how do you improve patience | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

If you haven't made it yet, what makes you think you will? 212 replies

Patience 9 replies

How can you improve your trading techniques? 15 replies

Loosing patience 17 replies

Attachments: how do you improve patience
Exit Attachments

how do you improve patience

  • #1
  • First Post: Aug 6, 2011 5:32am Aug 6, 2011 5:32am
Hi all traders, I am nearly profitable, but I have one very big problem:
My patient...I dont have enough patient to wait on the proper opportunity. In every trading month I am taking lot of good but also lot of bad opportunities. The biggest problem is my patient, how do you cope with it, how can I improve it? I want practical advices...thanks for all opinions ;-)
  • #2
  • Aug 6, 2011 8:05am Aug 6, 2011 8:05am
When you say patience, I think emotions are are key here.

When you lose patience your heart is probably racing maybe adrenaline is pumping then you take the trade too early or miss is and go in too late... both essentially giving you losses?

Emotions are an issue... this is what we need to keep in control constantly. Planning and executing EXACTLY as planned is what we need to do, along with the right risk management etc
  • #3
  • Aug 6, 2011 5:43pm Aug 6, 2011 5:43pm
Quoting petertrader
Hi all traders, I am nearly profitable, but I have one very big problem:
My patient...I dont have enough patient to wait on the proper opportunity. In every trading month I am taking lot of good but also lot of bad opportunities. The biggest problem is my patient, how do you cope with it, how can I improve it? I want practical advices...thanks for all opinions ;-)
decide on a day or time you will not trade

example: you decide you will not trade this friday


now on friday you sit and watch the market all day but you cannot take any trades... you will become patient and you will also learn that there are going to be a million opportunities in the future
  • #4
  • Aug 7, 2011 12:39am Aug 7, 2011 12:39am
Quoting petertrader
Hi all traders, I am nearly profitable, but I have one very big problem:
My patient...I dont have enough patient to wait on the proper opportunity. In every trading month I am taking lot of good but also lot of bad opportunities. The biggest problem is my patient, how do you cope with it, how can I improve it? I want practical advices...thanks for all opinions ;-)
Depending on your type of system, it sounds like you are doing one of two things (or maybe both)...

1. You are taking setups that are not A+ setups (according to your system)
2. You are jumping in early because you are trying to jump your signal and get in

Can you tell us why you think you're not waiting for the proper opportunity?
  • #5
  • Aug 7, 2011 1:07am Aug 7, 2011 1:07am
Set it and forget it.

Look at the ATR (average true range) of the pair you are trading.

Be aware of news that may sway it.

Look at this as a 24 hour DAY - NOT JUST YOUR SESSION.

---------------------------------------------------------

THEN WALK AWAY.

check back each hour or 4 - If you have a decent entry a valid reason for entering - technical or fundamental - NEVER WALK AWAY FROM NEWS TRADES -

You will likely come back to a trade well in profit to your liking.

This takes HOMEWORK though. Chart study and reading, if you wont or can't
do that then just flip a coin.

--------------------------------------------------

Other options.

Watch a movie, go for a walk, make a phonecall, do some paperwork, go thru that stack of mail. (YOU KNOW THE MARKET IS THERE) Jeese GO TO SLEEEP- READ NEWS..............

IF you really can't stop f#cking with your LIVE account at this point then open a demo and trade that all day - Lose 1000s and come back to your real account that SHOULD be in profit if you have not tampered with it and enjoy your gains as you see fit.

Now, Don't set silly stops like trading the H1 cable chart with a 30 pip stop.

Look for setups that are on major support / trendlines / supply areas, this way you can make a "tighter stop" and should know within that next M30 bar if you are wrong or right. Next Adjust accordingly.

DON'T stare at the same chart / same pair /same screen all day.

The minute you close a position at 30 pips cause you think it's
done-
The back and fill is complete and it rockets 60 =lling 90 greenies for you if you stay in.

JUST my 2.5 gold dollars. good luck.
X

- just noticed you are a centaur... READ A BOOK. You'd like Piers Anthony or one on TRADING
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6
  • Aug 7, 2011 8:48am Aug 7, 2011 8:48am
Quoting petertrader
Hi all traders, I am nearly profitable, but I have one very big problem:
My patient...I dont have enough patient to wait on the proper opportunity. In every trading month I am taking lot of good but also lot of bad opportunities. The biggest problem is my patient, how do you cope with it, how can I improve it? I want practical advices...thanks for all opinions ;-)
Why are impatient? What is the reason? Is it greed ? Or do you get bored and seek action? Or do you believe that high frequency trading translates into profits? Etc…..

