This Goood morning ladies and gentlemen! This shaky market during the last days brought to my mind one of the most important concepts for a successful trader: PATIENCE.
A wise man said that ”Learning patience can be a difficult experience, but once conquered you will find life easier”.
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In trading, patience is the single most important thing that can make a huge difference in your trading performance. Everyone keeps talking about being patient in trading so let’s discuss the role of patience in trading and where it is needed.
Waiting for a winner
It is important to wait for a trade that meets your set trading criteria fundamentally and technically. Instead of entering randomly, you need to define the chart patterns you wanna trade and you need to wait for them to develop in the list of assets you are looking to trade. Assets you are looking to trade might be running without meeting your set criteria which will test your patience level. The best thing is strict to the plan because the market is here to stay.
Waiting for an entry point
When you decide to take a trade you set an entry point. There will be times when you will feel the market will run away without taking your orders. At that point, you will be looking to enter at market price which will test your patience. Never get fomoed by the market. Always wait for the proper entry points to enter in a trade, otherwise, you will not be able to achieve the proper risk-reward ratio and will end up making losses.
Let the setup play
Trading fear can cause great damage to your trading performance. Once you have entered in a pre-defined setup you need to wait for the setup to develop and play rather to impatiently close the trade in a fear of loss. This can only be achieved when you enter in every trade with a risk-reward ratio of more than 1:4. If your setup fails 4 times and wins one time you will still be in breakeven but if your setup didn’t play 4 times you need to review your entry criteria.
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