How to be patient

Patience is very important in Forex trading we have to trade with proper trading plan and strategies to increase the patience factor and reduce the greed factor.
 
Yes, you don't have clearly defined your entry and exit criteria and attempt to enter 'intuitively'.

If you have a clearly defined setup, your job is to wait until the conditions for that setup are met and then execute it according to your plan. Anything else is gambling.
 
At this very moment as I'm posting this I am waiting for my entry setup on EURUSD. Thank you for the distraction. :)
 
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.
 
Quote from cornix:

Start from thinking what exactly makes you lose patience. How do you think what is it?
More...
The reason of lack of patience is that trader is lacking of proper trading plan and strategies so that trader is not able to increase the patience factor. We can increase patience factor so we have to trade with trading plan and strategy.
 
Quote from FX_Gigi:

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.
More...
After losing money every trader knows the value of patience so it is necessary we should develop a good skill of patience among ourselves so that we can get positive results.
 
Make a policy to stop trading for the day when you loose a certain amount. When you are making money, set an efficiency limit....say profit per trade. When you start over trading, this number goes down and you know that the market is done giving up money.
 
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?
More...

Being impatient is one of the bad emotion a trader should conquer. It is just like you are always in a hurry. In Forex trading, rush is not a word to be included but rather it should be thrown away. I think you need to have discipline and patience. Think first before executing the trade.
 
Quote from GoldenMember:

Wait

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

Either fix yourself or stop trading.
More...

This makes a lot of sense,good point.The problem is already pointed so i think its about changing a bad attitude to a better one.Lets learn again about emotions.
 
You must log in or register to reply here.
Back
Top