Forex Trading Strategy - PATIENCE
Even if good Forex Trading Strategies can be a starting point in one's efforts to turn a profit in the market, there is something even more necessary. The most important thing one needs in combination with a good strategy is patience. Problems arise when a trader has a good plan and then changes course when things are on a downward slope. Often one must ride out a loss to make a greater profit.
The patience to see good Forex Trading Strategies through to fruition is the key. What else can complete this and what do you think?
I totally agree!
1) Patience
2) Time
3) MT5 ;) with position averaging
Keep risk low, build equity slowly and steadily. As you imply patience.
Great topic MetaSky, thanks.
1. PATIENCE ON ENTRIES. Patience is certainly one of the main attributes of a good discretionary trader. Many times I "jump the gun" on an entry because I see lots of activity and a "probable" direction. I mainly use Support and Resistance levels, so I really need to wait for a true break of Support (for example) before I go short. Even better, I know that usually after a break, there is a pop back up and THAT is when I should get short. So really, I am often not one but TWO steps pre-mature on my trades! Patience is a key I really need to work on.
2. PATIENCE ON GROWTH GOALS. Also, patience is key on account growth expectations. We live in the "microwave dinner" generation. We want it NOW. We are not happy with 10% growth per month. We frown upon all the professional hedge fund managers who are thrilled to get 10% return in a YEAR. We just know that we are better traders than they are. An oak tree takes years to grow, but see how solid it it. We need to be patient as we grow our accounts.
3. PATIENCE IN DRAW-DOWN. In your first post you mentioned patience in the system while we fix the drawdown. How right you are! I have noticed that on many signal services the ones at the top often had a really rocky start. Whereas I traded much better than them right at the beginning on mine but had a bad day or two then gave up to start another system. So they are now getting commission dollars, and I still have nothing to show for my efforts but expired systems strewn all around. Sticking with it is the most important patience of all--(as long as you really have an edge and think it can be done.)
I like properkhunt's ideas of low risk. And I think that by recognizing the need for patience and the virtue of slower growth, we are willing to take lower risk positions! So clearly the two work hand in hand.
What else do you need to be a successful trader and "turn a profit"? If you are discretionary trader, then the list goes on an on. May try to organize more thoughts another day.
Keep risk low, build equity slowly and steadily. As you imply patience.
patience and discipline also part of attitude in forex trading strategy :- "Patience is a traders virtue".
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Even if good Forex Trading Strategies can be a starting point in one's efforts to turn a profit in the market, there is something even more necessary. The most important thing one needs in combination with a good strategy is patience. Problems arise when a trader has a good plan and then changes course when things are on a downward slope. Often one must ride out a loss to make a greater profit.
The patience to see good Forex Trading Strategies through to fruition is the key. What else can complete this and what do you think?