How do you wait patiently?

Quote from lar:

I think a lot can be said for just plain sitting through enough of them in order to become more desensitized to the emotional slings and arrows. The more you quietly sit through a trade/series of trades, the less of an issue it becomes.

Peace and gtty,

Lar
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I like that advice.

Recently I started paying very close attention to my inner dialogue, my thought process when in a trade or while waiting for a setup to develop, i.e. flat position.

I'm starting to believe that perfection would entail there being no difference in either mental state - total desensitization.

After some review of my thought process during quiet times and during active times I found that the same patience I need to sit on my winner is the same patience I need when looking for an entry. Every time I find an urge to trade I force my self to reasses my motives and make sure I am "in touch" with my inner dialogue. The same thing happens when I feel the need to take money off the table. For me it comes down to fighting the urge and eventually becoming completely numb to it.

Also I have a note on my computer that has some cliches on it: "less = more" in terms of trade frequency and "patience pays" while sitting on a winner. I know its corny but it helps me to ignore certain destructive urges when nothing is really moving and I just want to play.

Mike
 
Hello:

We have a mirror in both our office restrooms that has lettering at the top

It says "DID YOU KEEP YOUR DISCIPLINE TODAY?".


The gentleman that trained me had a rule that we all followed.

Before leaving the office at the end of the day, you had to go in there, look yourself in the eye and answer the question. Just you looking yourself in the eye for a second.

I would say this worked as well as anything I have every found.

Take Care Folks
Steve
 
Lots of great and interesting advice here...only thing I might suggest is hang around some soldiers (preferably 11B) for awhile. You will learn patience because the military is a place of "Hurry Up and Wait". If this is too scary of a thought then go to your local DMV to get something you will experience the ways to deal with boredom and patience.The government moves in its own timeframe and can not be rushed:D
 
Quote from illiquid:

I suggest you keep your focus on working at your method, impatience is only a symptom that you don't have complete trust in how you are trading. Patience is not something you will need to "strive" for, once you have found and developed your edge
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777 7777

Well worded & could also echo echotrader again.

Some thing much more helpful than simply siting like a buddah playing mind games;
maybe study 7 markets with the time frames mostly higher than your average holding time, if thats days /weeks ,
study plenty monthly candles also.

And much more helpful than playing mind games with yourself;
may want to study yearly charts, like 10 year chart=10 candles

Also sounds like with your job its swing /position trade way
or no way.
Have time but not desire to short term trade, since have done it .

:cool:
 
By fully experiencing the pain of leaving lots and lots of money on the table.

If you have an edge and you're sabotaging yourself by exiting early, that's what happens...
 
Quote from nzbryant:

I have trouble waiting for trades to move once I am in them. I trade end of day - as day job - and can't wait 5-10 days for moves to occur. Too impatient.

I guess this applies to daytrading also. How do you all manage your emotions and be patient with WAITING for hours (or days) while trades work?
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what's the rush to get out of your trade?
afraid the signal was false?
worried you made the wrong call?
when the feedback from the market is neutral (move is not occurring), what eats at you?
why do you need instant feedback from the market?
 
Quote from scotch750:

what's the rush to get out of your trade?
afraid the signal was false?
worried you made the wrong call?
when the feedback from the market is neutral (move is not occurring), what eats at you?
why do you need instant feedback from the market?
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Very nice questions - and welcome to the site.

Working backwards:

I dont need feedback - I want money.

When the feedback is neutral - I am fine. I sit. Though I want money.

When the trade is going negative I am fine as my position size is set so risk to stop is constant, at a reasonable level.

When I have wins, I am Ok. I usually move stops to breakeven asap so am 'safe'.

The issue is a) I want money, b) need excitement. c) swing trading EOD is too slow for me though I have a dayjob so cant trade a smaller timeframe.
 
first the obvious, people who are impatient want something. They want something and become annoyed or frustrated because they cannot have it when they want it. i want you to do something for me...next time you have a trade on and the price just sits there, clear a space on the floor, sit down, cross your legs, put your thumb in your mouth and periodically pout and cry because you are not getting your way. think, im kidding? try me. even if you don't engage in this task, think about doing it the next time you feel impatient. see yourself on the floor pouting because your not getting what you want. then laugh your ass off because of how stupid you look. in this process, attend to your thoughts. i don't know for sure, but it seems that your thoughts are geared towards...show me the money you f'ckin market, money, money, money, money. I can see this leading to frustration (what you call lack of excitement) because you aren’t getting a rush from the price action. According to your strategy, you have your stops in place. So periodically glance at your positions. When it hasn't moved, you need to be aware of your thoughts and replace “where the fk is my money” to something on the lines of….”okay, still not moving, but my strategy says buy/sell so I did (pat self on back for being in the trade and following rules), I trust my strategy and when the moves comes I’ll be in for the ride.” If you think you need to be more active, look for additional setups in which your strategy indicates another move to pass the time. this also will distract you from concentrating on your current position.
 
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