I’ve always found it hard to be patient. Starting with finding good setups. This sometimes leads to forcing trades.
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Try opening a $50 live account, and learn how not to lose money without blowing your capital.
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Fail, lose, repeat mistake, maybe for a year, then you will find the importance and usefulness of patience.
Then, only then, you can be patient.
Fail until you improve.
Everything is difficult before it becomes easy.
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Patience like they is a virtue and a must in the market, I learned that the hard this past week on trade I made on Binance, I was too hasty to close a trade and later the market rose up.
Make patience a habit to motivate yourself, especially if you had just recently been through a losing trade.
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Patience comes when you fail and you still make your head calm. If your head is filled with all sort of negativity you cannot be calm and maintain patience.
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As your aware of your problem ,your probably not that far away from solving it, unlike an impulsive “trader”.I think it occurs to people at different stages that they had enough and become more selective and deliberate more
Insanity is doing the same thing over and over again and expecting different results .
A Einstien
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And in the end, you wonder why it took so long…haha
I’m not where I wanna be, but I think we overcomplicate trading. It’s simple but not easy. For me, the most important principle is like @Ben_protrader said:
Just keep going, no matter what.
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Usually, that comes with practice and as you get more comfortable with your trading. Psychology management is definitely a big part of successful trading.
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I completely agree with you!!
You must be patient when learning to trade. Do not be taken aback when you see advanced traders making enormous profits. No matter how long it takes, learn and practise with a demo account. You will make up for every minute you spent learning once you have perfected the art. There are several techniques to overcome this mood, including education, taking a break, refraining from overtrading, and mediation.
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Testing your patience level on a regular basis in small tasks will help you improve. Forex is a difficult journey, and accepting the fact that it requires consistency is essential.
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Patience, consistency, and discipline goes hand in hand. People develop their consistency while being patient, their patience through discipline, and discipline through consistency. You need to develop your trading psychology as it immensely helps a trader in being patient and dedicated in trading. Some other tips like meditation, journaling can also help in improving your patience.
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One of the things that I did was to start meditating regularly. This helped me to focus my mind and to become more aware of my thoughts and emotions. It also allowed me to let go of some of the negative thoughts and emotions that were causing me to be impatient. It helped me to develop a more patient approach to trading.
Luckily for me I have always been a generally patient person. Sometimes too patient! Can cause me to miss opportunities.
All I need is to look at some of previous losses if I’m tempted to force a trade that settles me right up lol
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As a beginner in forex trading, I carefully create a detailed trading plan, in which specific entry and exit strategies are specified, and strictly adhere to it, rather than trading on a spur of the moment.It’s keeps me away from being impatient.
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As a trader, when you observe the market and understand the emotions, you will become more patient. Patience will develop over time, and not overnight. When you experience various events in the market, you will come to know about them, and you will deal better with them the next time.
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I lack a bit patience in me. Can anybody please tell me what all things should one inculcate in himself to hold it back even after losses?
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