Patience

I think my biggest challenge in trading can be summed up in one word… patience.

It’s such a small word too but has so many implications…

  • Having the patience to wait for the entry conditions to be right
  • Having the patience to wait as the trade moves far enough to confirm you were right or wrong
  • Having the patience to wait before thinking about moving my stop to point 1
  • Having the patience to stay out of the market when I don’t understand what’s going on
  • Having the patience to wait and thinkย rather than get emotional when I lose
  • Having enough patience to wait rather than snatch profits early…
When I’ve taken a trade and patiently waited for it to work out, it’s all gone ok… When I’ve been rushed or made snap decisions… It all goes pear shaped. Maybe everything does truly come to those who wait… and then take the trade ๐Ÿ˜‰
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3 thoughts on “Patience

  1. pb8856

    Try taking the money out of the equation, paper trade any strategy for 3 consecutive profitable months before going near it with cash.

    Personally, I feel more relaxed paper trading and tend to stick to the rules rather than feeling the financial pressure of having real money on the line in a strategy I am not 100% sure will be profitable. When the time comes to bring real money into the trades my entries and exits are already well practised (although this doesn’t always stop my monkey brain messing it up).

    After all, you would have to be mad to gamble money on a strategy you didn’t know you could profit with right ? ๐Ÿ˜‰

    Reply
  2. Pingback: EPIC Failure… the post-mortem « robertsweetman

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