How to be patient

[enamhaq]

I think one of the biggest reason for loss of money is impatience. I always close order too quickly, and if I lose, I can't wait to place another order. It sucks. I lost a lot of money on this. I want to be patient. Can anyone give some advice?

 

[GoldenMember]

Wait

What else is there to say? You already identified the problem.

Either fix yourself or stop trading.

 

[sculptor66]

Hit yourself with a brick in the face every time you close a trade prematurely.

Works quite well.

 

[irniger]

If you work with indicators and/or patterns or any other means to identify entries and exits, make a list of the past "best trades" and follow them in the future. If you don't feel secure, run trades forward with a demo account.

I know, one needs courage to follow the signs or signals. Demo trading by the rules helps to build confidence.

Happy trading,

Felix

 

[riskaddict]

find something else to do while you're waiting for the set up or for your trade to play out. You need to be aware of what is happening but not transfixed by the second to second p/a. set up alerts and go clean or walk the dog or work out or whatever. If you can place oco or oto orders there isn't much sense in sitting around watching a screen unless you want to gamble.

 

[BSAM]

Quote from enamhaq:

I think one of the biggest reason for loss of money is impatience. I always close order too quickly, and if I lose, I can't wait to place another order. It sucks. I lost a lot of money on this. I want to be patient. Can anyone give some advice?

Losing a lot of money is the best teacher.

 

[cornix]

Start from thinking what exactly makes you lose patience. How do you think what is it?

 

[HopelessTrader]

Quote from enamhaq:

I think one of the biggest reason for loss of money is impatience. I always close order too quickly, and if I lose, I can't wait to place another order. It sucks. I lost a lot of money on this. I want to be patient. Can anyone give some advice?

You can write down what needs to take place before you make the next move. Also, did you try bigger time frames on your chart?

 

[Peter brandley]

It is absolutely true, because trading is about patience, knowledge and a litle bit of luck, market will pay us to be patience and by our skill trading. Eventhough we sometimes has to learn very very hard to be patience to wait for the moment to come when want to open position.

But if you still can't control it, then join a trading game- get started to trade different- it will be more fun to play with other traders in a game. It will not feel boring and will enjoy the atmosphere.

 

[SeventhCereal]

Always easy to say you closed an order too quickly after the fact isn't it? Maybe you never had any edge to begin with.

Quote from enamhaq:

I think one of the biggest reason for loss of money is impatience. I always close order too quickly, and if I lose, I can't wait to place another order. It sucks. I lost a lot of money on this. I want to be patient. Can anyone give some advice?