How to be patient

at some point all of us know what should be done and what should be avoided, the quickest thing i can think of and mainly i usually do this, write it down (dos and donts) then stick to it the monitor and whatever happens avoid breaking your own rules, that way its like a practice and constant reminder untill it becomes a habit
 
Patients I think may be the fear that one believes he has picked a top instead of a bottom. The fear is that price never revisits tops. I actually wanted to try to see how much extra I would of had to willing to risk before price reverted and became profitable.

Maybe risking double means a 90% chance that price will be on your side. don't let them eat your stops.
 
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?
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depends on what you are trading

over there in corn or cattle you better be very quick
they don't give you anytime to think

Ever since Bretton Woods, we've kind of had a gentleman's agreement that all currencies will trade within bands

so you can be very slow over here

where they get you is when you start scalping because it is not moving, then it trends and darn near wipes you out

What was that the man said in the Bible? "A wise king counts the cost of battle before he goes to war."

90% is just money management, 10% is guessing when to attack. The guy that runs out of money first loses.

patience can be a virtue, but not if it is draining you of resources you are going to need later

I doubt there are many broken men who didn't wish they had taken their losses sooner
 
Quote from HopelessTrader:

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?
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Exiting based on something not happening I think is a very powerful tool . I think it is 100 x better then then ones win to lose ratio.
 
Totally agreed with our friend here.Its the lack of patience especially at criticle times when one takes a wrong decision and almost ruins all his trades.One can control the lack of patience by using different stops.Just apply a stop and leave the trade to go on its own for quite sometime.Otherwise its a personal trait and one can control one ownself by himself.
 
Quote from 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.
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Sound wisdom.
 
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