Is It Possible To Not Burnout Trading?
Many people getting into trading can suffer from trading burnout early on. When people get started in trading they want results and they want them right away. One of the fastest way to get a result of a trade is by trading a smaller time frame where a trade can work out a lot quicker. But trading smaller time frames requires you to sit at the desk looking at the screen and it can be exhausting.
Trading burnout can also effect those who trade larger time frames if they are busy looking at many charts all at once. Scanning a good 10 forex pairs, 25 of your favorite stocks and a couple futures markets can be exhausting. Cycling charts and finding patterns that are not good enough for you to take a trade and then to keep searching can also put someone into burn out.
What Can Be Done to Avoid Burnout?
Scanning Patterns Automatically
Leveraging technology can be a quick way to give yourself more time without missing an opportunity in the market. One example of the way we do that here is by filtering out patterns that are considered low quality. We do this by comparing each pattern to a database of over 1.5 million others. Then each pattern is decided for us by the vetting process known as our structure ranking and we end up only analyzing the top 1-2% instead of over 1500 patterns a day. You could even configure it in our members area to send you a mobile text/sms message when the pattern appears. But this is just one way that we leverage technology here, you will need to find your own way or feel free to use ours.
Using Price Alerts and Mobile Apps
You can also use price alerts directly in your platform which is a basic feature in any charting platform these days. Also with mobile devices you can also use apps that will alert you to when price is at a certain level.
If there are other traders such as yourself who trade the same way you do, you could also trade as a group to keep each other in the loop. The difficult thing with this is the traders your trading with might not be above your skill level and what would really help accelerate your trading too is by being around people who can actually help progress your progress.
Setup Your Charts On The Weekend
If there is a tactic you have and would like to share it, use the comment box below and we'd love to hear from you!