How to be patient

Gringo · Nov 24, 2013

I would add that perhaps the reason for impatience is not having a written plan with defined entry and exit criteria. Some impatience is understandable but persistently recurring bouts of it may mean lack of properly tested plan and/or lack of trust in it if there is one.

Gringo

dezzzy · Dec 11, 2013

I read of this technique in a book, it's called the "Shower Rule", before you make any major decisions like closing off a trade, take a shower. Sometimes that might mean waiting till the end of the day to take that shower and the extra time to think would certainly help your decision process

raybenz · Mar 24, 2014

I think it is upto you how you can handle this situation and how you can control your emotions. we can only advice you not control your emotions.

GoldenMember · Mar 24, 2014

dezzzy said:
I read of this technique in a book, it's called the "Shower Rule", before you make any major decisions like closing off a trade, take a shower. Sometimes that might mean waiting till the end of the day to take that shower and the extra time to think would certainly help your decision process

Ya, but sometimes I just can't wait for Saturday.

raybenz · Mar 30, 2014

enamhaq said:
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?

I think you are not mature in Forex trading and you just go back and should learn more how to trade in Forex?

raybenz · Apr 3, 2014

I think patience is not only important thing in Forex but it is essential in every thing. It is possible you may loose your all money if you have no patience.

winner002 · Oct 21, 2015

enamhaq said:
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?

I think since you have identified the problem, you should seriously work on it. Especially when you lose money, your impatience can make you loose more. I think with good strategy like the system of three screens or others, one can trade with a major of confidence that things will go well at the long run!...Patience definitely is the key, especially when things go wrong after you have tried all you can.

wrbtrader · Oct 21, 2015

winner002 said:
I think since you have identified the problem, you should seriously work on it. Especially when you lose money, your impatience can make you loose more. I think with good strategy like the system of three screens or others, one can trade with a major of confidence that things will go well at the long run!...Patience definitely is the key, especially when things go wrong after you have tried all you can.

Although this thread should have been moved to the Psychology thread...

I don't understand how the Op (thread starter) having 3 screens (monitors) will increase his confidence level as oppose to having 2 screens, 4 screens, 5 screens or whatever. Therefore, can you explain further what you said ???

Discipline (patience is a sub-category) is an important element of discretionary trading (no automation). Yet, I do understand if someone doesn't have the proper trading equipment for whatever trading style they have, it will impact their trading results.

Handle123 · Oct 21, 2015

FX_Gigi said:
Patience is something I learnt only after losing my money. In my early days of trading forex, I was misled into believing that it was possible for me to earn while I was learning.

LOL earn while learning, yea it not like building a car, it is more like doing you own brain surgery with mirrors and vultures are just waiting for you to move.

p0box4 · Oct 21, 2015

What helps me when i find a trade setup where i feel 100% comfortable with is leaving my desk after i entered the trade.
Stop looking at the screen and the progress all the time but do something else and come and watch every now and then.

I made the same mistake today, i had a perfect short on crude oil at 45.75 i believe, targeting 45-44.9.
But i did stay behind my desk and closed the trade at 45.65 ...
You understand i feel like a loser all day after watching the price going to my target.

But then i try to think or remember, even the best traders in the world make mistakes.
I did not lose any money, i made less then i wanted, but i still gained some, so next trade better.