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MrPaul

Patient Traders Are Winning Traders

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More from the old Innerworth...

 

Patient Traders Are Winning Traders

 

Winning traders show patience. They wait for ideal market conditions before entering a trade. And when they enter a trade, they follow their trading plan, even if it means patiently waiting for the right time to exit. But many traders are impatient. They impulsively jump into trades that they shouldn't have made. And at the first sign of danger, they sell. Why can't they wait? Trading experts suggest that it may be a matter of focusing on immediate gratification rather than waiting for profits to come after a realistic amount of time. Dr. Van K. Tharp, for example, suggets that impatient traders are obsessed with profits. Rather than focus on what is required to trade profitably in the immediate future, they dream about how great it would be to spend future profits immediately. Similarly, Ruth Barrons Roosevelt observes, "Some traders are in a hurry. They want to make money, and they want to make it today." But profitable trading takes time and patience.

 

 

How can you learn to become more patient? First, it's necessary to admit that you are impatient. This can be difficult to do. It's hard to admit our limitations, but the first step in solving any problem is admitting that you have one. Second, as you monitor trades, practice looking at events objectively. Pretend you are watching a television show about yourself. Pretend the character on television isn't you. Watch how impatient you are. See yourself as an objective observer would see you, and then, think about how you might act more patiently. Third, realize that your impatience may be a signal that you need protection from the potentially harmful consequences of a trade. When you are afraid of facing a potential loss, you may impatiently close a trade for fear of experiencing a bigger loss. Rather than allow these fears to lurk in the back of your mind, it's better to face consequences head on. Can you afford to lose capital on a series of trades? Or are you making up dire consequences that don't exist? It's necessary to consider the consequences of your actions and decide if you can deal with them. If you know you can handle the potential negative consequences easily, you will feel calmer, and be able to control your impulses. Fourth, examine the situations that preceded your impatient behavior and avoid them in the future. Identify the times when you were the most impatient. Were you tired? Were you hungry? Were you risking too much? Situations are powerful determinants of behavior. The best way to control your impatience is to avoid those specific situations where you are likely to act on impulse. Fifth, examine your self-talk, which is the dialog you use to talk to yourself as you trade. Scrutinize your underlying attitudes and beliefs. People who are impatient want rewards now, rather than later, and their thoughts reflect this obsession. They think, "It's either now or never" or "If I can't get what I want right now, I never will." It's essential to identify these beliefs and refute them. If you find yourself thinking, "I must make a profit," or "It will be unbearable unless I make a profit," you will act on impulse. Similar beliefs are, "My hard work must pay off now" or "I can't wait any longer." When you notice yourself thinking such statements, refute them. Remind yourself that you can wait. In "Overcoming 7 Deadly Sins of Trading," Ruth Barrons Roosevelt suggests supportive beliefs that can help you trade patiently: "Time is on my side. The market moves in its own rhythm, and I can move fast or slow depending on its pace. A person is able to create wealth slowly through trading."

 

Don't give into the temptation to act on impulse. Trading takes time. Don't think that you absolutely must make profits immediately. Stay calm. You may not make profits immediately, and you don't need to, but if you build up your skills, and gain valuable trading experience, you'll eventually make the profits you want. It's just a matter of patience.

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Guest OILFXPRO

Trader must analyze a trade for at least 15 minutes to 1 hour , before every trade , it must be checked and reanalyzed several times.

 

We have a check list of 50 filters though which every trade is processed , that takes time , it eliminates impulsivity and gives you 5 clean clear trades evey week.

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Guest OILFXPRO

Be patient for the right trades , you will miss some winning trades but you will avoid more losing trades. Sit patiently and observe selling pressure or buy demand

 

Dont lose money. If you don’t know the facts, dont play. "You just wait until there is money around the corner, and all you have to do is go over there and pick it up. You do nothing in the meantime."

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Guest OILFXPRO

The impatient trader in real time

 

Has a mental structure in the mind , of a complete trading idiot , a structure of discretionary trading , impatient entries , must have trades on at all times (just for buzz and addiction of action junkie) , must keep 24 charts open at same time , MUST have 4 to 5 trades open at same time .

 

Reckless poor entries and risking money

 

Careless entries very risky .clueless

 

Mentally unstable person would impatiently jump into trades, in front of me

and another trader, and buys at resistance /sells at supports.

 

Mentally unstable defective?

Keeps on suggesting poor trades , impatient anylysis

Opens trades impatiently and enters poor trades

Impatience leads to 50/50 entries WITHOUT AN EDGE.

