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ALL that is REALLY needed in trading

  • Post #1
  • Quote
  • First Post: Jan 14, 2015 10:19pm Jan 14, 2015 10:19pm
PATIENCE.

Now that you have the holy grail...

Go out and conquer my fellow traders!!!
Nice one.

You would also require a positive expectancy strategy and the discipline to carry it out.
Follow me on twitter @FxLester
Quoting 2+2=4ex
PATIENCE. Now that you have the holy grail... Go out and conquer my fellow traders!!!
Do you realize that patience is not an action.
Without action you cannot achieve anything.
You may want to revisit this idea.
Cheers, H
Quoting Aich
{quote} Do you realize that patience is not an action. Without action you cannot achieve anything. You may want to revisit this idea. Cheers, H
The action is assumed. Obviously trades aren't going to open magically by themselves. Do I really need to list every obvious detail? Ok fine, just for you...

1) Fill out application for broker account (before doing this make sure the top is off the pen)
2) Submit application
3) Once approved, transfer money to broker account from bank account
4) turn computer on
5) log into trading platform
6) Click on buy or sell button

Okay, you see how silly this is? Now hopefully you understand what I meant. Goodbye.
Quoting Aich
{quote} Do you realize that patience is not an action. Without action you cannot achieve anything. You may want to revisit this idea. Cheers, H
Disagree...Patience IS an action. A somewhat favorite song line of mine is "If you choose not to decide, you still have made a choice". (anyone)?

You're waiting for the conditions that history has proved the results most in your favor. Do you swing at ANY pitch that's thrown? Do you gulp your coffee or tea right after it's brewed, or do you let it cool? Do you trade the first reaction to a news event, or do you wait and see what happens after the first 5-minute or 15-minute bar after the news? (That's a hint).

I can also give a life-changing example of "patience", but it's for another forum.

Agree with 2+2=4ex, patience is the simplest trading rule in Forex, or futures (I trade futures exclusively), but one of the most difficult to follow.


CarlC
Quoting 2+2=4ex
PATIENCE. Now that you have the holy grail... Go out and conquer my fellow traders!!!
i agree. all of my best trades are the result of PATIENCE.
1 word you have to keep far away from trading is GREED.
Quoting CarlC
{quote} Disagree...Patience IS an action. A somewhat favorite song line of mine is "If you choose not to decide, you still have made a choice". (anyone)? You're waiting for the conditions that history has proved the results most in your favor. Do you swing at ANY pitch that's thrown? Do you gulp your coffee or tea right after it's brewed, or do you let it cool? Do you trade the first reaction to a news event, or do you wait and see what happens after the first 5-minute or 15-minute bar after the news? (That's a hint). I can also give a life-changing...
I will choose a path that's clear, I will choose free will.
If you are good at something, never do it for free--Joker
My favourite quote from Edwin Lefevre's book is:

"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon."
Follow me on twitter @FxLester
  • Post #10
  • Quote
  • Last Post: Jan 16, 2015 3:05am Jan 16, 2015 3:05am
Quoting CarlC
{quote} Disagree...Patience IS an action. A somewhat favorite song line of mine is "If you choose not to decide, you still have made a choice". (anyone)? You're waiting for the conditions that history has proved the results most in your favor. Do you swing at ANY pitch that's thrown? Do you gulp your coffee or tea right after it's brewed, or do you let it cool? Do you trade the first reaction to a news event, or do you wait and see what happens after the first 5-minute or 15-minute bar after the news? (That's a hint). I can also give a life-changing...
My point is that anyone trying to reduce forex trading to a one-liner is totally missing the real activity.
Focus your time on reasoning WHY price moves at all and you may be going some way towards understanding this business.
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