Hi once again today we are going to discuss the on the aspect of patience in trading and how it can benefit you if mastered well. To many traders patience is a very big issue and it costs them a lot of money throughout their trading career. Many traders are so much in love with instant gratification and at the end of the day they do not get the gratification they want instantly. If i am to be honest with you being patient is also the number one reason why traders make money and why traders lose money.
If you are losing money from trading i automatically assume that the aspect of patience is absent on your mind as a trader, regardless of other aspects that make up a successful trader. Losing money from trading is mainly caused by over trading and over leveraging let’s keep aside knowledge for today. If you are with me you can see that over trading and over leveraging are all driven by lack of patience and the need of a trader to make money as fast as possible.
Understand That Doing Nothing Is An Action
Many traders think that constant participation in the market will result to big money and sorry to say that is not the case anymore. The brokers are financial predators and your job is to stay away from them unless its necessary to take the trade. Placing trades here and there on different markets is actually working for the brokers at your own expense, They benefit from the spreads and commissions. If you are able to grasp this concept then it’s the first step to find wisdom in these financial markets.
Every single trade executed should be the outcome of research which should inline together with the market structure. Once the trade is executed professional traders go into prison mode since they can’t do any thing. They understand they can not control the market whatever they do so do you. Professional traders understand that decisions made after trade execution is purely emotional and outcome is always negative 99% of the time.
Many times you may find yourself doing silly actions based of emotions and you wish you shouldn’t have reacted at first place. Learn this today that doing nothing is an action especially in trading.
Looking forward to see you in the next lesson.
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