There has been some discussion on patience on some other threads and it seems to be quite evident that patience is one of the most important, if not the most important skill one can develop in trading.
So this thread is to talk, banter and discuss about patience in trading: And why not share some experiences, good and bad, where you were and weren’t patient in your trades!
Yeah well, one good technique to avoid the emotional blow out wich in some point is inevitable is to take periodic fx vacations.
What? but then you will miss the big move
good one 
Yeah, overtrade, good idea. There always will be opportunities.
Ok Mr Undertrader now I know why you picked that for your screen name. Because that move is gone lol 
The more you trade the more you lose.
Patience in trading is to wait for the proper setup to appear according to your strat, so while I have to wait around 1 or 2 days for a setup other trader just have to wait couple of hours for his setup.
angelnish
This is a personal example of how patience pays off. I have a demo account and placed two orders for a specific pair (it doesn’t matter which pair). The initial trades were made two days ago. At one point my account was down over 500 pips. Since I am a swing trader, I decided to wait it out. I don’t know what is happening at the moment, but let me say that waiting the two days is paying off (patience is the key).
Sorry, @Piprookie but I really have to disagree with you on this one!
Trading is about a rule-set as well as a mindset.
Every trade is a probability trade, which means it will either be right or it will be wrong. This means whenever you enter a trade you should also simultaneously have a physical or mental identification of where you are going to jettison the trade because it was wrong.
It is not the answer to just patiently sit and wait, hoping that it will somehow come right in the end. Sometimes it will come right. But if it doesn’t then the alternative is that you will end up with a margin call, forced closure of your open positions by your broker, and a blown account.
Forex is not like stock markets in this respect. There is always a good chance with stock markets that they will eventually rise again and come back in to profit. But forex is not like that. A forex pair is literally two separate currencies with separate factors. When it moves it means one currency is stronger/weaker than the other - this movement can continue for years and even move to a new range entirely where it stays indefinitely - leaving you sitting with a big open loss position, even possibly with a negative carry cost, and tying up your equity that could be being used on other trades.
In my opinion, trading, by definition, is never based on trusting on luck or a hope that things might come right. There has to be a reasoning behind each trade and whenever that reasoning is negated by the price action then it is time to close and wait (patiently) for the next set-up.
Your money management parameters should always ensure that the inevitable wrong trades never risk destroying your capital base.
Manxx,
Thank you for your honest and informative response. I guess I have to start over following the guidelines spelled out in the BabyPip course. Just for your information, the reason that I chose the name Piprookie is because I am a rookie as far as Forex goes. Any guidance you can give to allow me to get back on the right track is appreciated. You have the knowledge and experience to point out that Forex is a new breed of trading. I will follow your advice and review the points explained about overtrading, risk management and money management. My demo account is 100,000 and the margin is very high. I had no choice in the matter, since that was the type of account opened for me at Oanda! That is why I really didn’t know what a reasonable goal should be. I read from another source that if you can make 20 pips every day on a consistent basis is better than to have unreasonable high profit targets. I am going back to the sections in the educational process here that I need to review. Please continue to give me constructive comments about my going on the path to destruction. I appreciate that you took the time out to show me where my trading needs to be revised.
Hi ,@Piprookie
You raise an important issue here which has been around for as long as I can remember - and, like so much in trading, still has no single answer!
Essentially, this debate is based on the fact that major trends do not occur in markets very often. Therefore the 20 pip trader often misses the big moves whilst the trend trader loses much of their trend gains on whipsaws during the long consolidation ranges between trends.
Personally, I think trying to consistently earn 20 pips daily is far more demanding than it sounds. The problem here is the need for great accuracy on entries. And this problem is again basically a risk/money management issue.
The issue here is not the 20 pips target, rather where does one put the stoploss! Obviously, one cannot let such a trade run very far into a loss because every 20 pips minus is neutralising one 20 pip gain! So a 100 pip loss would need 5 wins just to return to the initial state. That is not at all inspiring for the trader!
But, on the other hand, if you look for a R:R ratio of 1:1 then the SL is also only 20 pips. This is so very close to the entry price that there is a real and present danger of getting stopped out “by accident” after entry on a spike move - and 20 pips is a very little spike!
I think there is perhaps little that is more demoralising than working hard all week to get a few 20- pip gains, only to then lose most of it on a stop out on a Friday afternoon!
The reason why there is no simple answer to this issue is because no one can tell at the start of a move whether it will fizzle after a short time or turn into a long trend.
My own feelings about this are that it is worth setting a target that reflects the typical length of moves on the timeframe that you are using.
Also using multiple TFs can help gauge what type of move to expect. My personal preference is the 4H and 1H combo. Sometimes a 15m chart might help to fine tune an entry or even signal a good time to exit - one needs to be creative here! 
Other traders will always prefer the daily charts. There is a lot of sense in watching the end-of-day closes because this excludes, by definition, all the short term day trading.
But I am rambling and am way off topic (even if it is an old thread!)