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The Journey Of A New Trader: Trading Is A Game Of Patience

Trading is a game for people who are able to be patient as they are the only ones who have the self-control to not take a trade when they feel they want money but rather to wait until they see a set up in the market with confirmation of a particular direction. Waiting for the right moment is the best way to make profit. You need to be sure that there are triggers to the strategy you use before entering a trade. The strategy is everything, and if you are entering but you are uncertain of the market then you have entered for the sake of greed. This is actually a subconscious greediness that comes into play when you haven’t made a trade in the usual time that you are used to making a trade. This is particularly pertinent when it comes to short- term trading. A person could easily get annoyed when they haven’t made a trade in a while and yet, because the market moves so quickly and it may look like you are missing opportunities, causing you to be impatient and make bad decisions.

 

I think an opportunity is only missed when you were sure that your strategy has triggered but because of fear you did not make the move and therefore missed the trade. The rest of the time that the market moves, you must control your desire to be in a trade if there are no reasons to be in it. If the market is moving and you start to think “I could have made a lot of money” you should rather change your thoughts to be looking for new levels so you can catch future trades. Do not trap yourself by entering because the market keeps moving in a direction and you think you can catch just one candle. Often you will end up losing. Wait for your strategy to trigger.

 

Stick to your stop loss. If you have a stop in place, do not move it to a larger stop in hopes of a turning market. Get used to watching the market rather than watching your account balance or equity during a trade so that you can maintain a clear thought process. Seeing your money go down makes you exit early and you can miss a good trade because you did not maintain your stop. Set a stop with a risk you are comfortable with and do not move it or close it early. If you make a trade, you must be absolutely disciplined in maintaining position.

 

Until next time, Happy Trading

Dylan Peacock, Novice Trader.

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