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Patience in Forex - KEY THING

  • #1
  • First Post: Jan 9, 2008 3:47pm Jan 9, 2008 3:47pm
I just wanted to discuss with everyone

Sometimes we become Panick, Greedy,

But main thing is if we analyze, and find out the trend, We just have to be patience.
Cause i have noticed many time, if i would have been patient, i would have been in good money, though i am.. But Patience is wonderfull. that it goes the way as you analyzed.

I am thinking to STICK on MY WALL


BE PATIENT..
DONT BE GREEDY
DONT PANICK
MONEY MANAGEMENT TECHNIQUES TO BE USED
  • #2
  • Jan 9, 2008 4:07pm Jan 9, 2008 4:07pm
I always compare a trader with a sniper: waiting for the right time to pull the trigger is crucial
  • #3
  • Jan 21, 2008 12:13pm Jan 21, 2008 12:13pm
Patience and a GOOD MONEY MANAGMENT.
This is the key

Best Regards,
Marcelo Marques
  • #4
  • Jan 21, 2008 12:17pm Jan 21, 2008 12:17pm
Quoting marcelom
Patience and a GOOD MONEY MANAGMENT.
This is the key

Best Regards,
Marcelo Marques
Once you know how to trade and win consistently with a system that works for you being patient is the single most important aspect to trading.

Wait for the trade to come to you. If it doesn't it will. I win consistently and I still struggle with this one.
  • #5
  • Jan 21, 2008 12:20pm Jan 21, 2008 12:20pm
Hah! Well, a strategy programmed into an EA can be made to find "perfect" setups. What is more patient than an EA? NOTHING.

Then you watch the EA blow your account because the strategy starts failing.

It has nothing to do with patience or money management. It has to do with the luck of the market.

Any person that tells you to be patient with your system, you need to think again. There is no such thing as a perfect setup, therefore patience can kill your account.
  • #6
  • Feb 26, 2008 3:07pm Feb 26, 2008 3:07pm
Quoting tdion
Hah! Well, a strategy programmed into an EA can be made to find "perfect" setups. What is more patient than an EA? NOTHING.

Then you watch the EA blow your account because the strategy starts failing.

It has nothing to do with patience or money management. It has to do with the luck of the market.

Any person that tells you to be patient with your system, you need to think again. There is no such thing as a perfect setup, therefore patience can kill your account.
U'r the best
  • #7
  • Dec 17, 2009 6:04pm Dec 17, 2009 6:04pm
Patients is something I learned only after losing money, losing the money forced me to learn patients.
  • #8
  • Dec 17, 2009 8:22pm Dec 17, 2009 8:22pm
I totally agree we need to be patient before we enter the market.
But if your entry is wrong, close it quickly. If you wait patiently for the market to go to your direction, it won't work.

The last time I opened a trade was on 7 Dec, closed with 100pips on the same day.
Until now am still waiting until the right signal to come for me to start trading again.


-----------------------------------------------------------------------
Trade with Confidence
  • #9
  • Dec 18, 2009 1:29pm Dec 18, 2009 1:29pm
Quote
It has nothing to do with patience or money management. It has to do with the luck of the market.

Please, I need help with my luck, I have 4 leafed clover and a rabbits foot and at least 3 horseshoes on my desk but still no luck, can you tell me how to arrange them properly..... do you have a lucky secret?
  • #10
  • Dec 18, 2009 2:54pm Dec 18, 2009 2:54pm
Quoting Quidsey
Please, I need help with my luck, I have 4 leafed clover and a rabbits foot and at least 3 horseshoes on my desk but still no luck, can you tell me how to arrange them properly..... do you have a lucky secret?
now that you bring this subject up, yes he's right.

The only way to be consistent in the markets is simply not to trade and do something else. As hard as it sounds, eventually people flat fall in their faces. You want to make money? sell a course.. sell a dream...
  • #11
  • Edited 10:54pm Dec 18, 2009 10:43pm | Edited 10:54pm
Quoting acumen
Once you know how to trade and win consistently with a system that works for you being patient is the single most important aspect to trading.

Wait for the trade to come to you. If it doesn't it will. I win consistently and I still struggle with this one.
Well said. Trade only when you have an edge, hence wait for the trade to come to you.

"The big money is made by the sittin' and the waitin' -- not the thinking. Wait until all the factors are in your favor before making the trade." - Jesse Livermore
  • #12
  • Dec 18, 2009 11:04pm Dec 18, 2009 11:04pm
"Yet perhaps there is only one major sin: impatience. Because of impatience they were expelled, because of impatience they do not return."
Franz Kafka (1883 - 1924)
  • #13
  • Edited 10:02pm Dec 19, 2009 5:48am | Edited 10:02pm
Quoting jacobtrader
I just wanted to discuss with everyone

Sometimes we become Panick, Greedy,

But main thing is if we analyze, and find out the trend, We just have to be patience.
Cause i have noticed many time, if i would have been patient, i would have been in good money, though i am.. But Patience is wonderfull. that it goes the way as you analyzed.

