FOREX IS A WAITING GAME

I believe its actually a waiting game, it doesn't require you to be busy at all times. I want to believe if you find yourself busy at all times as a forex trader, you are doing something wrong. Busy in this context means trying to enter every move in the market. You just want to click a buy or a sell so that you can tell yourself that you are working.

The forex market doesn't operate like the corporate world; you can be busy at all times in the corporate world but that doesn't work in the forex industry.

It depends on the type of trader you are. A swing trader will not be as busy as a day trader. Day trading for me is the most profitable style of trading. There are more opportunities day trading than the occassional swing trades. The only time I wait is when i am looking for my setup and once it appears i trade. Sometimes waiting can be a bad thing because it could also mean indecision or a lack of confidence in your strategy. One of the attributes of a good strategy is it has to be repeatable. if your strategy doesnt give you quality trades constantly/daily then it may need finetuning.

I am also a day trader and i get your point. Thank you for sharing your thought.

Yes, you need to wait for your edge to appear without being tempted to jump in prematurely. Thats one of the biggest struggles I had when learning. Because I didnt want the market to move too far so I dont set a wide stop loss, I was always tempted to enter prematurely without adequate confirmation.

Exactly, i also experience this when i started trading. It takes serious discipline to stay out of the market when you don't see your edge.

I agree with you on your message that trading is a waiting game. In my experience as trader, Patience was one of my key note in trading transaction. it was not easy when l started but gradually l gain patience. l have to wait patiently to see a confirmation with candle sticks showing pattern before engaging on a trade.

l will have to wait patiently for trade to break out if l don't see breakout either above or below the Asian range, l don't engage in a trade., sometimes it takes hours to breakout

Another point where l exhibit patience is when waiting for profit build slowly.

I love the fact that you use breakout.

My experience this week validates that forex trading is a boring career and a waiting game. i have been patiently waiting for a setup to form and i am still waiting. Not doing anything is making me look lazy but i understand the game. Patience is a requirement.

Yea, it requires patience, whenever i get impatient and enter a trade prematurely I always pay dearly for it 😂

Normal, you will always pay for iy

Just like right now we are waiting for GBP/USD to gove us a setup 😂

So right. I haven’t taken any trade on that pair since last week. Waiting waiting and waiting 🤣

The market takes money from the impatient and gives to the patient - Warren Buffet

Agreed, it comes down to having a decisive entry and exit signal. That will help you be patient and not jump in and out of the charts randomly. The more strict your entry/exit objectives are, the better.

The more I trade the more I find this statement to be so true. The market truly rewards only the patient. This past week have tested my patience, I’m happy I passed it. No forced trades.