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how do you improve patience

  • #41
  • Jan 31, 2012 3:09am Jan 31, 2012 3:09am
lots and lots of good feedback! imo experience and talk to yourself :nerd:
  • #42
  • Jan 31, 2012 3:24am Jan 31, 2012 3:24am
just sit on your hands... trade the best times... London mostly. Wait until price action is telling you that something is up.

once you get patience down trading becomes quite boring. but the returns are worth the wait
  • #43
  • Feb 1, 2012 5:48am Feb 1, 2012 5:48am
When I first stated scalping, I would lift my left finger off the mouse for fear I would miss click it & trigger an order (my platform was a 1-click only execution).

Then I progressed from being a wuss & placed my finger on the clicker. But then I realised I was still a wreck. After lifting my finger, I see a puddle of sweat on my clicker.

Now I've progressed slightly further to leaving my finger on the clicker & sweating 'less'. I plan my trades for entries, take-profit & stop-loss. If it hits stop-loss, I'll take it like a man. If it misses my take-profit, I still won't be a wuss & take-profit early in my next trades.

Still, I am a loser.. waiting for the epiphany where I discover my personal trading style, where I can make money consistently. I opened an account & had 3 consecutive losers & 2 break-evens. I am putting myself on a 3 months simulator trading probation till I make consistent profits.

To improve on your emotions, I guess you should be self-aware. Like how I noticed my screwed up symptoms such as finger off the mouse & nervous sweating. Then work to understand yourself better. I'm still hard at it & have lots more to learn.

eb
  • #44
  • Feb 14, 2012 3:54am Feb 14, 2012 3:54am
Quoting newyear498
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
I love this post! And I believe it must work!!
  • #45
  • Feb 14, 2012 6:41pm Feb 14, 2012 6:41pm
I improve my patience by entering orders ahead of time. I enter and exit using stops and limits. If I ever use a market order it's a sign that I lost patience and have to stop trading immediately.
  • #46
  • Feb 14, 2012 11:15pm Feb 14, 2012 11:15pm
The market is here for hundreds of years already, and it will still be here for another hundreds of years...

There you go. Patience. Easy stuff.

You can also try this, if your hands are itchy, always trying to trade, put an oven glove on. That wouldn't allow you to touch the mouse. Or you could simply go out and hang out with friends.

Friends is important in this business. You got to have them, or you'll suffer with depression.
  • #47
  • Feb 15, 2012 3:09am Feb 15, 2012 3:09am
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 ;-)
Practical advise : YOU SHOULD NOT BE TRADING LIVE....
  • #48
  • Feb 15, 2012 7:32am Feb 15, 2012 7:32am
best way to improve patience is to analyze your chart, and wait for price to be in the correct zone...here check out this site (members only) but heres the invite link cehck below to see what i mean
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  • #49
  • Feb 17, 2012 8:44pm Feb 17, 2012 8:44pm
Set a schedule on what time/day you should trade and forget about it. Sit back and relax. Me, when I am getting impatient I listen to relaxing music and self hypnosis sounds (subliminal messages) and it works for me.
  • #50
  • Feb 18, 2012 4:46pm Feb 18, 2012 4:46pm
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 ;-)
Hi Peter,

I had the same problem as you... What I did which may help you and certainly helped me was to start trading a larger % Risk.

If your overtrading its probably because if you make a loss you are not to concerned about losing it. If you start trading at a position size that you would not like to lose you will probably start to only take the best of setups. 5% works well for me and cut my trading back a lot.

All the traders on here say never go more than 1% but losing 5% compared to 1% is makes a difference.

Hope this helps.

James.
  • #51
  • Mar 5, 2012 10:17am Mar 5, 2012 10:17am
in order to improve your patience skills you have to work that out during a while it does not come like that when ever you decide to be patient.
as for me I believe that slow breathing techniques can be used to relax and be able to be patient when things deos not go so well for you, there are some Japneese articles translated to English talking about that.
  • #52
  • Mar 5, 2012 3:30pm Mar 5, 2012 3:30pm
Quoting pipfarm
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
I learned this way only...
I blowed 2 times, Now I have ample of patience
Sit relax.. book profit and sleep
Or
losses easily also without putting double lots or try to win loosing trade

It comes with time or blowing a/c
  • #53
  • Mar 6, 2012 11:50am Mar 6, 2012 11:50am
Find something different to do in the meantime, not focusing all your time on forex.
  • #54
  • Mar 6, 2012 3:08pm Mar 6, 2012 3:08pm
losing your money is a great lesson to patience lol stick strong to your system!
  • #55
  • Mar 18, 2012 8:43pm Mar 18, 2012 8:43pm

  1. Patience
    Once you know what to expect from your system, then have the patience to wait for the price to reach the levels that your system indicates for either the point of entry or exit. If your system indicates an entry at a certain level but the market never reaches it, then move on to the next opportunity. There will always be another trade. In other words, don't chase the bus after it has left the terminal; wait for the next bus. (Learn more in Patience Is A Trader's Virtue.)

  • #56
  • Mar 19, 2012 9:59am Mar 19, 2012 9:59am
first learn caution, then patience will become natural
  • #57
  • Mar 20, 2012 6:49am Mar 20, 2012 6:49am
Id suggest writing down your technique method to a very specific detail and sticking with it.

I spent along time wondering about my own "patience", the real issue there was i didn't have a method distinctly defined. I had some confidence that i could handle myself in the market, so would sit there, and wait for something that looked reasonable to come along. During the periods where this wasn't the case, i was very impatient. And made some very stupid trades.

Once i had my techniques defined (its really hard to write a document, i ended up with a series of mind maps as depending on what you do there could be many permutations to consider..) i found the patience issue vanished.. If you know what you're waiting for its easier to wait for it.

Worked for me at least
  • #58
  • Mar 20, 2012 10:38am Mar 20, 2012 10:38am
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 ;-)
write down your dos and don'ts, and always check them out before making a decision, that way you can work it out as a practice! untill it becomes a habit, that will lead you to discipline and with discipline comes patients
  • #59
  • Mar 21, 2012 4:21am Mar 21, 2012 4:21am
My advice , pick a time each day treat it like a set period you will be there regardless of if the trades show up or not ... Congratulate yourself by doing your "shift" regardless of if you get a trade or not ..
  • #60
  • Mar 28, 2012 4:30am Mar 28, 2012 4:30am
its like poker, you may see every hand you are dealt, but do you bet on all of your hands? better wait until you are dealt the right cards before you place any money at risk.

or if you are driving and waiting at a stop light, you have to wait for the light to turn green! if the light is red, then don't drive into oncoming traffic!

it's like cooking a steak, you have to wait until the steak is how you like it before you can dig in. if you have no patience and want to eat it raw then you might get an upset stomach.
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