Ask anyone in any field, they will tell you that without patience, you can never go anywhere (we cannot do anything without it). Whether you want to lose weight, start a new business, even being a parent requires a lot of patience. Being patient means we have to learn to be calm, even when things aren’t going our way. As hard as it is to exercise patience, it is one skill that everyone must possess, especially in this field of Financial market. When I look back at what I’ve been through in my trading journey, there were times when I really felt like giving up but I am glad I didn’t. A trader who lacks patience will always donate his/her money to the Markets. Newbies do not really like to hear the word patience, all they want to do is to place that trade. Professional traders do not trade every hour or every day. As a trader you need to develop different types of patience.
1.Patience to wait for your perfect setup
Every trader has a strategy but most traders fail even with the best strategies. They fail because they are not patient enough to wait for that perfect setup. If you always trade when in a rush and never plan for your trading sessions, you will only head for disaster. Every business has a structure. I fail to understand why traders think it is OK to just trade without a proper plan or structure. If you want to be successful in this field, learn how to plan.
2.Patience to let your trade run for a bit longer
There are traders who are very patient to let a loosing trade run for a few days while it depletes their free margin, but they fail to let a winning trade to run till it reaches a targeted profit. All the above applies with every method of trading. In my method of trading planning is everything. I teach my mentees to be good planners and never to be random on the markets. Every business has some sort of a structure. This was the shortest post I’ve ever written but hopefully you have gained something. I have just made my weekly trading plan and I am ready to face a new week with new possibilities and opportunities. Get yourself a trading plan HERE.