How to be patient and yet vigilant???

[JimmyJam]

Quote from hjkl:

I day trade the minis; my setups provide 3 to 4 trades per day on average. Scalping is not for me, but I have found it hard to wait patiently and yet vigilantly for the right signal.

Actually, all traders have to deal with these issues (among others), and we all make mistakes, just as everyone, in every professions, makes mistakes.

One of the best ways to deal with this is to record your trades as you take them, and then over the weekend:

1. review, rehearse and record the result.

2. review, rehearse and record the resu.t.

3. review, rehearse and record the result.

Just do it.

After doing this for a period of three months (or perhaps earlier if you are very perceptive to visual patterns, or later if not) you will be begin to see the patterns that markets make over and over again.

Do not worry about the results. Just take the action and record it. If you have a good system, it will work, if not, change it and keep changing it until you do.

Regards,

JJ

 

[Pekelo]

I have similar problems, but before I get into the discussion, let's do the math first, because some people suggested that you are either inexperienced or patience can be learnt. (I disagree with both)

Let's say I do 5 trades a day, and executing the trades takes 2 minutes each, return. That is 10 mins activity in a 6 hours and 30 mins day. I am either waiting for a set up to enter, or I am already in a position and waiting to exit. So about 90 % of the trading day is just a waiting game. It is incredibly BORING!

Actually, once I am in a position, it is easier because once the stop loss is in place, (maybe even a target exit too) you can leave the computer and do some other stuffs.

It is pretty much like hunting. You have to sit there patiently for hours then have a small window of opportunity to execute the action.

Now what could be the solution, because I don't think patience can be learnt. You either have patience or not.

1. Automatization. Even if just one side of the trade (either entry or exit) can be automatized, you are way better off. Full automatization would be the best, but that can not be done with every system.

2. Set up an alarm in every 3, 5 or 10 mins. Since you are intraday swingtrading, the window of opportunity is actually longer than just a few secs. Thus by using an internet clock that goes off often enough for you to check market conditions and if your signal is coming, can be a way to alert you and in the interim time you can do whatever you want.

3. Hang out in a chatroom where like-minded traders are. It takes away the boredom, and you can share ideas...

If somebody knows how patience can be learnt, I am listening...

 

[swtrader]

(this thread is like most et threads

a guy asks for help, and people get on a soapbox with put downs, not offering much constructive)



A) sounds like the surfing is at least a signifigant part of the problem

and truth be told, a good percent of those reading this have some level of internet addiction

the solution is simple, yet strict

no surfing during the trading hours, period

really need to look something up on the internet? write it down, look it up AFTER trading hours

if there is something that you legitimately need on the internet reagarding your trades during trading hours (and there shouldnt be much), have it on a 'exception list', get there, get the info, get back off

wont be easy to do, but if you can succeed, you will have solved one component of your problem

and it will probably help to challange the time you spend on the internet after hours too, as you just get used to using it LESS

(yes, i realize the irony, that you're reading this on the internet now, and that I'm lecturing from it too)

B) is the even harder part

Do you really believe what you are doing has an edge? or are you just hoping it does? That's a question not just for you, but for everyone.

Surfing the web can be a way of avoiding that question in the back of your mind - it's difficult to give 100% to something you dont believe in (an I will conceed that some posters have said this in some form)

If you dont, you need to find a method you do have faith in, or quit

And the hard economic dynamic is, that traders in general do not share what works, but they will sell that which does not, because it is rare that you could make more money selling a truly good system than trading it

I know those arent easy answers, but I dont think there are any

In any case, cutting down on internet time is probably good for you no matter what you do

good luck

 

[nkhoi]

Quote from Pekelo:

I.... So about 90 % of the trading day is just a waiting game. It is incredibly BORING!
...
2. Set up an alarm in every 3, 5 or 10 mins. Since you are intraday swingtrading, the window of opportunity is actually longer than just a few secs. Thus by using an internet clock that goes off often enough for you to check market conditions and if your signal is coming, can be a way to alert you and in the interim time you can do whatever you want.

...

I was about to suggest the same thing but alarm at fix interval could be a nuisance, how about alarm when setup occurs. btw, did anybody notice this is an old thread

 

[JimmyJam]

Yeah, nkohi, it's an old thread, but we can still learn from the shared experience.

swtrader, you are 100% correct about traders not giving their stuff away or even selling it for that matter, but the truth of the matter is that the more experienced/profitable traders are always throwing out clues, leaving hints, giving pointers and doing everything except telling us the process they've used to achieve their success in trading so, while of course you might not want to give away the fruits of your work (seeing as how we do live in a captialist system), there's still plenty of info.

and Pek, much respect, but IMHO 5 trades in a given day in a single market are WAY TO MANY. three tops would have to get the job done for me, and I try to keep even that number at the exception level.

btw swtrader, about using the internet during trading, you're 100% correct, 100%.

Best,

JJ

edit: i still believe that reviewing, rehearsing and practicing your signals/trading logic will lead to better trade execution, both on the buying and sellig ends.