I am thinking to STICK on MY WALL


BE PATIENT..
DONT BE GREEDY
DONT PANICK
MONEY MANAGEMENT TECHNIQUES TO BE USED

Spot on Jacobtrader - The lesson of having the patience to wait for the right high probability & low risk opportunity to enter my trades has probably been the single biggest factor in me moving from a medicore trader to a very consistently, profitable trader

This month (December) is the perfect case in point. My net monthly profit range is generally 5-15% from usually less than 10 major trades. After the first 2 weeks of the month I had a couple of rather average outcomes from very few trades and was sitting at barely 1% up.. But this week the opportunities flowed in and 6% gain has come my way very quickly ("so what" say some, but this is good for me in such a short period time). NOT because I have created the opportunity by searching for trades, but because that's what the market has delivered to me within the context of my trading plan.. and the market is always right.

All this is easier said than done, for the novice trader reading this thread, however. You need to have clearly established your "edge" in trading before you can exercise the patience required to consistently execute your trades "to the plan," (patience therefore being totally useless unless you know what you need to be patient for, of course) and I suspect that this is an assumed part of this thread....

Nevertheless PATIENCE, PATIENCE, PATIENCE.... it cannot ever be overstated enough....
  • #14
  • Aug 25, 2012 10:02pm Aug 25, 2012 10:02pm
Hey All,
I cannot agree more on the topic, this is probably the hardest hurdle for many newbies in this type of business.. Forex is not about luck at all, it is skill based with patience, discipline and waiting being the key elements.. People that say forex is about luck are the ones that have no patience at all or maybe they trade off the lower time frames.. Who knows.. Another newbie aspect being closing profitable trades too early that is about patience as well.. Regards,
  • #15
  • Aug 26, 2012 1:39am Aug 26, 2012 1:39am
I have to have a lot of patience as I am getting used to how these Europeans trade. They have a different style than US traders.

I primarily trade equities and know the S&P patterns by heart... The EUR/USD I may not see a proper trade setup for either my trending or ranging system through hours of action... While on the S&P traded with either the /ES futures or SPY options I get 3-5 setups per day every day in conditions with a range above 10...

Going to take a couple more months for me to adjust to these patterns perfectly. One nice thing is that price/volume analysis works much better in Forex which makes things simpler.

Each instrument has a different core group of pro traders and firms pushing it around so it's best to specialize in just watching a few different instruments or less...
  • #16
  • Aug 26, 2012 2:54am Aug 26, 2012 2:54am
Quoting MasterGamble
I have to have a lot of patience as I am getting used to how these Europeans trade. They have a different style than US traders.

I primarily trade equities and know the S&P patterns by heart... The EUR/USD I may not see a proper trade setup for either my trending or ranging system through hours of action... While on the S&P traded with either the /ES futures or SPY options I get 3-5 setups per day every day in conditions with a range above 10...

Going to take a couple more months for me to adjust to these patterns perfectly. One nice thing is...
Hi MasterGamble.
How can you do a price/volume analysis if the total volume of forex is unknown? The futures volume is probably way too small to consider.

But even if we knew the total volume... how that would help us? It is not the volume that moves the price, it is the des-balance of units in a specific millisecond, once those orders are filled at the price agreed (zero sum found), it is the des-balance of the next millisecond that would produce the next tick ... ..and so on..

Can you elaborate a bit what kind of analysis you do for forex?
I have try in the past, but nothing has made sense for me.

Thanks,

J.
  • #17
  • Aug 26, 2012 6:05am Aug 26, 2012 6:05am
Its ALL about timing and risk management, if you can master these two concepts it will be very hard to fail in the trading business......When I review losing trades, I find that the mistake I usually made was not waiting for the setup to develop.
  • #18
  • Aug 26, 2012 8:34am Aug 26, 2012 8:34am
Quoting Quidsey
Please, I need help with my luck, I have 4 leafed clover and a rabbits foot and at least 3 horseshoes on my desk but still no luck, can you tell me how to arrange them properly..... do you have a lucky secret?
Quidsey,

I had to laugh when I read about all of your good luck charms on your desk. It was just too funny...Wasn't laughing at you...was picturing your desk.

Anyway, this might help you:

L - Labour
U - Under
C - Correct
K - Knowledge

And yes, patience is key, but you have to have some idea of what you're waiting for so you'll know "it" when you see "it"...then it will be time to act. In discretionary trading it is an absolute must (mho). Those who trade using purely mechanical systems have to rely more on the probabilities of their method. I don't use those so I stand corrected by those who do...but that's just how I see it.

Anyway, my 2 cents...get the right knowledge about trading and the "right" training to help you to become a trader and that should help unclutter your trading desk some...unless you decide to keep them as trading memorabilia.

All the best,

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #19
  • Aug 26, 2012 8:40am Aug 26, 2012 8:40am
Quoting mfoste1
Its ALL about timing and risk management, if you can master these two concepts it will be very hard to fail in the trading business......When I review losing trades, I find that the mistake I usually made was not waiting for the setup to develop.

When I review losing trades...not waiting for the setup to develop.

Yes and yes!!! When the trade is fully-matured, if your edge is sharp enough, you will see what you need to see. The other issue is knowing when...is this it this time? Successful trading is a very finely tuned regimen...not just on the technical side by on the human side too. For example, if someone is addicted to losing, they'll find ways to sabotage a good trade and not understand why they did.

When I review losing trades...

That says volumes about you as a trader Mfoste1. And yes, timing and risk management are key. So many ingredients go into the trading mix...I'd like to add human psychology. The ones you have mentioned will help any trader go a long way.

Good stuff!

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #20
  • Aug 27, 2012 6:43am Aug 27, 2012 6:43am
patience for great set up...?? i agree..
i am proud to be KGers..!!!
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