A common problem encountered by novice retail traders is their overwhelming desire to trade, no matter what the market is doing. They switch on their laptop or PC check their charts and expect to get into a trade and make some money during the time they have allotted. Many end up ‘Forcing’ a trade and this approach can lead to losses.
We have found that waiting for a quality set up and entry signal pays greater dividends over time. Yes, you will be in fewer trades, but that doesn’t mean less profits, in fact the opposite is nearer the truth of ‘Less can mean More’.
To be successful with this approach, as Sunil Mangwani so often says and constantly reminds me, you need the ‘Patience of a Saint & the Discipline of a Soldier’ to be a consistently profitable Forex trader. Waiting for a quality set up may mean you miss what seems like a potentially good trade but it also means you don’t get sucked into a losing trade. If a slightly dodgy set up occurs and goes in the desired direction, don’t chase price, wait for a decent pull back and then join the party but when you take that trade make sure it is a quality set up based upon one of your chosen, tested and proven strategies.
Endless entries into poor trades will eventually cause one’s trading account to be quickly depleted.
So try and think of yourself as a soldier waiting in ambush or a wild animal waiting for its prey to come by and then at the right moment pounce and execute the trade. For both these examples failing to pick the right moment could mean the difference between life and death so try trading as if your life depended upon it and bring some real focus, patience and discipline to your trading and let me know if it makes a difference.
Top Trading Tip: It is better to be Patient and wait for a quality trade set up to occur before taking a trade than being impatient and trying to force a trade. Try and be patient and disciplined in your trading as this should reap dividends over time. Remember ‘Patience of a Saint and the Discipline of a Soldier’ and lie in wait for your foe! Less can really mean More.
FOREX-CRAZY.COM
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