Hi, on Monday I was talking with one of the students from our Pro Traders Course and asked how her trading was going.

The answer “well I am 22o pips up on the Euro/$ & see no reason to get out, but I am bored and need something to do.”

My response?

“Excellent, you are now at a level that most people never reach. In my early days and even until recently, controlling emotions was always one of my biggest challenges & its what screw most retail traders. When you can detach yourself from emotions (because you now understand whats really going on in the financial world) THEN you move to a much higher level.”

Don’t get me wrong. I know some of you just “love to trade.” The adrenalin rush. The intellectual challenge. The anticipation when you open your charts. Been there done that for too many years 🙂

So how to deal with this profitable, money making “boredom”? Quite a few of our students are also following Omars gold trading course, or simply continuing to follow Pierre in the forum. I have recommended to students that they split their financial bank into two parts. One is the longer term “investment strategy” where they will be holding trades for days and weeks. Making profits and in some cases (like the recent Euro/Nok trade) earn money every day from the interest rate swap (a carry trade). The other part of their “bank” can then be used to trade intraday with the method of their choosing.

Longer term the vast majority will follow my lead and have far more money allocated to the former rather than the latter. I stopped getting a “buzz” when I traded many years ago and it was great. I now do my main analysis on a weekend when the markets are closed. Nothing is moving thus there are no distractions nor emotions. I study the fundamentals. Read plenty of websites and newspapers and formulate my bias for the week ahead. I then go look at the charts to find the best pairs to trade and look for decent entries.

If I see something particularly strong I place forward orders and walk away. During the week I then check my charts at the daily candle close and again place orders where I see fit. Other than that I check my charts on a morning when I get up and maybe a couple of times during the day. Its not sexy. In fact its a little bit boring BUT I earn a 6 figure income working from home. I choose when I want to work and when to leave it alone. I then have lots of free time that I can use to make money doing other things. Unfortunately I am a bit of a workaholic which drives my wife nuts and I love teaching other people how to be successful hence FMP & the current course but hey at least its my choice!

If you would like to be bored but profitable then check out the Pro Traders Course. CLICK HERE

The rest of the week

My analysis is the same as Sundays. Now we are getting to the jittery, silly phase of the week as the big news announcements pile up. Personally I am off to the gym to hone my Arnold Schwarzengger body- unfortunately as he is now not 30 years ago 🙂 and most likely have a swim and a laze around in the jacuzzi. Have a good one

regards

Marc Walton