hahaha. just build Ago for your strategy.
Good point! thanks!
great points! thank you!
Have a trading plan in place. 
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Trying to develop that!
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I realised that I don’t even understand what would work for me yet. Sometimes it’s like info overload. I may take a lil longer than realise.
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You can give yourself time in understanding the concepts before grasping too much knowledge.
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Hi Chad!
I forgot which book it was, but in one of them I read the following which is still in my mind every day:
“There are three positions you can take: long, short, or no position at all”
You have to get comfortable with not being in any position at all, in the beginning this was very hard for me but after seeing that my way of trading didn’t work I changed. Currently I’m perfectly happy with not being in any trade if the setup is not there or if I decided it has been enough for the week. I know this will bring me more returns and thus I know I’m earning money by not being in any trade from time to time.
Also before I was eager on Monday mornings (EU timezone) to enter trades, even with valid setups, right away. Nowadays I know that the opening of US timezome on Monday me cause strong movements, so my rule is not trade until the US is awake, even if there are valid setups.
Once you notice and see that your results will benefit from being patient, you will become patient.
Hope this helps. Good luck.
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so are there actually people having that much time for starring at their monitor?
I don’t know but don’t get me wrong but get some hobbies or a girlfriend and see how your problem suddenly dissapers ;D
just an example: i quit work at 3pm today, hit gym at 3:30 and finished at 5 pm (shower and co included) so I’m only having 1 - 2 hours for trading/starring at a mirror before I have to continue my protocol (preparing meals hit the grocery store etc). do you see it? can you immagine me wasting 2 hours of my free time starring at monitor? Nothing will happen if I watch the monitor, the monitor/market doesn’t even know i’m watching. It won’t affect market or my trade in absolutly any apsect. So why doing it?
so that’s where higher timeframes come into play. by trading higer tfs you won’t need starring at the monitor the whole day (or 2 hours). you simply seek for a good opportunity and open the trade, set your exits and leave. market will move how it will move no matter if you wait and stare or if you move on and hit the gym or read a book that’s it: y’all have to acknowledge that starring at the monitor won’t trigger any opportunity to trade or affect the market at all this is not quantum physics. it’s market.
please think about it.
so how do you spot a good trade? well there a plenty of ways for spotting a good set up but this depends on trading style and personalty. explaining how i spot such trades will just bore you. but if you are still interested I can easily explain
Happy trading my friend
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Please explain, am interested
You cannot force the market, you can only take what it gives you so only take a trade when it gives you a trade to take, set the exit points and the position size and let it go.
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Find a hobby, or better yet, another business to keep you busy. Once you have found either one, graduate from lower TFs to HTs. That is a sure way to keep you from forcing trades.
It took me a lifetime to discover that. I now trade set ups from W1 with entries on D1. So I only look at my charts once per day, set my pending orders, and go farming
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Hi @ChadPowell
Good question.
There are a lot of good books on building self-discipline but not so many on developing patience. The two are similar but clearly not the same. So, how do you develop patience?
Well, I believe patience, like self-discipline, is a bit like a muscle. You need to strengthen it by giving it a good workout each and every day. Ultimately, it comes down to adjusting the internal narrative you’re running. If you’re telling yourself that there are a million better things you could be doing or that you need to see results right now, you’re probably not going to be very patient. If, on the other hand, you’re challenging such thoughts, reminding yourself about the power of focus for example or how much smoother things will look over the long-run, you’ll have all the patience you need.
I don’t think staring at the monitor the whole day is a good idea although I would recommend that beginners put in plenty of screen time so that they can start familiarising themselves with the way the market actually moves in real time as opposed to just seeing the price history on a static chart.
I have my TradingView chart open all day but I’m not necessarily staring at it the whole day. I study the pairs I’m interested in, check for any important news events that may invalidate any emerging setups, then set my alerts. This is where a multiple monitor setup comes in handy. I have my chart open on one monitor so I can react quickly if an alert comes through and, in the meantime, I’m busy working on other projects on the other monitors.
This really comes down to the specific strategy your using and the setup you are looking for as a result. I use moving averages and key lines of support and resistance for example so I’m looking for specific formations. I then look for confirmation of these formations using several indicators. Yeah, I said several indicators, my chart looks like a child’s scribbling pad but, somewhat paradoxically, it helps me see what price is doing much more clearly.
Anyways, hope this helps and good luck.
Dan
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No matter what. You have to put in the time and effort and then after that, it will just come to your mind like you finally paid off that bill that seem like took forever.
In reality there are no techniques to patience, you just have to be comfortable with boredom while continuing to look at technicals, at fudamentals to try and prove you are wrong, however all trades and investments should be pre-planned where the price comes to you.
I can see trades and investments way in to the future, for example today NVDA I wanted to place a short at open which was found overnight, and was distracted so missed the entry, the hard part is trying to not chase the trade and wait to see what happens next.
about being patient, i was talking to friend about bitcoin and he said that there are a lot of people who bought it in a very high price like 60k to 70k and they are still waiting for that to go back there, i answered if they are patience enough, they can also sell it in a very higher price.
absolutely true. many traders don’t pay enough attention to correlation, it is true because the USD is base currency on all pairs even on cross ones.
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If you are not an scalper , you barely need to stare at charts for hours. for example as a day trader I know that main price movements happens only on London and NY market open.