Some good stuff here, @_bob, thanks! I’d like to add a few embellishments if I may…
Although I identify here with what you are saying, I wouldn’t personally call it “boring”. Rather, I would describe it as “disciplined routine/repetition” - which, for many people probably does translate as “boring”!
Yes, it is pretty much the same routine every day but the market is forever changing and there are different factors influencing what we do, I guess it depends how much we want to get into the surrounding collateral stuff that doesn’t necessarily directly affect our trading decisions. But I think this also depends on one’s style of trading. Some traders are very mechanical (I don’t mean automated trading) in their approach and will base entries and exits on very explicitly defined criteria. But others, (like me), are more subjective about their reaction to their criteria. Although I have very clearly defined requirements for my trade entries, I subjectively evaluate them a lot before acting on them. And my exits are even more discretionary.Since I cannot determine at the start of any trade what might happen next or how long it might continue, I make my exit decisions along the way…and money management plays an enormously large part in this too, at least for me, anyway.
I think this is very important and well put. The world is teeming with information and events that could impact on one’s trades, and it is critical to know what issues are important, and when, and which are not. For example, a very short term trader will watch for data releases, speeches, etc, but other longer term traders like @Dennis3450 and @tommor will take note of far less of these events because they are trading the longer term picture and are not fuzzed by a typical quick reverse from an isolated comment or contradictive minor data release.
So it is indeed important to know which factors are specifically important to you and your personal style of trading.
I certainly go with this one!
Passion, commitment, dedication, determination…there are many appropriate words that apply to our way of life (and probably a lot of other less complimentary ones, too ). One of the strangest things about being constantly in the trading world is that few people outside it have any idea what we are talking about or doing! Which can also make it an isolated and sometimes lonely existence.
But one thing that is true about being a trader is that, whilst you can fool other people, you cannot fool yourself. You are right there, spread out all over your trade journal. Your method, your risk/money managment, you decision-making, your emotions, your results. You are alone in your responsibility for it, all of it, and there are no excuses - only survival, acceptance, learning, improving and moving on…