Are you patient?

I know that being patient is important, but unfortunately I’m not good at it.
you guys know any way to improve it?

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Yes, go to a market and buy some antique silver. Weight it and try not to pay more than 10% above the spot price for it. Then put it in a cupboard and tell yourself you will not sell it until the price of silver doubles. That could be in a month, or it could take 20 years or more. That will teach you how to be patient. :slight_smile:

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mmm nor so sure but that’s a weird method :grinning_face_with_smiling_eyes: :grinning_face_with_smiling_eyes:

Actually @Mondeoman is right Ethan. Make yourself wait more frequently to develop your tolerance for unpleasant waiting periods. That may seem paradoxical, but think about it: you can truly become a more patient person.

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As an aside, here in Chiang Mai’s silver market, the trading currency is silver balls which are used for making valuable jewelry pieces. I am told that this is the best entry to silver investment as a bag of balls are consistently tradeable, unlike the bars.

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I am not a patient person neither. Thank you for the topic. Being patient is very important and unfortunately I’m nor good at it.

We are in the same page buddy. You are not alone. feel the same.
one small step you should take is that, break tasks into smaller pieces.
maybe it helps

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Patience in trading, or life in general?

Are you impatient in other aspects of your life?

Nor am I. In fact, I was the most impatient person on the planet until I learnt how to develop a Zen mindset - which is detachment from what’s going on around me.

Zen is ideal for emotional challenging FX trading, as it accepts but disregards the threat as we have no control over what the market throws at us. Our only control is our risk exposure.

Try reading The Zen Trader by Peter Castle. Highly recommended.

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I guess he’s talking about trading :thinking:
Hmm, I don’t know how to improve patient, just I know it’s like a habit. you should create and keep it.

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@Ethan.ishere What do you YOU think are some ways to improve patience?

Hey buddy, honestly not sure, that’s why I asked you guys.
In generally, I’m into psychology and I prefer to solve this issue using it. But what you guys offered is truly useful.

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@Ethan.ishere Patience in trading, or life in general?

Are you impatient in other aspects of your life?

What’s helped me is to realize that the market is going to do what it wants. When you realize that, it becomes easier to accept things the way they are.

Another thing that will help is to use only pending orders (i.e., limit or stop orders). No market orders. That way, you have more time to calculate position size, risk, and profit targets. It also trains you to be more patient since you’ll have to wait for a certain level to get hit before the trade triggers.

I hope this helps, and all the best on the charts.

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I totally go with what @steveepperson says - I always use pending orders to get me into trades, I never enter live.

Incorporating this requirement into your trading strategy also disciplines you to think through and plan what sort of positions you want to be in, not just what sort of trades you want to click into. Its inevitable that most of your pending orders will be executed without your being aware of it so there will be a time-lag between entry and when you get back to see what is happening. The trade has to run itself for that time so you need to be clear where you want to be in.

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Good point here. I can’t count the number of times I set a limit order, looked at it for a few minutes, shook may head and then canceled it. I wondered why I would even consider that trade. You can’t do that with market orders. There’s no take-backs.

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Hi Steve369,
I love the “as an aside”. I learn a lot on this forum thanks to the huge knowledge bank that members are so willing to share.

This is gold dust if you pardon the pun. Well, maybe one ninetieth gold dust? I have three global friends, one in Oz, one in Catalonia and one in the UK all contemplating moving to Thailand in the next twelve months. They have all “seen the light” and do not want to be sheeple. I am sure your local knowledge will be very helpful indeed to them as they contemplate what is important there.

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you can use Tradingview, set an alert on the area of interest and leave the chart. Do whatever you want to do until you receive a notification on it.

That’s how deal with my patient, because the more I look at the chart the more urge I’m trying to get into it.

I’m not patient that’s something I’m working on . Often lack patience contribute into traders being inconsistent.

Agreed, it’s good to think of it as a self-development exercise. I try to look at my trading education as one of self growth as well, but I definitely also struggle with impatience at times. It’s getting better :pray: