I guess I need one too.
How did you achieve this? any special practice or just over course of time you mastered it?
The best way is to remind yourself that you are impatient each time you feel like you need to do something.
We are in the same boat buddy.
I guess the sense of greed is in human’s nature.
Wants more and more.
I ain’t patient to the degree I wish I was patient.
To my mind, patience is something that is either given to us by nature, or something that you must work on for a very long period.
I had several cases when I was manually closing deals because of impatience, but also, in situations, fear also may play its role. But I did it because I was impatient to get profits. And what you think? Yeah, the price continued rising high and high, after I was closing deals, until the trend’s over…
I’d like to reply to this thread, patience is a very important quality in trading and I’m happy to have as much as I need.
But it’s lunch-time and if you think I’ve got time to sit here like a numpty you’ve got another thing coming, I’ve got to get on with it…
Can’t stop,must go…
We could all learn to be more patient in trading. The thing about being deficient in any skill/mindset/virtue is that the fix is never just the flip of a switch. There’s no trick you can use once to fix the problem. It will take time and consistent effort. I’ll use an example here and then give a suggestion for what I would try and will be employing myself.
Comfort zone. We all have things we are comfortable doing, and then there are the things outside of our comfort zone we would like to do, but are too scared to try. This is where the idea of expanding your comfort zone comes from. Instead of going all the way on a scary new thing, just do something a little outside your comfort zone. Over time this expands your comfort zone and you can do the bigger stuff.
So try this with patience in your trading. When you open your trade, make sure you set your stop and your take profit. When you feel you are getting to the point you can’t stay in the position any longer because you are getting impatient, set a 1 min timer. At the end of that timer you’re allowed to close the trade. Next time set a 1.5 min timer, then a 2 min timer, etc. Slowly you will be expanding your patience.
You can do this from the other side. If you aren’t in the market, but desperately want to be, even though your signal hasn’t hit, when it’s almost unbearable and you’re about to hit that buy/sell button, set the 1 min timer and don’t allow yourself to go into the trade until the timer is up. Again, expand that timer.
You may stick at each level for many trades or days. You may choose to use the 1 min timer for 10, 20, 100 trades or 3, 4, 30 days before moving to the longer timer. You don’t have to wait until you feel comfortable, but rather wait until you feel the next timer will be barely bearable.
Greed seems to be humanity’s not-so-secret superpower. Always reaching for more like it’s the last slice of pizza at a party!
Absolutely, patience is key in trading, but I’m not about to let my sandwich go cold just for a chart!
Well, there are various reasons leading to one being impatient; factors such as Time Pressure, Personality,Stress, etc. by the time you find yours, you’ll figure out how to deal with it.
Actually That is wise. I liked it.
Thank you @Lee-me
Well, unique problems need unique solutions.
I won’t bore you with lengthy lectures here, but let me share a little trick that’s been levelling up my patience game. I’ve started breaking things down into bite-sized milestones and tackling them one by one. Try this might help you out
Maybe making swing trades will help you. Despait being longer time frames what could suggest bigger pressure i think having more time to analyse that one trade before entering would give you more motivation to actually sit through the trade
I am patient now.
Its amazing how getting stuck in a trade for weeks when all you wanted to do was scalp on the M5 makes you annoyed, frustrated, angry, and then, when you finally make a little profit from it, patient.
I think I’m tryna be patient, but at the same time, when you see the volumes, when MA and RSI tells you that it’s time to enter, you constrain yourself from rushing. I understand in such situations that it’s best entry point, but my patience tells me to hold for a while, as it may be a fake breakthrough with a following pullback.
I have learnt to be patient because the mistakes I made due to excessive brushing, but to be fair, it’s inherent to all those who don’t trade for a long period. Experienced traders don’t have such kind of a trouble, as they are aware of how to switch off the emotions and turn on the concetration and rationality.
Wasn’t patient initially, but with time, trading taught me patience is key. Now, even if trades go south, I stay cool and handle it gracefully.