Learn #Patience is the Key to Sucess
#TheWolves is an extremely successful predator not because of its size or power but because of its endurance and analytical skills. Patient and very calculative, it presents us with the most important qualities of a good forex trader. In this article, I will be sharing with you the importance of this element of success and how we can emulate the king of the jungle in patience and strategy. The first and most important is to get good forex education. Do not rush to trade before getting educated. Learning the hard way is unnecessary and avoidable. The lessons the market will teach you would cost you. You need to have clearly established your trading edge before you can exercise the patience that is required to consistently execute your trades. Patience is totally useless unless you know what you need to be patient for. "The big money is made by the sittin' and the waitin' not the thinking. Wait until all the factors are in your favor before making the trade."
Know when to cut your losses – If you are already in a trade and you see that things are going badly it pays to retrench. Do not wait to get lucky. To remain in the game, you have to be willing to endure the pain. #Hassan Elhadedy was one of the best Traders in the worldwide and small loss-Big graphics waves profits takers in the business. He didn't care whether he won or lost on a trade. If a trade didn't work, he was confident enough about his ability to win on other trades that he could easily walk away from the position.
“The quality of winning Traders is how much they can be Patience.”
“The quality of winning Traders is how much they can be Patience.”
One of the most effective weapons in our Forex trading arsenal to help fight the most prevalent of trading enemies; over-trading and over-leveraging… is PATIENCE. Patience is a necessary ingredient for successful trading, in fact it is probably thee most important ingredient; without patience, you are almost guaranteed to struggle or fail as a trader.The old saying, “patience is a virtue” is as applicable to the world of Forex trading as it is at any Patience also happens to be the main virtue that most traders are deficient in, and this helps explain why most traders fail to make consistent money, or any money in the market.The importance of having being a patient trader cannot be emphasized enough, in fact, one could even say that there is a positive correlation between the equity curve of your trading account and the amount of patience you possess as a trader. In other words, focusing on developing and maintaining patience while trading the market will cause your equity curve to rise much more consistently than not paying any attention or little attention to patience, as most traders do.
Why patience is so important for a trader
It is one thing to simply state that patience IS important to your long-term trading success; however, most people reading this will want to know WHY patience is important to Forex trading and HOW to implement it. The reason why patience is such a crucial part of being a consistently profitable trader is mainly because patience increases your accuracy, or your “strike rate”. As you become more accurate in your trades, you obviously will have fewer losers and more winners, which will have a direct impact on your forex money management plan. When you hit winning trades as a result of being patient and waiting for that picture perfect setup to come along and then executing it without hesitation, you essentially reinforce one of the best trading habits anyone can learn, which is of course patience. Trading success depends entirely on the concept of reinforcing good habits and eliminating bad trading habits, unfortunately most traders do the exact opposite,
which is why most of them fail.
“Patience who distinguiche winner from losers.”
“Patience who distinguiche winner from losers.”
How to trade with Patience
Now, let us move on to how you can begin implementing patience into your trading routine. If you have been studying price action trading for some time now, you already have an excellent trading method that will reward you many times over for being a patient trader. Being patient while trading with price action goes something like this: you see what looks like a decent pin bar formation but it is going against a rather strong trend, because you know that this setup has a much lower probability of working out than a pin bar setup with a strongly trending market, you sit on your hands and pass it up, don’t think anymore about it, even if it works out it does not matter because you just exercised patience, and you will be rewarded for it the more you use it. Now, a day or two has gone by, still no good price action setups have formed, then you notice as the New York session closes out there is a very nice fakey setup that has formed with the dominant daily trend, you enter your trading parameters and let the trade take its course.
The above scenario is one example of trading with patience. You need to remember that once you commit to becoming a patient trader you cannot waffle on it, meaning you can’t be patient for a week and then lose your patience the next week. Being a patient trader means you might only trade 4 times a month. But if you win on all 4 of those trades as compared to taking 15 trades and losing on 10 of them, you are going to be much further ahead, both financially and emotionally. There is much to be said about the power of patience in helping you remain objective and calm in all your trading decisions.
