I came across a great sentence on Twitter that got me thinking. It goes like this: “In trading sometimes ‘No Action’ is the best thing you can do. You don’t get paid for your ‘productivity’ or ‘quantity’ of trades per hour, you get rewarded for making an excellent decision on a good trade.” I think this is an important mindset to have for any trader, but it can be difficult to put into practice. How do you become patient and disciplined enough to wait for the right trade? How can someone just stare at his/her monitor the whole day? What are some strategies for identifying good trades and making excellent decisions? I’d love to hear your thoughts and advice on this topic.
PATIENCE IS THE KEY SON! But how to earn it? Just wait
Identify what your set-up should look like before you start looking for it.
My set up strategic process is profitable, therefore it takes me less than 20 minutes to check my previous day’s trades, and then skim through my chosen 12 FX pairs each morning at 10AM to see if a trade is viable.
If so, once the set up is in place, which takes a further 15 minutes I turn off the desktop and go out to play elsewhere, as I have no desire to stare at my computer all day.
Thank you for posting this. I just recently started overcoming the struggle of waiting for good quality trades that will help make me consistent and stable and it has helped immensely. Once you know what price action setups you are definitely successful with than patience is the only thing left
after having powerful trading knowledge the result of trading can be useless if there is no perfect patience level . this is really important in trading as well real life.
patience is the key but as a beginner trader that is really challenging to keep patience when trading in a real account with low trading knowledge and experience.
patience is a great human habit , it never grows with very short time , we have to mind it . it comes from a long practice session.
LOOL! I’ll wait
That’s great man! good luck.
Exactly! That’s my problem. I can’t just pause trading on demo accounts, my question is that how can I control myself in a real account??
I have a really good solution for you, Avoid overtrading. Overtrading is a common mistake that many of us make, which can lead to impulsive trades and losses. To avoid overtrading, set a maximum number of trades you will take each day or week.
Or better yet, make a habit of not opening more than one trade at a time. The market is heavily correlated so if you open 2 or 3 trades within a short time-span, chances are the outcome will be the same with all of them. So yes, avoid over trading, but you also want to avoid overexposure in the market as well.
Good point! Thank you!
Consider using limit orders: Rather than relying on market orders, which execute at the current market price, utilize limit orders to open and close positions at pre-determined prices. This approach can help you steer clear of chasing prices and entering trades at unfavorable levels!
This is the answer. Let’s not soup it up and just keep it meat and potatoes.
Quality time spend matters a lot. However, for beginners it is important to spend more time so they can learn from others too.
learning from others is a temporary session but learning from self is a permanent solution
“We must all suffer from one of two things, the pain of discipline, or the pain of regret”
For me I had to create a system to work around my strategy and keep me from de-railing my trade psychology. I wrote an entire e-book about it with chart examples, templates, outlines, etc.
It works around any trading strategy. All you have to do is follow your rules.
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As you learn and practice, your patience will come with it. At least in my situation it did.
I don’t stare at it all day but I did when I first started - the thirst to learn and make it work. Now, I pick times throughout the day to look into my charts. I trade on daily and 4h chart so it gives me 4h between each candle to sink in new information and prepare decisions- which does not take 4h to do.