Patience And The Market

Beginner Questions
1

I was in another forum and read this articel from FOREXMAN I liked it so much I wanted to share it in this forum as well.

[I]My observations in various traders forums and discussions made understand that many traders are careless and cautionless when trading. We sometimes alow greed to rob us of our hard earned profits.Mathematically and practically, I have proved to myself that the business of forex trading is highly rewarding. Any forex trader with good focus is already a rich man.The very important things to consider first for any trader that must benefit from the gold mine of currencies are: 1. Reduce your greed level 2. Enter every trade at the right time 3. Always close the day with profit 4. Develop and Focus on your strategy5. Enjoy every step of trading.Yes, every trader cannot reason the same way, but as for me, PATIENCE has a great role to play, when I started trading I was always making losses until I discovered that I was never patient enough.I now make remarkable trades because of patience. A trader can improve on his patience level by deciding what factors will prompt him to enter a trade or even exit a trade.For example, one can decide to enter a trade at the break of a pivot point and close it after every 10 pips is made.It is highly beneficial to note that trading without making gains is like throwing fortiunes into the thin air where others are there to gather it.

FOREXMAN [/I]

Remember that Greed kills more traders than anything in this industry. Use the self discipline to use pateince to last in this game. I have never seen an old man in a hurry!

Pip Wrangler

2

2&3 are easier said than done… and it also kind of clashes with the idea of “patience”. So if you are in a loss position, is he advocating you take crazy risks to get yourself back in a profit position to finish the day? :confused:

3

You have a good point. Let me clarify what I think he means by this. Not everytrade is going to be positive, it is impossible. However in the over all game plan you should try and maintain positive interest in your account. So I suggest not to take risky positions to create a positive moveif it isn’t there to take in a certain trade. But rather, look at the overall positive interest daily.

4

Successful trading has very little to do with indicators or trading systems.

Successful trading is 10% indicators, trading systems, and other nonsense and 90% is discipline.

5

If you don’t have a system/method/whatever with a positive expetancy all the discipline in the world won’t make it profitable. Likewise, if you can’t consistently apply it, the most profitable system in the universe isn’t going to be worth jack.

They are equally important.