When it comes to anything in life we are all guilty of being impatient. This is part of our human nature. Patience is a Virtue that not only comes in handy during your daily lifestyle but in Forex Trading too. This is definitely something you should take very seriously if you are to be successful in this industry. Traders lacking this vital element often overlook this aspect and question themselves as to why they failed. Sadly, they have no one else to blame but themselves. Don’t blame the broker, don’t blame the market. Now is the time to make the change. Patience is something that comes naturally to some, while some have to work hard at it. Can you teach yourself to be more patient? Yes, no excuses! Are you prepared to put in the effort? Only you can answer that.
Ask yourself how badly you want to be successful. The more effort you put in the better your results are going to become.
The capacity to accept or tolerate delay, problems, or suffering without becoming annoyed or anxious. – Patience, Google
Forex Trading – Improve Your Patience
If the above mentioned drew your attention and came across as a serious factor you need to work on, you are not alone. It is never too late to learn something new. “You can’t teach old dogs new tricks” does not apply here. It might be much harder to change your bad habits such as being impatient whiles Forex trading. Rather now than never I always say. It personally took me quite some time and effort to master the art of being patient. I do admit even I, with over 5 years of Forex trading experience, do tend to jump the gun at times. The market can be quite tempting thus executing trades become more of a habit than actually waiting for quality trading opportunities. We want to focus on the latter mentioned.
Sit on your hands! Don’t get trigger happy! All jokes aside. From a serious point of view, there are a few key exercises one can perform to improve patience. This will lead to less forced trades which in return should equal less losing or break-even trades. Your high reward low risk ratio trades should increase dramatically. Tieing this all together your profitability increases drastically.
Tips To Improve Your Patience
Now that we know and understand the importance of having patience, what can we do to improve it?
Don’t go looking for trading opportunities. Trading opportunities should present itself to you. Always remember that good things come to those that wait. Keep that phrase in mind before you think of executing your next trade. If you literally need to sit on your hands, by all means, do so! Yes, I am serious! Funny as it might sound it does actually teach you to lay off unwanted trades.
Write down your rules of engagement and stick it up next to your monitor. Read it to yourself out loud every morning before you even open your charting software. This will train the brain in a conscious and subconscious way. Repeat, Repeat and Repeat! Repetitive actions lead to forming a habit, which in this case, is exactly what we want.
A big mistake traders make is to have the mindset that they have to be in front of the charts 24/7. There is no need to be glued to the screen. This only adds to the temptation to rush trades and make unforced errors. Do your morning analysis. If no valid opportunities are present, you can safely minimize the charts and occupy yourself with something else. Simply check back every few hours to see how things are panning out.
These simple yet effective tips will assist you in improving your overall patience when it comes to Forex trading or any form of trading in general. Put it to good use! The markets have been around for many years and will be for many more. No need to rush things.