He has a monthly readership of , traders and has taught over 20, students. This article provides some insight into trading with patience and how it can help you avoid over-trading and losing your shirt or house in the markets….
Patience is a necessary ingredient for successful trading, in fact it is probably thee most important ingredient; without patience, you are almost guaranteed to struggle or fail as a trader. Patience also happens to be the main virtue that most traders are deficient in, and this helps explain why most traders fail to make consistent money, or any money in the market.
The importance of having being a patient trader cannot be emphasized enough, in fact, one could even say that there is a positive correlation between the equity curve of your trading account and the amount of patience you possess as a trader.
In other words, focusing on developing and maintaining patience while trading the market will cause your equity curve to rise much more consistently than not paying any attention or little attention to patience, as most traders do. It is one thing to simply state that patience IS important to your long-term trading success; however, most people reading this will want to know WHY patience is important to Forex trading and HOW to implement it.
As you become more accurate in your trades, you obviously will have fewer losers and more winners, which will have a direct impact on your forex money management plan. When you hit winning trades as a result of being patient and waiting for that picture perfect setup to come along and then executing it without hesitation, you essentially reinforce one of the best trading habits anyone can learn, which is of course patience.
Trading success depends entirely on the concept of reinforcing good habits and eliminating bad trading habits, unfortunately most traders do the exact opposite, which is why most of them fail. Now, let us move on to 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: 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. 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.
Being a patient trader is just one piece of the puzzle that must be in place for the picture of consistently profitable Forex trading to be complete. If you do not learn to exercise the proper amount of patience while trading the markets, you will begin doing all kinds of self-destructive things to your trading account; over-trading, trading off too low of a time frame, over-leveraging, etc. The power of price action trading and the positive habit of patience is a very potent combination that can drastically improve your odds of becoming a great trader.
I learned several things from Nial but this is the foremost important lesson I learned from him. I set traps in the confluent areas and patiently wait for price to approach. By following Ambush trading method, we can avoid hesitation, fear, second guessing and taking stupid trades. Dear Nial, very thanks, and appreciate you a lot ya, its very useful for me, to be a patient trader. To tell the truth,most of us have been victims of impatience.
It has led to over trading, and trading mainly from the smaller time frames. This article is, as our member pointed out, easily the most important one ever written in Forex. Another benefit is derived from all of this that helps me: Patience is the antithesis of stress.
Like you said I also consider patience as the most important trait in traders character and I try to learn it really hard. What a HUGE difference. By skipping a single step, even though it appears to be a shortcut, often results in failure. If you have a great ambition, take as big a step as possible in the direction of fulfilling it.
The step may only be a tiny one, but trust that it may be the largest one possible for now. Great article Nial my biggest mistake has just been made clear to me is their any exercise you can do to avoid the impulsive trading and become patient. Timing the trade is the key. I have seen that most people will still go against what you just wrote.
I myself have lost a big part of my initial capitol to the market. I make more money on the high probabiltity trades than I did just getting into the market to be in with a lot of trades.
Well said and explained Nial! The same mind set has made me wealthy in trading! You Deserve your succcess! Congratulations on being a great person! Nice to see positve people like Nial helping others in our world of uncertianty!
Patience is a habit necessary for trading currency. I learned this just this morning and the loss has stayed with me throughout the day. I have patience now and will wait for that perfect price action trade.
Hi Nial, Thanks for your excelent article! Whoever wants to succeed trading the markets needs just follow your advice, simply and effective.
Thank you Mr Nial for your nice article. The become a patience forex trader is not easy as the people say. I will not happen for short year trading. Before, i used to trade about thrice a week but now i fing myself trading thrice a month because i am just sitting and waitng for that perfect pin bar to form.
Thanks Nial for this great article. Hi Nial, Excellent Article. I understood how patience is more important in trading. Patience is the secret of Success. Thanks for your article. Hi Niall A really important point I am always jumping into trades too early I will take on board this article Thanks for all your help John. Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email.
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Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. This article provides some insight into trading with patience and how it can help you avoid over-trading and losing your shirt or house in the markets… One of the most effective weapons in our Forex trading arsenal to help fight the most prevalent of trading enemies; over-trading and over-leveraging… is PATIENCE.
Why patience is SO important for a trader It is one thing to simply state that patience IS important to your long-term trading success; however, most people reading this will want to know WHY patience is important to Forex trading and HOW to implement it. HOW to trade with patience Now, let us move on to how you can begin implementing patience into your trading routine. In conclusion Being a patient trader is just one piece of the puzzle that must be in place for the picture of consistently profitable Forex trading to be complete.
Checkout Nial's Professional Forex Course here. Dear Nial, very thanks, and appreciate you a lot ya, its very useful for me, to be a patient trader Reply. There is no more truth to be told than that the patience dog eats the fattest bones Reply. July 6, at 5: Thanks — Larry Reply. Sanjay April 11, at 9: Paul March 22, at 1: Ken March 9, at 2: Eddie January 3, at 7: George November 28, at 8: Hi Nial, Again you have hit the nail at the top, this is good.
FxDiva October 18, at Elie October 18, at 5: Top notch articles as usual. Thank you Nial Reply. Ben Brooks October 17, at 7: I agree fully Nial.More...