Waiting for a Trade,

[eldad 10]

Hi,

 

The Day started, you sit and watch your stocks/indexes and wait for a trade to evolve, sometimes you need to wait for a while, do you have any plan what to do in this time?

 

In the past I used to sit in front of the screens all day long doing nothing waiting for the trade to evolve and watching price action most of the time getting frustrated as everything worked beside my stocks, everything look tradable to me and it won’t be a lie to say that I was drawn to many trades that I should never take,

 

Taking setups that are not yours or are not ready yet is a very common problem in the day trading world, to sit and do nothing ain’t easy I already talked about it more than once,

 

What I do? I like to check my stock list every 30 minutes I open the system at 10:00 checking what is working what not, I ask myself what I can trade and what not, what I would like to see before looking for a trigger, and then wait till 10:30, at this time I check again the list and see if I have anything I can trade build an entry trigger, if I do, I will build a trigger and wait for it, else will set specific points to each stocks, for example: XYZ should make new high before looking for entry trigger, I will place notification on the system for new high, and move on, after I done all the list I will hide system and will make some work,

 

What is work? I will check the graphs of y’day, I will read blogs, I will develop my trading ideas, work on algos, read a book, watch a recorded webinar, I will practice trading, there is a lot of things one can do while waiting, what will help: make the list of task the day before or at the weekend a list of task for the next week,

 

Don’t sit and watch, don’t be a passive trader fill your trading time with productive work so you won’t trade for the sake of trade NO, this will save you many bad trades, the ones that when you summarize your day/week/month you have no idea how you end up in them,

 

If you will fill your trading day with interesting productive work you will become a profitable and more professional trader.

 

Make the odds in your favor Day Trade

 

Eldad Nahmany

 

#tobecomeadaytrader

[CrazyCzarina 17]

In Forex you have to keep patience for earning money. Most of the time the market does not go the way you want or expected. And especially when your pair is at loss! All the more you have to wait!!

[fxeconomist 11]

In Forex you have to keep patience for earning money. Most of the time the market does not go the way you want or expected. And especially when your pair is at loss! All the more you have to wait!!

 

Yeah and 99% of newbies run out of steam grabbing pip by pip they want more and get it now. That's the main psychological drawback that hold them back from winning path. Thankfully I managed to cope with that weakness and now trade consistently in profit with Hotforex

[CrazyCzarina 17]

Waiting or patience is the most important in forex. But there is another one which should be considered that we should not be overambitious.

[aimhi 10]

Patience plus consistency is the key to success in any business in my opinion.

[barako 10]

as long as you understand the parameters of waiting, imean you might be waiting for something that wont come, its the balance thats hard to find, but i say its always better to wait than rush it. and best of luck

[zdo 20]

Wait? Wait for what? Look at the OP. He was not asking about whether to wait or not. He was exploring what’s best thing to do while waiting. Now we’ve waited two years to try to help him and anyone with similar issue through generalities and pablam?

 

Wait? You got to explore your own nature and answer that question for yourself. Are you someone who would thrive better waiting for fat pitches? Or are you someone who is better suited to swinging at anything that looks good - for a microsecond. No matter which - you better be playing to your strengths. If waiting is your game, then wait. If not waiting is your game, don’t wait.

 

Don’t know your self well enough to know what your game is yet? Well, that’s a good starting place. Fail forward as fast as possible. No - wait! :rofl:

 

OMG peeps. Waiting or not waiting is system dependent. So, imo, generalized yes or no answers to this question are stupid. For your system(s), you have to learn when to wait and when not to wait... “to everything, turn turn turn, there is a season...”

 

In trend trading you do wait often(er). You wait for trend change or resumption.

In acceleration trading (or in BO trading or even momentum trading) you better not frickn wait.

In channel trading you wait for excursions. Then you don’t wait.

Etc

Etc

Etc ...

 

If you’re a sensation and thinking based rules trader you wait more often. You wait for the rules crits to be met.

If you’re an intuitive trader, you never ‘wait’... no such thing as waiting or not waiting.

 

The voice of trading counsels beginners “its always better to wait than rush it.” I counsel the opposite.

Don’t wait ever!!!! Take small positions instead. You will learn what you need to learn much faster that way.

 

.... or - you can just wait ... :wait" for more certainty...:rofl:

 

:missy: :doh: :helloooo: :rofl: :helloooo: :missy: :crap: :missy: :rofl: :helloooo: :missy: :doh:

[CrazyCzarina 17]

2 years old waiting for the OP to get the answer for his question. Waiting.... waiting...

[CrazyCzarina 17]

Patience is boring when you can't find any signal for days, that is the most frustrating part of trading and yet you have to stick to your plan, the pain of discipline is less than the pain of regret.