What is your definition of patient in forex trading ?
Wait for the set-up. But to wait patiently for the set-up, you have to define what it looks like in advance. All the worst stress in trading should be in the strategy planning period, during which you don’t trade anyway.
Key words i picked from your statement.
- Set up
- strategy planning period
Also can be interpreted as “Never chase the loses.”
From a postscript point of view, after set-up and trading plan execution, patience is giving your trading system a chance to prove itself.
Don’t be in a rush to make money, trading should be like good fishing
Especially important when learning, as this is why a lot of new traders don’t make it.
yes, very important!!
Absolutely true. Thanks
True. A battle have been fighting psychologically.
I think all the steps towards becoming a forex trader requires a lot of patience.
Patience in trying to understand the patterns, the use of indicators etc. There’s so much going on and it takes a lot of patience to get to understand all of them.
Patience and taking your time in demo trading, developing your own strategy (or tweaking something you’ve seen from another trader).
Like what they’ve said, there’s the patience in waiting for a good set-up. Waiting for it to meet the criteria of your strategy. Once you’ve entered a trade, there’s the patience in waiting for price to reach your TP. Even after that, there’s also the patience to analyze your trade and record it. Haha.
Sounds like a lot of work, and it really is.
I’ve been having a lot of issues with been patient enough to analyze a chart pattern.And moreover I haven’t get to understand any uses of those indicators as they are all a reflection of the price movement not the other way round
Don’t worry with time you will get to understand them…just focus on one indicator after the other and be patient.
No indicator is a crystal ball. Let us all know if you find one that is ! Or sell it to an institutional trading company