A trader has no faith if he has no patience

Discussion in 'For novice traders' started by Francmorio, Sep 27, 2017.

  1. Francmorio

    Francmorio Member

    While a good strategy gives you an edge over others in the forex market, patience remains the key. Those who are patient have the money. As a trader, you must exercise some degree of patience in you. Have faith in your strategy, but without patience, you could find yourself at the loosing end. Even with the best strategy, one needs to be patient with it. Always wait for setups that are almost perfect and obvious that they will work your way, and if you have 0.01% doubt, STAND ASIDE!
     
  2. NewbieTrader

    NewbieTrader Member

    hahahahah true that. may traders failed because they have no patience. they just wanna get into profit right away. i feel bad for those people. they should have never tried trading.
     
  3. Roman Rias

    Roman Rias Member

    There is no question that any trader who lacks patience is not going to succeed. It is absolutely must to have patience in business like Forex. We need to be patient with how we approach things and also work with discipline. It is only way forward.
     
  4. I think discipline is what we all need. It is not possible to achieve great results just like that, so that is why it is important to be discipline and patience. It all will take time and if we are good enough then we will get there, eventually.
     
  5. ibm'73

    ibm'73 Active Member

    I really agree with this opinion
     
    Nia likes this.
  6. andengireng

    andengireng Member

    yes, patience mean emotional, if you can not manage your emotional, you just loss.. loss and loss. As a beginner trader, sometimes you will be confronted with strange questions, simple but hard to answer. There is a trade showing the circumstances in which you can open positions, but the price can still experience a pretty strong movement. This makes yourself a little confused, whether you should open a position or not. The key is being patience
     
  7. Tengkorakfx

    Tengkorakfx Member

    It's all about physiology, I thought it's the most influencing in forex trading. everyone has known that if we have bad emotional when we do trade, it will messing it. so we have to fight our emotional.
     
  8. broforex

    broforex Member

    Impatience usually occurs when you are trading on markets that are ranging or sideways. You can't wait to close a position because price movements tend to be slow. Psychologically, impatience arises because you want to get a profit as soon as possible, or realize a loss so you can re-enter.
     
  9. broforex

    broforex Member

    Overcoming a sense of emotion in trading is a must, because when a sense of emotion has taken hold of us, the transaction feels increasingly heated up and we want to immediately get greater results without thinking about risk. Understanding of these emotions can occur when we lose, profit, and when we use certain systems
     
  10. Francmorio

    Francmorio Member

    Psychology is everything in the forex market, I believe, the fear of loosing is more real in forex than in any market out there?
     
  11. Tengkorakfx

    Tengkorakfx Member

    I believe so. As the matter of fact that some of the trades can turn out to be losses after being hold for a while. The safe decision for most of the long term trade is to trail your profits so it would always ended up in profits rather than turning it back to losses
     
  12. liafatlouie

    liafatlouie Member

    I agree. Bad psychology of trading will make a lot of losses. Especially the greedy nature of wanting big profits quickly turns out the market does not fit our analysis. The point is I don't want to trade like in a casino. It must be in accordance with the rules with good Money Management and Risk Management formulas.
     
  13. broforex

    broforex Member

    Why has no patience ?? Forex market is a 24 hour market. Never stops. This means that as a forex trader can choose when to trade. Some people have daily jobs and do not have the time it takes to trade during the day, so they can trade at night. People who make a living as a forex trader can choose to trade anytime day or night. At this point, the 24 hour market allows traders plenty of flexibility.
     

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