Impatience and does not wait for good retracement or good t/a anylysis

Impatient person cannot read price action clearly and correctly in real time

Impatiently exits/closes a trade, without reason

 

Has ego, mindset, patience and other psychological issues

He advises others to put on trades, when he suggests and at the time he suggests and wants others to jump in clueless trades like him, gets the Hump (chaos in his head) when people do not trade on his suggestions when he is wrong or right or his trades lose , then this head case gets upset and messes up system good trades.

 

He makes early suggestions on trades (to suit his early entry styles , this is impatient ,the system requires late trades of higher probability ), the system requires confirmed signals with several confirmations , his signals are not system signals , he refuses and does not execute them because they are late (when the system signals are actually ready) , according to him.

 

He has wrong mindset to look for high probability

He just works from charts –ignoring System rules, signal approval rules and high probability checks, HE MESSES UP BECAUSE OF THIS AND DOES NOT GIVE SYSTEM SET UPS

 

He ignores instructions on correlated pairs and instruments

He losses approximately 35 pips a week for last 8 months

He has been suspended from trading three times

 

He was usually trading before ECB /FED /NFP etc, in his early days , like a clueless idiot.

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Guest OILFXPRO

Impatient: Impatience is the cause of many trading problems , early entries (poor entries) , quick hasty and poor analysis , poor early exits ,impatience on drawing channels and trend lines and missing them ,poor trade suggestions to others and own trades are poor

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  OILFXPRO said:
The impatient trader in real time

 

Has a mental structure in the mind , of a complete trading idiot , a structure of discretionary trading , impatient entries , must have trades on at all times (just for buzz and addiction of action junkie) , must keep 24 charts open at same time , MUST have 4 to 5 trades open at same time .

 

Reckless poor entries and risking money

 

Careless entries very risky .clueless

 

Mentally unstable person would impatiently jump into trades, in front of me

and another trader, and buys at resistance /sells at supports.

 

Mentally unstable defective?

Keeps on suggesting poor trades , impatient anylysis

Opens trades impatiently and enters poor trades

Impatience leads to 50/50 entries WITHOUT AN EDGE.

Impatience and does not wait for good retracement or good t/a anylysis

Impatient person cannot read price action clearly and correctly in real time

Impatiently exits/closes a trade, without reason

 

Has ego, mindset, patience and other psychological issues

He advises others to put on trades, when he suggests and at the time he suggests and wants others to jump in clueless trades like him, gets the Hump (chaos in his head) when people do not trade on his suggestions when he is wrong or right or his trades lose , then this head case gets upset and messes up system good trades.

 

He makes early suggestions on trades (to suit his early entry styles , this is impatient ,the system requires late trades of higher probability ), the system requires confirmed signals with several confirmations , his signals are not system signals , he refuses and does not execute them because they are late (when the system signals are actually ready) , according to him.

 

He has wrong mindset to look for high probability

He just works from charts –ignoring System rules, signal approval rules and high probability checks, HE MESSES UP BECAUSE OF THIS AND DOES NOT GIVE SYSTEM SET UPS

 

He ignores instructions on correlated pairs and instruments

He losses approximately 35 pips a week for last 8 months

He has been suspended from trading three times

 

He was usually trading before ECB /FED /NFP etc, in his early days , like a clueless idiot.

 

 

 

and....you're banned again....regardless how many times I asked you to watch out for it, you didn't stop....

 

TW

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Jeez, his contributions were invaluable for us:rofl:. Though I am not keen on reading reasonings of mental sentiments over trading (preparing mentally is something of a pushover for me), as they lack sense load considerably. It is better to discuss something techy, steep into indicators, economic events, etc.

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  MrPaul said:
More from the old Innerworth...

 

Patient Traders Are Winning Traders

 

Winning traders show patience. They wait for ideal market conditions before entering a trade. And when they enter a trade, they follow their trading plan, even if it means patiently waiting for the right time to exit. But many traders are impatient. They impulsively jump into trades that they shouldn't have made. And at the first sign of danger, they sell. Why can't they wait? Trading experts suggest that it may be a matter of focusing on immediate gratification rather than waiting for profits to come after a realistic amount of time. Dr. Van K. Tharp, for example, suggets that impatient traders are obsessed with profits. Rather than focus on what is required to trade profitably in the immediate future, they dream about how great it would be to spend future profits immediately. Similarly, Ruth Barrons Roosevelt observes, "Some traders are in a hurry. They want to make money, and they want to make it today." But profitable trading takes time and patience.

