Patience – success secret
Trading is a way of making money. Or at least, some of it. Just like everything else, there is no guarantee to trading. For some people, it will be a business, for others a game. What you cannot forget is that emotions play a great role in life, and trading as well. And one very important skill every trader should master is to have patience.
Learn to be patient
Some are more patient than others. Some people tend to speed things up. They want to know everything at once, they hurry to trade different assets, use new indicators, and open transactions. Others prefer to get a solid basis, read and learn, try features one by one, and be prepared when finally enter the trade.
If you are in the first group, you do not need to worry. Patience is a skill. It is something you can learn through practice.
To put it plainly, patience is the ability to wait. Sit back and watch what is happening on the chart. Analyze and wait. Wait for the right signals, wait for the right moment to enter a position, and then wait a little more to see how the market is developing.
Tips on how to learn patience
You already know patience is something that can be learned. You are probably wondering now how to do it if it does not lie in your nature. You can do such a simple, yet efficient thing as to write a short note for yourself. It could be “Be patient” or “Patience” or just “Wait”. Put it in a visible place. You can even paste it directly in the trading image so it is there whenever you trade at Olymp Trade.
Get familiar with different trading strategies. Invest your time in learning how do they work. You may be interested, for example, in How to combine RSI with support/resistance into a powerful strategy at Olymp Trade. When you choose a strategy, just stick to it. Do not get discouraged even if the signals to enter are not presenting themselves for a long time. They eventually will.
Pros and Cons of Patience in Trading 😃😞
- 👍 Reduces impulsive decision-making
- 👍 Increases the probability of successful trades
- 👍 Encourages a disciplined approach to trading
- 👍 Minimizes the risk of substantial losses
- 👍 Enhances overall trading performance
- 😞 Requires time and practice to develop
- 😞 Can lead to missed opportunities if overly cautious
- 😞 May be difficult for naturally impatient individuals
- 😞 Can result in frustration when waiting for optimal entry points
|Strategies to Develop Patience||Challenges in Developing Patience|
|Creating a trading plan||Overcoming impulsive tendencies|
|Setting realistic expectations||Balancing patience with timely action|
|Practicing with a demo account||Managing frustration during long waiting periods|
|Focusing on long-term goals||Staying disciplined in times of market volatility|
|Developing a consistent routine||Adapting to new market conditions|
Long waiting for good entry points
You wake up, sit at the computer, and log into your Olymp Trade account. You choose the EURUSD currency pair, set the Japanese candlestick chart, and 5-minute time frame candles. The next step is to add the indicators. Remember that too many indicators will only increase unnecessary chaos on your chart. The support/resistance levels in combinations with the RSI indicator would be enough.
Get your coffee and wait. You are looking for the places where the price touches the support/resistance level and there is a divergence showing by the RSI indicator.
After around 3 hours of waiting there is a signal for a good entry point. The price reaches the resistance level and the RSI creates a divergence. You open a short position for a duration of about 30 minutes.
After you have completed your order, do not think about it more. You have done what was in your hands. Now take a breath, relax, take a walk, or read a newspaper. Take a break from the markets for around half an hour, so you can come back with a clear head.
Keep in mind that patience is the key to success. You can learn it. And do not forget there is a free Olymp Trade demo account where you can practice trading different assets, different strategies, and indicators without the risk of losing your money. You can also train your patience there.
Wish you success!
Q&A: Patience in Trading 🤔
- Q: Why is patience important in trading?
- A: Patience is crucial for successful trading because it helps identify optimal entry points, reduces impulsive decisions, and encourages a disciplined approach to trading.
- Q: How can I develop patience in trading?
- A: Developing patience in trading can be achieved through practice, creating a trading plan, setting realistic expectations, and focusing on long-term goals.
- Q: Can patience be a disadvantage in trading?
- A: While patience is generally beneficial, being overly cautious can lead to missed opportunities. It’s essential to balance patience with timely action.
- Q: How can a demo account help improve my patience in trading?
- A: A demo account allows you to practice trading, test strategies, and refine your skills without risking real money, providing an opportunity to develop patience in a low-pressure environment.
- Q: What are some strategies that can help improve patience in trading?
- A: Strategies to improve patience in trading include creating a trading plan, setting realistic expectations, practicing with a demo account, focusing on long-term goals, and developing a consistent routine.
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