Look at it from another angle; when you know what might happen in the near future, you might develop patience then knowing fully well that trades might get better. And I think the system of three for example can help tell that, as defined by you! Anyways, I do appreciate your reply, it's a helpful tip to follow.... thanks!
How to be patient
- Thread starter enamhaq
- Start date
Look at it from another angle; when you know what might happen in the near future, you might develop patience then knowing fully well that trades might get better. And I think the system of three for example can help tell that, as defined by you! Anyways, I do appreciate your reply, it's a helpful tip to follow.... thanks!
Ok...basically you're saying having 3 monitors has an advantage over 2 monitors. 3 monitors also has an advantage over 4 monitors with the confidence level.
Computer Sceens = Monitors
I guess I just don't get the correlation between confidence and number of screens on our computer desk.
Computer Sceens = Monitors
I guess I just don't get the correlation between confidence and number of screens on our computer desk.
I think it differs from trader to trader and system to system.
I also use a multi monitor setup, just because i don't like having to switch between all the different charts.
This is not good for my concentration and then i start missing trades.
I am sure there are people who can trade with one monitor and be perfectly profitable and could not trade on multiple monitors because of distraction and other stuff.
There are also traders who just cant trade on just one monitor.
Does it matter? As long as we are profitable the number of monitors is not important.
Exactly, that's my point.
1. Make sure you're cool when about to start trading
2. Classic music may help your patience while trading
3. When you get a loss, it may attack your sanity. Try to control it! Otherwise, take a break or stop trading to prevent any 'revenge'...
2. Classic music may help your patience while trading
3. When you get a loss, it may attack your sanity. Try to control it! Otherwise, take a break or stop trading to prevent any 'revenge'...
You just have to be patient or you will lose money, it is as simple as that. A lot of it comes down to how committed and serious you are about being a pro trader. If you cant be patient or control urges to trade then this is not the game for you. At home traders may struggle with this more than others.
If you cant be patient then you may have to look at the underlying reasons why. Perhaps you are looking for kicks, boredom etc.
Personally I cannot go for a whole trading session without taking multiple trades, for me that is torture, I am rarely flat and always have something on. However at the same time I trade some strategies where you absolutrly must wait days for the certain areas to do business. I have jobbing strategies that I play all day alongside longer term trades. This keeps me from boredom trading the longer term strats.
If you cant be patient then you may have to look at the underlying reasons why. Perhaps you are looking for kicks, boredom etc.
Personally I cannot go for a whole trading session without taking multiple trades, for me that is torture, I am rarely flat and always have something on. However at the same time I trade some strategies where you absolutrly must wait days for the certain areas to do business. I have jobbing strategies that I play all day alongside longer term trades. This keeps me from boredom trading the longer term strats.
Wise trading is about 80-90% of analysis and 10% of trading itself (in case you remain clear from trading on visionary technically patterns such as Fibs, Elliots and other stuff). I can wait and read tons of news and articles to make single trading decision in a week and profitability of my trades is around 75%. I occasionally use pending orders on my Zero spread HF account to profit from most basic thing market trend has - impetus.
The forex market was not geared to wrong side you. Your "ego issues" and impatience result in poor trading decisions and the negative results probably cause you to feel that the market is purposefully trying to wrong side you.
As a beginner I was a counter-trend trader (expecting a reversal because I believed price ran "too high" or dropped "too low"). This strategy could work quite well for quite some time, but if a trader is too attached to his/her beliefs about concepts like "too high", "too low", "it's due to reverse", "overbought", "oversold", it can result in huge losses, often right around the level where price actually does reverse significantly.
If you're not experienced enough to understand what's more likely to happen when certain price levels are crossed, or you have as you say "ego issues" and impatience in waiting for clarity in the market, it will absolutely feel like the market is "watching" you and doing its best to screw you.