The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. The lazy trader concept I am using for today’s lesson is simply a metaphor for trading in a manner that is relaxed and unemotional, but the theory behind it makes sense. I know what attributes make good traders and being lazy is probably in what time do forex markets open on sunday top 5 essential attributes in my opinion.
Lazy traders aren’t glued to their charts all the time The best traders I know don’t bother analyzing the market or watching their charts all the time. Successful traders take a relaxed and no-stress approach. The most profitable traders and investors don’t addictively watch their positions all night while they should be sleeping. They make a decision and let the market determine the outcome without interruption or interference.
But this really accomplishes nothing except making you more likely to do something stupid like enter another position, close your position before it really gets moving, etc. Lazy traders have bigger winners How many times have you entered a valid trade setup from the daily chart time frame and then began watching the 4 hour or 1 hour chart after your trade was live? Lazy traders don’t sit there and watch their trades after they are live, thus they are not looking at every up and down move during the intraday session, and thus they eliminate most of the temptation to interfere with their trades. This leads to bigger winners and a higher overall risk reward return over the long run. When they wake up in the morning they turn on the computer and look at the overnight price action for a few minutes and then carry on with their lives. The obsessed coffee-addicted trading junkie is sleep deprived because he has been up watching the market until 4a. Putting pressure on yourself to make a lot of money from your trading right out of the gate is going to flood your mind and body with emotion and adrenaline which is naturally going to cause you to do stupid things like over-trading and over-leveraging your account.