you are risking per trade and the money you have risked in your trading account. You also have to be confident in your trading edge and your ability to trade it.