guys , what do you do to stay patient before and during a trade?
i don’t really have a problem while i’m in a trade but i can’t wait for trading opportunities to take shape, for example yesterday i was looking at CHFJPY chart and i saw that the price is hitting a support level , i couldn’t wait so i just jumped in and lost the trade |: TWICE! guess that’s called FOMO right?
FOMO is a big enemy of every trader, however if you have confidence in your system/strategy then remind yourself of the possible returns that you would be getting if you could wait for that extra rule to become true or that final price action you needed. Good luck; and have faith in yourself.
When it comes to trading, the decision of when to buy a stock can sometimes be easier than knowing when is the appropriate time to sell a stock. Patience and discipline is a virtue that will benefit all traders, keeping emotion and snap judgments in check. Due diligence and quality research should inform your decisions about when to get in and out of trades, and allowing the price to catch up with the fundamentals can take some time. Identifying exit points is key, both to limit downside losses and to take profits before those opportunities disappear.
In my LIMITED experience with descretionary trades, and scalping, it needs you to be relaxed.
So good calm mood to start.
Comfy chair, music, deep breathing and just watch,
Try to calmly figure out what is happening to cause the price movements then know.
Someone on here put me onto Tom Hougaard and he is fantastic for explaining that side of things.
Also make yourself some sort of rules.
Take x time after a loss before going back in maybe?
3 losses and take a break for x time, or take a walk?
Just make some sort of circuit breaker for yourself, a way to get you out,
I am not sure here whether we are actually talking about patience or is this a weakness in your strategy? In principle, entering on a support level is OK. But generally, it is better to have a rule that confirms/indicates the bounce off the support before entering rather than just buying on the hit and risking it falling straight through the level, as happens sometimes!
So what does your strategy say? Are you pre-empting an existing bounce rule (impatience) or do you not have a rule (strategy hole)?
If your strategy depends on the set-up at the end of a time candle, e.g. hourly or 4-hourly, then just close your screen until a few minutes before the candle end.
I think the general problem here is watching the screen too much, which draws your focus entirely onto just the price movement in the current bar and fogs out the overall general picture.