How to Overcome Impatience

petershine

Newbie
4 1
I think one of my biggest enemies is not patient enough when trading. Would you please share your positive experience in overcoming impatience in your past trading.

Thanks

Peter
 

VeerTrade

Junior member
47 1
1. Try using a higher time frame chart
2. Mark off areas on the chart in which you want to get in at so that you can wait for the market to come to you and not chase trades
3. Set chart alerts and go and do something else
4. Make constant notes and journal so if you place trades because of impatience you can keep yourself accountable.


Patience does come with practice.

Remember it is better to be out of the market wishing you were in than in the market wishing you were out!
 

LuckyInvestment

Newbie
4 0
I would suggest - control your emotions and never trade when you are tired, pressure or under stress or drunk, this may lead to irrational behaviour and losses. Always trade while you are relaxed and focused. The patience follows.
 

ProFXManager

Junior member
14 3
maybe sport, yoga, mediation may help to control yourself better - or, let a robot do the work for you.
 

Anon1

Junior member
43 9
Hi Petershine,

This gets brought up every now and then and I'm sure will continue to do so till the end of time. Patience is a key to your strategy. If you have a strategy that you truly believe in then you will stick to your plan - even if you have doubts - stick to your plan.

Patience is a way of virtue in as such as when we are making money (getting lucky or not) we tend to get excited and start throwing down all number of trades, everything we touch turns to gold. The reverse happens when we hit a losing period and for whatever reason whatever we touch turns to brown.

So in short you have a plan and an amount of money you can lose without affecting your lifestyle. Stick to your plan and either grow your money (remembering to pay your self regularly) or lose it. Some will shoot me down nonetheless with comments such as 'if your plan starts to fail, stop' and 'if you have too many consecutive losers, rethink your strategy'. Well I say no. Your plan is your plan with the amount you have laid up front to play with, stick with it to the end, see it through.

Something to bear in mind is that should you have a bad run (every one gets them in life), and you start to paper trade (pretend trade) you will notice in a lot of circumstances you then have a run of good luck. As long as your trading plan gains you in excess of 50% wins with a monetary ratio being higher with value of wins to potential losses (stop loss to target ratio) then you will be fine.

All the best,

Anon1
 
 
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