‘When all is well, why should you explore more? It is against discipline.’ — It is the notion most traders have and mentors assert it as well. Should you heed and adhere to it?
Had this been a law sometime back in history, Columbus wouldn’t have discovered America or Wright brothers wouldn’t have come up with airplanes. It is the want and desire that drove mankind to where we are today. So, never stop your exploration. But keep these things in mind while you explore.
The mentors and blogs are correct in a way. It’s better to stay in your comfort zone as it is always challenging to find a new domain you’re going to feel comfortable with. But here is the thing: the market is a very volatile environment. It evolves rapidly than you could realize. The market is going to push you out of your zone sooner than later. Instead, you can find a zone beforehand and make it ready for a rainy day. Be in the constant search for a new zone, but you should also know the risks associated with it and keep appropriate risk measures in place.
Try it out in a small account
Demo trading isn’t the apt domain to evaluate your comfort zone as it doesn’t sway your emotions. So, in turn, you can use a small capital, say 10% or 5% of your capital, in a separate trading account. You can try out a new strategy, a lot size, or try trading in a different currency pair or a time zone with this new account. It could be a better evaluating measure and let you know what’s in the store.
It’s an experience!
Every tryout will not yield a great discovery. But it provides a better experience. After all, the experience is all that matters in trading. This new experience can lead you to a better discovery in the future. So, never quit trying.