Should trading be exciting or should it be boring?
Recently, I've been really excited about how the altcoin markets are shaping up! They're making all the right patterns for my trading plan and so I've been furiously analyzing and buying allocations of all sorts of coins that I think are going up. It's exciting to prepare my portfolio and set my sell orders for when the markets spike up during volatile pumps.
But despite the excitement, I'm also aware that emotional excitement can cloud my decisions & ultimately lead to mistakes. Taking profits too early, (one of my pitfalls) & letting losers run in hopes that they turn around are some of the common mistakes. So what do I do? Is it okay to be excited or should I be looking at trading as a boring day job?
I recognize that I need to view trading as a somewhat boring exercise. That's not to say I can't enjoy it - if I couldn't enjoy it I wouldn't want to trade, however - it's important to keep emotions out of any decision making. Emotions can destroy trading decisions and lead to ruin. The two examples I mentioned above are common mistakes but there's many more that stem from fearfully reacting to market movements.
I have a great deal of fun and excitement from studying trading and watching the markets. But implementing my particular method of trading is pretty much as boring as I can make it. There really is not much to do - when I'm doing it right.
But that is my aim. I want my money to work for me, I don't want to work for my money. The less time I spend on trading, and the more free time it provides me - the better I'm reaching my aim.
I feel great satisfaction and achievement when the markets are going my way and profits are coming in - but for the most part, I just observe the money, and there is not a lot of action for me to take.
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Thank you.