In other words, first indentify the real problem, and then deal with the real issue that is manifesting through impatience.

Unless you deal with the real cause, then everything else will probably eventually fail because you’ll be transferring your issues from system to system, from one timeframe to another timeframe, and so on.....
  • #7
  • Aug 7, 2011 9:35am Aug 7, 2011 9:35am
Quoting petertrader
Hi all traders, I am nearly profitable, but I have one very big problem:
My patient...I dont have enough patient to wait on the proper opportunity. In every trading month I am taking lot of good but also lot of bad opportunities. The biggest problem is my patient, how do you cope with it, how can I improve it? I want practical advices...thanks for all opinions ;-)

I'd say it seems as though you need some help in identifying good from bad trades within your system. You might want to blame it on your patience, but if you really had a logical theory as to what is a good vs bad trade, then why would you take the bad trades? Define a good vs bad trade more clearly, and the patience will come.

Like I said, I think you need to do some thinking on your method. If you can notice that you are taking bad trades, that has nothing to do with patience, because why would you take a bad trade? Do you like to lose money?

Your experience in differentiating good vs bad trades will help your patience, but until you can clearly recognize this, you can have as much patience in the world, but it seems you will still take bad trades. Try and set clearer rules for entry and exit.
  • #8
  • Aug 7, 2011 9:28pm Aug 7, 2011 9:28pm
Patience is a process. It doesn't happen overnight. What you need to do is be aware in everything you do. If you think you lost your patience, you should be aware of it. If not, that's a problem.
  • #9
  • Aug 8, 2011 7:44am Aug 8, 2011 7:44am
Don't stress over missing a trade opportunity. Realize up front you will miss some opportunities and it's ok there are always new ones that come along.

Learn to be happy with what you got. Often times it's the greed emotion that causes what you are experiencing. Everyone has this emotion to some degree and it's the death of many a trader. You have to lock this guy up or he could ruin you.

Set more parameters to check before you enter any trade. Set up a check list of criteria that is absolute what you must have to open a trade. Then follow those guidelines each time you open a trade. Doing this manually can be a challenge however much easier with an EA as you could set the EA with all your parameters when you see an entry you just turn on the EA.... it checks all your guidelines.

If none exist it doesn't open the trade and upon you seeing such you learn to control yourself because the EA with your rules forces you to.
  • #10
  • Aug 8, 2011 9:43am Aug 8, 2011 9:43am
hi
learning all the way,..
same with me, still learn to be patience with my worst enemy
  • #11
  • Aug 8, 2011 9:47am Aug 8, 2011 9:47am
I like Xtrades run down. It is important to be able to separate yourself from the market until such a time comes that you need to be there. So often we are sitting there waiting for the market to do something that we end up acting up a non signal just to justify your sitting there. I am not really trading unless I have an active trade is a mindset that create mistakes and un-neccesary stress.

If you trade full time then you should be aware that the markets are always there and that walking away is not going to have any adverse effects. I like to start my week looking at the weekly of a few currencys, stocks, whatever it is that I am going to be trading that week and see where the market is at. If there is nothing valid then I put a line through it and ignore it till Wednesday and move onto the next chart. IF there is a market behaving in a tradable manner, if it as or getting to a point on the weekly then I will look at the daily and set up some alarms to tell me when I need to be looking. Through out the day I will check in and out but when I get a situation that is tradable then I focus in. In all other environments I am emotionally un attached.

If something happens and I miss it it bums me out but I move on. The importance of being able to live your life and enjoy yourself takes precedence over trading. The only time you want to be active is when the market is acting in manner that you can execute. Now there will be days were there is literally nothing, there will be days when you take some losses. These days you can afford to minimise your trading, however when there are days that call for your immediate attention and there are trades available then I can spend 4-8 hours trading and taking a hot market for what it is worth.

