Patience in trading is similar to patience in poker. A good poker player will wait hours to get the best hand possible. He will wait for a very good pair like AA or KK instead of risking losing with weak pair like 44 or 66.
Of course having AA or KK is not a guarantee of winning but you get a much higher probability to do so.
In trading you face the same problematic. Sometimes the market doesn't give you anything, no info, no pattern. In this case, you should close your laptop and do something else. Really !!!
The more you trade, the more you are exposed to make big mistakes. I used to make scalping for a time but I quickly realized that it was not for me. Staying all day in front of a laptop waiting for an opportunity, no, many opportunities to get 2 to 10 pips only. Some traders are very good scalpers but I am not. I am a swing and day trader. I look for 30 to 20,00 pips on each trade.
You really need patience to get 1000 pips profit ! And obviously I have a dedicated account for this kind of investment. Why ? Because, after having made 100 pips, the temptation is huge to take my profit and close the trade. On this account you only have very long term trades where potential is 500 to 20,000 pips !
Patience is also a quality when you do not see any opportunity on the market. You are frustrated, you want to feel the adrenaline of trading. Calm down, stay cold. The market always gives opportunity, It will happen very soon trust me but at this moment, use this time to improve your skills, reading, learning, analysing or simply deconnecting totally from trading.
Think how you feel good without the stress of a losing position when you are always looking after your smartphone to check the price.
Be patient, wait for the optimal opportunity wen you can sell high and buy low. The opportunity which gives you the best risk-reward.
Patience vs trading ? No !
Patience = Trading !
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