Patience is 70% part of the game unfortunately. Draw your zones that you will look to buy/sell, set alerts and step away.
If you are facing issues on your real account; go back to the demo and practice more than 1000 demo trades; it really helped me a lot!
1 Like
My daily trading experience helps me a lot to imptove my trading skill & patience!
Do you see any trends on this 1 minute chart?
Real mastery of FOREX trading, which I am years away from, can definitely include 1M charts. I have watched, in real time, traders averaging $1,000 a day on 1M timeframes. I have watched other traders making $30,000 a day using 1M timeframes (King of Forex for example).
People who trade like them sometimes glance at the 5M chart, but trade exclusively on 1M.
For you and me, the wins are smaller, and the losses are smaller. Its a great practice opportunity on live accounts.
Trading involves psychology and hence, makes patience an important quality for a forex trader. Keeping patience when you enter the market and waiting for it to show results can make a difference.
Here are three tips to help you improve your patience in forex trading:
- Make a plan and stick to it.
- Stay disciplined and don’t overtrade.
- Don’t be afraid to take a loss.
1 Like
With time, a trader improves their patience. Learning to be patient is crucial, and a trader can learn it through courses and reading books. Being patient is crucial for long-term success in the market.
You will have to stop your mind from taking decisions in a moment of impulse. It is good to be spontaneous and fast, but that should not turn into restlessness. Take a break and engage in some relaxing activities when you feel too impatient. Building patience takes time but it is surely not hard when you are determined.
I found meditation great for improving my patients
Instead of trading impulsively as a beginner, methodically create a clear trading plan with specific entry and exit strategies and adhere to it diligently.
1 Like
Only by adopting the mentality of a trader will you be successful at doing so. Your ability to exercise self-control and patience is directly proportional to your mental attitude.
Practically every trader in the world struggles with impatience. There is always a way if there is a will, despite the fact that the volatility and ongoing fluctuations in the market have a direct impact on the trader’s mental state. You can stop trading, if it’s getting too much for you, and engage in activities that calm your mind. Also, keep a steady plan and follow it regularly.
Patience comes with learning to let things go and taking your time to make decisions. You must be having a fear of missing out on opportunities which pushes you to forcefully take up trades. You should try to build discipline and stick to your plan all the time.
Spend more & more time on your chart; more plain = more patience! There is no shortcut way, on the other hand you can read mental health related trading books!
Plan what you will be looking for before you look at a chart.
Plan what you will do when you find it.
Plan what you will do when the trade goes into a loss and when it goes into profit.
Plan, plan, plan.
Long-term success for traders depends on their ability to recognise the best trading opportunities and refrain from acting rashly. That is having patience is important which comes from proper learning and planning.
A streak of losses is good enough to develop patience in traders because they are left with no more money to trade, so they had to remain patient with the existing trades and hope that the result would go in their favor.
Reading good books, practising meditation, and considering every trade as a learning process will boost your confidence and improve your patience.
It is possible to develop and practice the art of patience. Self-awareness is a great place to start. The first stage is to identify the outward manifestations of impatience, such as a heated face, a rapid heartbeat, rapid breathing, and building irritation. When this occurs, concentrate on taking deep, steady breaths until you begin to feel more at ease. Consider taking a break and returning to the topic later.
Backtest your edge so you understand the most probable times throughout the day or week when your edge can play out in your favour. Furthermore journal all your entries will provide you with enough data that should keep you busy enough so your not impatient with your actual trades
Don’t fomo
Trade your plan and you will be fine