How do you deal with impatient. Sometimes i find it hard to wait for the market to evolve or unfold which results in massive losses.
i was wondering how can we resolve this or mitigate this?
2 Likes
Move to the longest time-frame you can stand. If your strategy demands an entry decision based on the most recent candlesticks, only look at the chart when the most recent candlestick has closed. If your strategy works on a 30-minute time-frame, don’t set the chart to display 1-minute candles. Identify which markets fit your strategy best - don’t look at the rest.
1 Like
Totally feel you, try setting strict rules or step away after entering trades; it helps big time.
1 Like
one of the most important traits a trader should have and the hardest to achieve, but start with simply sticking to the plan, win or lose, once you have a plan platted stick to it no matter what, no sudden changes or impulsive decisions.
These will help and interest you -
In trading forums, people always give “psychological” answers to this, and you can see why, because it always looks like a “psychological” question.
I don’t think it really is, though, in our specific trading context. At least, not a purely psychological one.
In practice, I think the traders who run out of patience and get into trouble from it are the ones who lack the certainty that their trading method or system actually has an edge and will bring certain profits if they simply await its reliably proven trade entries to be signalled according to whatever their rule-driven parameters are.
It often arises because people don’t actually know how to tell and test and prove that whatever they’re doing works, genuinely and objectively. So they’re more or less just “hoping” it works (which means it almost certainly doesn’t).
Some know that, in their hearts. Some fear it. Some are confused by it (that part’s psychological, I guess).
But overall, lack of that necessary certainty and confidence predisposes to impatience.
The only way to change that - or at least the only reliable way - is focused trading education, especially about math and probability. Not psychobabble.
6 Likes
A lot of “trading talk” is mostly about psychobabble, just because it’s always been far easier for people to sell books and courses on soft subjects like psychology than on more objective ones like probability and statistics. 
2 Likes
Hi @tomo22 ,
It takes a lot of time and practice to be patient 
Getting older will also help you see thing wiser, less emotion more logical. Sometime urgency to make money and time availability also drive us to be impatient.
You need to learn rushing to do something wont help you to get anything faster. 
Just follow the rule we have made … go with the flow. When by chance all condition is green, just execute the plan.
When you trade with 1000 USD, become reckless won’t be that harmful. Imagine you have 100k USD, the discipline will be the only friend of yours.
1 Like
I think the question is 2 layered.
Holding losses because you think the market will come back. This is a terrible idea. If the trade is against you need to have a stop in or at least know when to close out.
Waiting to take a trade. This should be based on an execution model, that you have developed or a mentor has provided you with. This means you will never need to place a trade that is born out of anxiety.
When I trade. I have a set thing that must line up. I don’t even think about any of it. I trade for a living so, I don’t want to be taking any trade that does not meet my tested trade plan.
I hop this helps. By the way, it may take time to build a money management model and execution model. Till you have that, you should not even be taking trades at all. If you can get this together first, you will be a guaranteed success. 100%.
2 Likes
It’s rare to find such strongly worded guarantees of success, relating to activities with which only a rather small proportion of people achieve any realistic, steady success. I’m happy to be mistaken about it, but to be honest I’d always imagined that having a trading method, system or skill-set with a proven, reliable edge was kind of helpful, too. I’d even imagined that this was the part that most people lacked. 
6 Likes
I understand how hard it can be to stay patient in trading. I used to struggle with jumping into trades too quickly, which often led to losses. What helped me was creating simple rules for when to enter a trade - like waiting for the price to reach certain support or resistance levels before I act.before acting. I also set alerts on my platform so I don’t have to watch the charts constantly, which reduces the urge to trade impulsively. Focused on higher timeframes like the 1-hour chart, which gives me more time to analyze and make better decisions.
2 Likes
It’s just Math and most people can’t do Math. Most people do emotion really well.
I have always been a little bit numb and more of a stats kind of guy. So I am definitely not most people. Anyway, most people will hate everything I just said but I am use to it. That’s me being honest and telling my truth.
Anyway, the Math says over 50% probability and at least a 2:1 reward to risk (cliche I know) will yield profitability. I myself have never had more than a 57% to 60% edge (room for variance). So I know I can’t get away with 1:1 or some other kind of emotional setup, strategy hopping, etc. It has to be precise in the numbers. Commissions, slippage, all has to be crunched in on every trade. If you can do this (most people can’t because they are lazy) then you are going to be profitable. If you can’t then you need a different career. Facts…
Just develop your edge. You won’t need a mentor, trading lessons, different strategies. None of it. Markets are random. Just find a repeatable event, trade it every time (nothing else) and make sure you can get 2x what you risk net of commissions and spreads (if in CFDs). Of course this means trading the right asset. For another day.
Ignore the unnecessary parts of what I wrote. TLDR - Edge + Money management = Trader. Anything else = Punter, back to the day job, work do’s and the Tube (for the Londoners) 
3 Likes
Hi @Error-Message, thank you for this.
I agree education & mathematics in particular probability is the way to go.
Understood and agreed! 
And all the rest of your post, too. Thanks for such a helpful and clarifying response. I had slightly misunderstood your earlier post, and you weren’t quite saying what I’d imagined.
1 Like
Practise.
Also change your entry strategy slightly if applicable.
I use a breakout strategy, used to enter on the first candle completing outside the range, sometimes I would enter before it closed so now I enter on the second candle finishing outside the range.
Also note your trades and make a note if you were impatient and see how that affects your win rate, profitability etc. When you see how much money your impatience is costing you it can help focus your mind!
2 Likes