Your edge is in patience, not constant action

@paul_petit - 3 months ago - Forex Education

Yesterday I was checking my trade analysis and I discovered I lost nearly $3,000 over a one-year period and made $6,000 over the same period so I was just giving money back to the market. I have been using the same strategy to trade and most of these losses were gotten when I traded out of FOMO or out of boredom. The real risk to trading is looking at the charts when it is past your trading hours because you will be tempted to take random trades. I discovered that when I patiently wait for my setup to appear, I get betteer results.

@aisley - 3 months ago

You need to be able to take the money out of your account when you are done trading for the day. Leaving funds in your account will just lead you into taking random trades and spiralling downward from there. You start making small $5 losses and you keep trying and before you know it youve lost $5 twenty times.

@arthur_wildberry - 3 months ago

Were you trading crypto or stocks? I always try to journal my profit/loss everyday instead of waiting till it accumulates.

@pierre_r_carosso - 3 months ago

Many traders have a sitting on their hands problem. Their ego tells them they are invincible and they can win every trade. Traders, learn to sit on your hands and do nothing. No position is still a position! You may not make money that day, but at least you will be able to sleep well at night.

@yokoyi - 3 months ago

I always focus on what not to do, instead of focusing on what to do when I am in front of a chart.

@headies25284 - 3 months ago

The virtue of patience is one of the most critical virtue every trader must possess but it’s quite unfortunate many traders don’t even have it. Profitability in this profession anchors on this virtue. I didn’t know I was impatient until i started trading. Trading revealed that to me but I’m getting better at being patient. For instance, last week I took just two trades, my hands were itching me to click buy or sell😂😂 but I chose patience and it paid me. Last week was a good trading week for me.

@robert_sondreli - 3 months ago

I have very rigid rules of engagement so that helps me to be patient because I must wait for the market to act before I react

@patrinova_athenia - 1 month ago

Nice quote!