Patience is the Good character of a Trader
Patience is the good character of a trader, why? Many things can be discussed from the professional nature of a trader from the aspect of patience. Even though the best investors and traders understand the importance of patience but they are also aware that this is the most difficult ability to learn as an investor and trader. One successful trader, Dennis Gartman stated that “Proper patience is needed throughout the trading life cycle when entering, staying or going out”.
The Good Nature of a Trader
WAITING FOR YOUR ENTRY POINT
You have finished homework and managed to identify entry points for promising stocks. Now you are waiting for anticipation of prices that will reach your entry point. Instead of pulling back, the price is not what you want. Panic? Certainly.And finally you enter without being in accordance with the previous plan and this rush can make you lose the opportunity to trade. You might provide some potential benefits, but you really violate the rules you make yourself.
If you let emotions regulate your day then you know that it often results in disappointment. Even impatient investors who like to violate discipline may be heading for adversity.
Patience in investing whether through trading or stocks and bonds can be compared to fishing activities. When you are fishing there is certainly a lot of fish in the lake or the sea isn’t it? Now you don’t have to catch all the fish to be called success. You just have to catch a few fish that suit your needs and also at least make your life better.
You must remember that there are many trading opportunities on the forex market, even though the market is in a difficult condition. So the difficulty is not so much in finding trading opportunities, but rest assured that opportunities are in accordance with your trading rules. It is important for you to remember that getting a good entry point and making a convincing exit point does not always bring a happy ending to you. Because of this, when you fail don’t ever give up and believe that the possibility of trading tomorrow will be the beginning of your success.
GIVE TIME POSITION TO GROW
In all things, including trading, everything cannot be instant or changed. There are many things that can happen during trading. You certainly know that there are many factors that influence the value of a currency in the forex market. That’s why you can’t be rash in making decisions. Many traders are wrong in step and unfortunately they cannot return to their original position quickly. Finally they could only see the golden opportunity to float right in front of their eyes.Whatever the conditions, try to give a little time to see if your strategy has hope or it fails completely and you have to repeat everything.
KNOW WHEN TO SELL
There are times when you follow discipline with all your heart, but even though the patience you have given in the end you suffer losses. Then what should you do?
In most cases, the best thing is to go back to the beginning and evaluate the trading or strategy that you have used. Take a new step and see if something has changed? If something is different, does your new analysis succeed in changing the main reason you enter into trading? If ultimately based on your evaluation, maybe the currency pair is not suitable for your trading, then change it. But if you find that your choice is correct and that all of them are in accordance with your criteria, then hold that position. Turn your brain and apply other strategies to get profit.
So in general, being patient is a positive value for every investor or trader. Strengthening patience when entering trading and maintaining patience while trading is an important part of the journey to success. Indeed, if the key is the good nature of a trader.