It is vital to hold on to one's patience as it takes time to acclimatize oneself in understanding how to be consistently profitable in a constantly changing environment. Patience in Forex trading eventually pays off as it allows you to sit back a bit and wait for the right trading setup.
Patience is important in forex
- Thread starter Esha.J
- Start date
Patience is required regardless of the vehicle.
Proper trading is like card-counting in blackjack.
You patiently count the cards to know when the deck is in your favor... then you get your money out.
In trading, you learn Technical Analysis so that know when the market setup is in your favor* (long or short, but mostly long), then you get your money out.
There are "times", as displayed on the price chart, when the probability of success and risk/reward are favorable. You wait for and play those... and only those!
KISS, baby! As always.
*With TA you learn to identify the places where, "after _______" (setup), usually follows up/more up or down/more down.
Proper trading is like card-counting in blackjack.
You patiently count the cards to know when the deck is in your favor... then you get your money out.
In trading, you learn Technical Analysis so that know when the market setup is in your favor* (long or short, but mostly long), then you get your money out.
There are "times", as displayed on the price chart, when the probability of success and risk/reward are favorable. You wait for and play those... and only those!
KISS, baby! As always.
*With TA you learn to identify the places where, "after _______" (setup), usually follows up/more up or down/more down.
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patience is important because success relates on long time process , if you dont have patience you can forget about the success from this trading place.
You need to be patient enough to wait for the right trades and entries / exits in the market.
That’s right. A trading plan does play an important role in a trader’s life. It is good to set one before opening a live trading account with a broker.