 

 

How can you learn to become more patient? First, it's necessary to admit that you are impatient. This can be difficult to do. It's hard to admit our limitations, but the first step in solving any problem is admitting that you have one. Second, as you monitor trades, practice looking at events objectively. Pretend you are watching a television show about yourself. Pretend the character on television isn't you. Watch how impatient you are. See yourself as an objective observer would see you, and then, think about how you might act more patiently. Third, realize that your impatience may be a signal that you need protection from the potentially harmful consequences of a trade. When you are afraid of facing a potential loss, you may impatiently close a trade for fear of experiencing a bigger loss. Rather than allow these fears to lurk in the back of your mind, it's better to face consequences head on. Can you afford to lose capital on a series of trades? Or are you making up dire consequences that don't exist? It's necessary to consider the consequences of your actions and decide if you can deal with them. If you know you can handle the potential negative consequences easily, you will feel calmer, and be able to control your impulses. Fourth, examine the situations that preceded your impatient behavior and avoid them in the future. Identify the times when you were the most impatient. Were you tired? Were you hungry? Were you risking too much? Situations are powerful determinants of behavior. The best way to control your impatience is to avoid those specific situations where you are likely to act on impulse. Fifth, examine your self-talk, which is the dialog you use to talk to yourself as you trade. Scrutinize your underlying attitudes and beliefs. People who are impatient want rewards now, rather than later, and their thoughts reflect this obsession. They think, "It's either now or never" or "If I can't get what I want right now, I never will." It's essential to identify these beliefs and refute them. If you find yourself thinking, "I must make a profit," or "It will be unbearable unless I make a profit," you will act on impulse. Similar beliefs are, "My hard work must pay off now" or "I can't wait any longer." When you notice yourself thinking such statements, refute them. Remind yourself that you can wait. In "Overcoming 7 Deadly Sins of Trading," Ruth Barrons Roosevelt suggests supportive beliefs that can help you trade patiently: "Time is on my side. The market moves in its own rhythm, and I can move fast or slow depending on its pace. A person is able to create wealth slowly through trading."

 

Don't give into the temptation to act on impulse. Trading takes time. Don't think that you absolutely must make profits immediately. Stay calm. You may not make profits immediately, and you don't need to, but if you build up your skills, and gain valuable trading experience, you'll eventually make the profits you want. It's just a matter of patience.

 

Good things come in time. If we are impatient as traders then we are bound to rush into bad trades and make bad decisions. Patience goes hand in hand with consistency. If we have these two,we can face most of challenges that come with trade.

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Guest OILFXPRO
  tradingwizzard said:
and....you're banned again....regardless how many times I asked you to watch out for it, you didn't stop....

 

TW

 

I had a great time selling education on technical analysis and price action , on various forums .I was selling freely available rehashed old rope for money , on ta p/a , when the real education is mindset training.

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It is very common that the most winning traders are the most patient because they know the exact moment to invest, those who have no control and are desperate to win just end up losing a lot in the market, for this reason the most experts recommend being patient and waiting for what That is necessary to succeed.

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  On 2/3/2014 at 11:03 AM, Guest OILFXPRO said:

Be patient for the right trades , you will miss some winning trades but you will avoid more losing trades. Sit patiently and observe selling pressure or buy demand

 

Dont lose money. If you don’t know the facts, dont play. "You just wait until there is money around the corner, and all you have to do is go over there and pick it up. You do nothing in the meantime."

I agree patience is very underestimated in trading. I would say that trading takes 10% of time while 90% of time you monitor and analyze prices. 

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  On 11/14/2022 at 11:05 AM, fxeconomist said:

I agree patience is very underestimated in trading. I would say that trading takes 10% of time while 90% of time you monitor and analyze prices. 

Agreed as 90% of the time we wait for the price to come at the reactionary level in order to initiate trading.

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  On 4/6/2023 at 1:21 AM, aimhi said:

Agreed as 90% of the time we wait for the price to come at the reactionary level in order to initiate trading.

I divide action and analysis time I spend in trading in about 1:4 proportion but it all depends on your trading style for investment type of strategies you may spend 2-3 weeks for analysis and 20 minutes for action lol

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  On 7/21/2023 at 11:11 AM, aimhi said:

Even if you are not trading still you need to spent time analysing the markets in my opinion.

At least it should help you to decide what to do with the assets you hold your wealth in - should you sell them or keep them expecting them to appreciate in value. 

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