It is a virtue…Especially when it comes to forex trading.
“The key to everything is patience,” stated Arnold H. Glasgow, an American humorist. The chicken is obtained by hatching the egg rather than crushing it.”
It will take time to develop your currency trading strategy. It will take time to develop new abilities.
Patience is required when waiting for the perfect trade opportunity. Patience is required while entering and quitting a deal.
Discipline is another virtue, and it implies doing what you need to do to advance and improve…even if you don’t want to.
This entails conducting research and chart analysis in advance of each forex trading day or week.
If you’re a mechanical or automatic trader, this involves regularly backtesting systems and experimenting with alternative settings and techniques as the market evolves.
And, of course, don’t forget to keep a trading notebook and go over it every day you trade.
Journaling is the one trading task that distinguishes between wannabe traders and real deal traders. Unfortunately, the majority of newcomers will not do it.
This kind of thinking results in a lack of patience and discipline, resulting in some of the most infamous trading errors in history:
- Impulse trades
- Letting losers run too long
- Cutting winners too quickly
- Revenge trades
These activities will result in the termination of your account!
Remember, as a rookie, your duty is to learn how to make excellent trading decisions and SURVIVE!
The greatest way to stay patient and disciplined as a trader is to view your job as a marathon, not a sprint.