Patience, why is it so hard? Trading is a game of waiting; patience is the pinnacle of trading! If you can sit back and patiently wait, you can then profit! - These words sound familiar, don't they? They sound quite reasonable, don't they?
Everyone knows the importance of patience, but why is it so difficult to practice? Beginners constantly remind themselves to be patient, but they are always led by the market, passively tossed around and end up exhausted and bruised. Patience is indeed important, but the premise of waiting is having the ability to identify opportunities and strong market analysis skills. Otherwise, self-doubt and wavering can easily arise during the waiting period. Specifically, we need to:
1. Have clear goals.
Do not focus on too many varieties at once; choose a suitable variety to wait for the right time to open a position. Here, the importance of patience is highlighted. Don't lower your standards because of impatience, and don't act unless the conditions are met. Also, don't think of taking a "time gap" due to a lucky mindset. Thinking that there are no good opportunities for now, so just open a position casually and run when a small profit is made.
2. Once a position is opened, do not look at other opportunities while disregarding your current one.
Be cautious when selecting a trading variety. Once a position is opened, set a stop-loss and leave the rest to the market. Sometimes a long waiting period is required before opening a position, but even after that, more waiting is needed. This period may see fluctuations in other varieties affecting your mindset, causing you to doubt your choice. This is when patience is needed. Patience comes from confidence in your earlier judgment. As long as the stop-loss is not breached, try not to be tempted by other opportunities.
3. Patience does not necessarily result in high returns.
The only certainty in the market is uncertainty. Patience in opening and holding positions does not guarantee high returns. No one knows how much potential a single operation has. Do not negate your efforts just because the time cost did not yield the expected results. Not every wait results in considerable returns; only by continuously honing your trading system can you improve the quality of your positions and make the waiting more worthwhile.
The hardest part of waiting is resisting temptation. Even with strong confidence in your goals or positions, you can't avoid being tempted by the seductive movements of other varieties. You may feel like you've chosen a sluggish variety and missed out on an opportunity to make money. This situation tests your mindset. Remember: Among the vast options, take just what you need. There are many opportunities in the market, but only those you can grasp are real opportunities; the others might be traps.
For more trading knowledge, please contact CWG A-Hae