Patience is variable for different people and like the emotional aspects you can have people who are completely null of it and there are others who just cant get away from it. It is important to work it towards your favorable scope but dont be afraid to avoid your charts for a day. Take a holiday and leave your charts behind. Nothing can hurt your account more than you overtrading in bad whether because you cant walk away.

Take care
  • #12
  • Aug 8, 2011 12:02pm Aug 8, 2011 12:02pm
Im not sure if Patience is the right word to use?

My opinion is it is a burst of emotion causing adrenalin that makes one forget about the plan (longterm) Adrenalin rush makes your brain resort to short term action...

Fight or Flight syndrome

Practice noticing the signs is the first step.
  • #13
  • Aug 8, 2011 3:07pm Aug 8, 2011 3:07pm
I don't think patience is the answer.

Trading is like being an outfielder for a baseball team.

You need to be patient yes but you also have to react at a moments notice.

The real hard part is figuring out when to be patient and when to react.
  • #14
  • Aug 9, 2011 1:36am Aug 9, 2011 1:36am
Quoting petertrader
Hi all traders, I am nearly profitable, but I have one very big problem:
My patient...I dont have enough patient to wait on the proper opportunity. In every trading month I am taking lot of good but also lot of bad opportunities. The biggest problem is my patient, how do you cope with it, how can I improve it? I want practical advices...thanks for all opinions ;-)
Add some fear to lose money. As you said you know when the opportunity good or not so good. Next time when you will face the desire to take not the best opportunity. Tell your sell: " I know this isn't the best time for trading, I can lose money and this is will be my fault."
  • #15
  • Aug 9, 2011 3:14am Aug 9, 2011 3:14am
Quoting AlexCollins
Add some fear to lose money. As you said you know when the opportunity good or not so good. Next time when you will face the desire to take not the best opportunity. Tell your sell: " I know this isn't the best time for trading, I can lose money and this is will be my fault."

Try blowing your account, lets say about 10 times, that should cure your impatience,only problem is you might not have any more capital left to trade.


pipfarm
Follow The Markets Structure - Patience and Discipline
  • #16
  • Aug 9, 2011 1:40pm Aug 9, 2011 1:40pm
Quoting petertrader
Hi all traders, I am nearly profitable, but I have one very big problem:
My patient...I dont have enough patient to wait on the proper opportunity. In every trading month I am taking lot of good but also lot of bad opportunities. The biggest problem is my patient, how do you cope with it, how can I improve it? I want practical advices...thanks for all opinions ;-)
Make new rule! .. try to open position and use to close it only TP and SL .. once you open position setup TP and SL and turn of your computer .. it works very well
  • #17
  • Aug 11, 2011 2:57am Aug 11, 2011 2:57am
patience is definitely key! you have to make sure to not jump the gun, but at the same time stay alert and always be ready to make a good trade!
  • #18
  • Aug 18, 2011 5:14pm Aug 18, 2011 5:14pm
Quoting IntradayFX
Make new rule! .. try to open position and use to close it only TP and SL .. once you open position setup TP and SL and turn of your computer .. it works very well
That is basically what I have been doing.

Put in a Limit order with my TP and SL and trust in my initial analysis and walk away.
  • #19
  • Aug 18, 2011 9:02pm Aug 18, 2011 9:02pm
Quoting pipfarm
Try blowing your account, lets say about 10 times, that should cure your impatience...
I can't imagine blowing an account, or even a demo account, however I have the problem of over-trading as well.

When I trade the London session, I have an edge, if I stick to my plan I nearly always make a profit or at least break even. The problem I'm having is trying to stop trading after one or two trades a day at the London open.

Sometimes I will trade the Asian session and nearly always lose money. It's slowly getting hammered into my thick skull that I need to stick to my plan.

I feel as if natural tendencies of impatience and over-trading and so on aren't things that you can fix straight away. I'm just trying to make sure that each week I am getting better at controlling myself. I'm still profitable, but I've only been at it about a month, so I'm not expecting miracles right away, and it's really not a big enough sample size to call profitable.

A big problem exists when you start viewing your winnings as "free money" so you act like a gambler once you've made a couple of good trades. I'm guilty of this, but working on it.
"Don't Panic..."
  • #20
  • Aug 19, 2011 2:13pm Aug 19, 2011 2:13pm
After you lose enough money and you've traded for a number of years, you'll realize what you need to do, and do it.
0 traders viewing now