{"id":5352,"date":"2011-12-14T20:46:36","date_gmt":"2011-12-15T06:46:36","guid":{"rendered":"http:\/\/www.tradingheroes.com\/?p=5352"},"modified":"2024-03-22T11:27:30","modified_gmt":"2024-03-22T18:27:30","slug":"sitting-on-your-hands-is-also-a-position","status":"publish","type":"post","link":"https:\/\/www.tradingheroes.com\/sitting-on-your-hands-is-also-a-position\/","title":{"rendered":"Sitting on Your Hands is Also a Position"},"content":{"rendered":"

\"Waiting<\/p>\n

I have received a couple of questions this week asking if I am still trading. \u00a0The short answer is yes, I look at the charts daily. \u00a0The reason that I have not been blogging trades is that my setups have not been hit this month.<\/p>\n

Actually, it did go off once, but I wasn\u2019t around to take the trade. But I am OK with that.<\/p>\n

I have pretty thoroughly tested the Wallaby system that I am trading in the EURUSD with Forex Tester<\/a>\u00a0and my testing showed that there will be extended periods of about a month or so when trades do not fire off that often, if at all.<\/p>\n

If that is the case, then there is nothing I can do except watch. \u00a0Some people get bored with this and want to force trades that aren\u2019t there.<\/p>\n

I know that I was like that in the beginning, so I wanted to take a few minutes to reinforce why sitting on your hands is also a position and some questions you should be asking yourself if you absolutely refuse to.<\/p>\n

The bottom line is that you can\u2019t lose what you don\u2019t risk. \u00a0Your risk is substantially higher if you are trading a system that you haven\u2019t tested and do not know what the expectancy is beforehand. \u00a0You only want to take calculated risks, not SWAG<\/a> (Scientific Wild Ass Guess) trades.<\/p>\n

It commonly boils down to a pursuit of money not the love of trading. \u00a0I love the process of trading and that is the only reason that I have stuck it out this long and still maintain this blog. \u00a0Do you?<\/p>\n

If you are just after what you think is a fast buck, it doesn\u2019t exist. \u00a0You have to really love the challenge and be able to deal with the uncertainty. \u00a0You also have to be realistic about what you can make.<\/p>\n

When I first started trading, I thought that I could solve all of my money problems by becoming a badass trader. \u00a0While this is entirely possible, there are also other factors that I needed to take into consideration.<\/p>\n

For me, the biggest factor is the huge amount of debt that I currently have. \u00a0As pro trader Bubble Boy pointed out when I interviewed him<\/a>, trading is a very psychological game and having a lot of debt will mess with your head and your trading. \u00a0His mentor insisted that he pay off all of his debt and recommended that I do the same.<\/p>\n

So I cashed out my trading account to pay down one of my credit cards and have been working on creating income that does not depend on psychology. \u00a0This has led to a more Zen-like trading experience for me because I have found that I am not forcing trades and I have rediscovered that I enjoy trading well.<\/p>\n

Another potential roadblock to becoming successful<\/a> is your full-time job. \u00a0In fact, I emailed two aspiring traders this week and both of them said that it was very difficult to trade around their demanding jobs.<\/p>\n

Getting out of a job you hate is another reason that people force trades. \u00a0I am totally guilty of that one too. \u00a0If this is the case, can you possibly switch jobs to something that is less demanding? \u00a0If that is not possible, then can you tailor a trading system that is based on a longer time frame so you don\u2019t have to watch the market that often?<\/p>\n

Making these adjustments can put you on the right track and reduce your tendency to force trades. Is that too much of a sacrifice for you?<\/p>\n

Then trading may not be your true passion and you are better off finding something that is. \u00a0Your heart and your bank account with thank you for it.<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

In trading, you can be long or short. But you can also sit on your hands. Learn why sometimes, this is the best trading strategy of all. <\/p>\n","protected":false},"author":2022,"featured_media":11346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[725],"tags":[],"class_list":["post-5352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading-psychology","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"yoast_head":"\nSitting on Your Hands is Also a Position - Trading Heroes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tradingheroes.com\/sitting-on-your-hands-is-also-a-position\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sitting on Your Hands is Also a Position - Trading Heroes\" \/>\n<meta property=\"og:description\" content=\"In trading, you can be long or short. 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