Patience in trading forex.

 

Patience is one of the best and most important virtues that any forex trader can have. Being patient and waiting for the only best price action will help you to greatly improve your win rate and confidence. Lack of confidence is one of the biggest reason that many traders fail to make money and end of repeating the same circle in the market. As your winning percentage improves it can lead to over-confident which often hit traders as they become more accurate in their trade. Every traders should be able to recognise this feeling of over confident and calmly and consiously overcome it by patiently walking away from your trade station is the best medicine to fix this trading mistake that many traders make.

 
naxreell:
Patience is one of the best and most important virtues that any forex trader can have. Being patient and waiting for the only best price action will help you to greatly improve your win rate and confidence. Lack of confidence is one of the biggest reason that many traders fail to make money and end of repeating the same circle in the market. As your winning percentage improves it can lead to over-confident which often hit traders as they become more accurate in their trade. Every traders should be able to recognise this feeling of over confident and calmly and consiously overcome it by patiently walking away from your trade station is the best medicine to fix this trading mistake that many traders make.

I tihnk the best thing to do is set pending orders and wait and see if the market comes to you.

Once the orders are set, your work is done.

Go do something else.

 

How you can begin implementing patience into your trading routine. If you have been studying price action trading for some time now, you already have an excellent trading method that will reward you many times over for being a patient trader. Being patient while trading with price action goes something like this: you see what looks like a decent pin bar formation but it is going against a rather strong trend, because you know that this setup has a much lower probability of working out than a pin bar setup with a strongly trending market, you sit on your hands and pass it up, don’t think anymore about it, even if it works out it does not matter because you just exercised patience, and you will be rewarded for it the more you use it. Now, a day or two has gone by, still no good price action setups have formed, then you notice as the New York session closes out there is a very nice fakey setup that has formed with the dominant daily trend, you enter your trading parameters and let the trade take its course.

The above scenario is one example of trading with patience. You need to remember that once you commit to becoming a patient trader you cannot waffle on it, meaning you can’t be patient for a week and then lose your patience the next week. Being a patient trader means you might only trade 4 times a month. But if you win on all 4 of those trades as compared to taking 15 trades and losing on 10 of them, you are going to be much further ahead, both financially and emotionally. There is much to be said about the power of patience in helping you remain objective and calm in all your trading decisions.

 

As I believe that patience in trade is better when compared to the aggressive trade, however, I think the ways both are use in foreign exchange trading according to the state of the market because the market rate ranging all the time and you can not knowing where the market tendency is going the very next moment so trading with patience and control of feelings and the emotions though if you experience you had requested any assault then you adopt and try not to take much risk in the Forex market.

 

In Forex trading, we veteran traders have been sadly entertained to events where we see traders who register big losses on their investment as they do not really know how to wait - especially waiting until the market gets better and improves significantly, that is. Emotional responses can forcibly subdue logical analysis on market forces and historical data, and we see Forex traders scrambling to sell after getting wind of some bad news (only to scratch their heads when the bad news turns out to be just plain gossip). whether it be a demo account or a small-denominated account, learning patience itself can take time and Forex traders should better learn not to get impatient at learning patience.

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