When defined as "waiting without fear in discomfort of a losing trade ," patience might seem to be a morally insignificant trait. What's so virtuous about not being reactive and not cutting losses ? In itself, not being uncomfortable carries no particular virtue. Suppose a person awaits the arrival of a friend from out of town, and she spends the time happily reading or watching television. We wouldn't say that, simply because she's not complaining, she exhibits patience in this case. Something else must be required to make one's lack of discomfort virtuous. That something is risk tolerance. It's because a circumstance is uncomfortable for someone that we find trader's refusal to feel uncomfortable remarkable and thus regard trader as patient.
