Learn to trade like a professional – Patiently
There are many aspects and factors that may influence the outcome of a trade. However one of the mindsets you have to master to get the best results has to do with being patient. There is no other way around; you can consider it a must when trading.
It does not require an outside intervention, and you will use it without any cost. This one is the key feature of every good trader, of every winner and successful person in general. It will help you when tough choices have to be made, and it will make you more successful in general.
A patient trader has already won half the fight as he uses a strategy that does not involve emotional actions. This will limit the number of mistakes one can make when trading.
Patient traders vs. impatient traders
Who do you think makes more money? Well, it turns out that the patient trader is more effective than the impatient one and although he sometimes deals fewer trades he usually gets more money. There is no reason for you to hurry and trade fast and go through many trades if it leaves you in the negative when you are all done.
Think about it in the long term because trading requires strategic thinking and a view that incorporates a 1 or even two-year plan. Start to think about building and growing your account, not over days and weeks but months and even years. Wait for the right time to trade as the market is always shifting.
Involve patience in all your trading steps
There is a need for patience before trading, during it and after it. You will have to manage all the trading steps using patience, take care when you define your entries and exits. Take care when completing a trade as the result will have an emotional effect on you. After a trade, you must also be patient and give yourself time to recover. Because you are in a state that can affect your judgment you are inclined to make mistakes. Take time and give yourself a proper timeout, set up a time schedule and have some blank hours when you do not trade.
Enjoy being patient
As long as you do not play there is no chance of losing. Consider this a winning spot and do not rush into a trade, be sure that you do not trade as long as you have any doubts about the result. The fact that you have doubts will put you in an uncomfortable spot that may lead to bad decision making.
Being patient is an art, and you should enjoy this position. As long as you keep it up you will understand that being patient is better for you in the long run and keeps you away from bad trades.
While you wait, you will clearly see that the market shifts and you will learn that waiting for the right time is cost effective.
Train yourself to become patient and you will greatly benefit from this mindset as strategies transform into winning trades when done properly.