Sometimes, as an independent forex trader, it is difficult to stay motivated. It is a solitary and lonely business, and since there is nobody around you to galvanize you – you have no choice but to motivate yourself. This, unfortunately, is sometimes easier said than done.
When things are going well and you are being profitable, it is all too easy to keep motivated. It is when things are no going so well that the trouble starts. Oddly, when things are going really badly, there can be two opposite reactions. You might feel like giving up and do nothing; or, you may work even harder to catch up. However, when the market is really quiet and it seems that no setups will ever come, it is difficult to stay motivated to keep looking at the charts. It can at times seem like a waste of time, but if you get lazy, then you might just miss that one quality setup that will keep your trading bank growing.
However, just because the market it quiet, it does not mean that you can’t be doing other things. Review you trading performance and make a note of how many below-par trade setups you have taken. Try to only take the very best five-star setups, and don’t get tempted into taking a low quality setup when the markets are quiet. Sometimes the best move it to step away from the market and wait. If you are not good at waiting, then get some hobbies! You do not need to look at the charts 24-hours per day. Taking a break can even rejuvenate you and get you trading even better.
In order to stay motivated, you must really have long-term goals and continually strive towards meeting those goals. Perhaps set a yearly target for a 30% gain on your bank, and work towards meeting this target every single day. If you are successful, then next time, you could raise the bar and strive for an even greater return.