Forex is highly volatile, so you are unlikely to find it boring. Nevertheless, like anything we do regularly, once the shine has worn off, you may find you are increasingly less enamored with it.
That’s all normal, but if you want to make money from forex trading, you need to stay engaged with it.
Here are some tips to help you stick with it if you are losing interest in trading forex.
Get Involved with an Online Community
The online world has opened up an amazing array of online communities. Whatever your interests, there is a community out there for you. Forex is no different. For many traders working from home, an online community is their lifeline. They can chat to like-minded people, share trading strategies, and share the ups and downs of life as a forex trader.
Social trading is a relatively new development. Social trading combines an online community with the intricacies of forex trading. You can get involved in discussions on trading trends and follow more experienced forex traders to glean some useful insights.
Joining a forex community is a great way to stave off the boredom of trading in isolation and learn new tips and tricks. Why not give it a try? Join a friendly community and make new friends.
Branch Out into Different Trading Instruments
Let’s say you have been trading GBP/USD or USD/JPY for a couple of years and you are very comfortable with the markets. Sadly, comfort often leads to boredom, in much the same way as a long-term relationship can feel stale after a while.
If this sounds like you, it is time to switch things up a bit. Try branching out into the cryptocurrency market and start trading bitcoin, Ethereum, and other altcoins. There will be a new learning curve, which should rekindle your interest in forex trading.
Test your new strategies on a demo account, so you don’t risk losing everything you have made in recent months. Apply what you already know and practice your analytical skills on new trading options. Most reputable forex brokers offer cryptocurrencies these days, so you have plenty of opportunities to experiment.
Test New Trading Strategies
Forex traders often have a few tried and tested strategies that work for them. There is an old saying – if it isn’t broke, don’t fix it. In most instances, this is true, but if you are a bit bored of your current forex game, you need to step outside of your comfort zone and do things differently.
Read up on a few new trading strategies. Not tried Fibonacci yet? Give it a go! Read some forex blogs and get involved with trading strategy discussions in forex communities. Exploring new strategies will offer some new insights.
Always test new strategies in a demo account before you try them for real. That way you don’t risk your capital using something you don’t fully understand.
If all else fails, take a month off from forex trading. Book a vacation, have a tech detox. Some R&R could be all you need to reboot and come back ready to kick some ass.