Six Sources of Trader Burnout (pt. 2)
In my previous posting I had presented 6 potential sources of trader burnout. Here are the final three sources.
- Trading Overload – Part of the appeal of trading, especially in the Forex market, is the 24 hour access provided. This is often a selling point for novice traders. The reality, however, is very different and few people can sustain a trading schedule that covers more than a few hours at a time. Fatigue, hunger, bathroom breaks and seclusion are just a few of the problems associated with 24 hour/6 day/week accessibility. Availability does not mean profitability. Place boundaries on your trading activity so as not to get overwhelmed by it
- Perceived Unfairness – If you haven’t figured it out, I’m sorry to bust your bubble, but the market doesn’t care about your position in Google, the number of hours you’ve analyzed your charts or how much time and money you’ve spent learning how to trade. The market is very narcissistic and will slap you upside the head in a moment’s notice. This perceived “beat down” can have a toll on a person’s resolve and should be reevaluated if it affects other aspects of your life.
- Lack of Community – As I mention in Trading Overload, trading can be a very solitary experience. Most traders are alone with their computer making what can be life altering decisions about themselves and the ones closest to them. The responsibility of these decisions can be overwhelming. It’s important to be a part of a group or organization, like the Chicago Trading Group, that allows you to talk about trading with others that understand what you’re experiencing.
Trading can be a fulfilling, long-term, rewarding activity. It also has its own dangers that need to be heeded by anyone engaging in market. Awareness, acknowledgement and action on these 6 sources allow novice traders to transition to veteran traders relativity unscathed.