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A Winner Trader Is a Patient Trader

Patience is important in trading, just like in real life. In your life, there are moments when you need to decide, but a little bit of hurry may ruin the situation, that’s when you need to be patient and think about the issue to have a good decision.

 

Patience is a skill

patience is a skill to learn, and any trader can become patient with learning and practicing it. There are 3 main reasons why traders lose their patients. If traders avoid these reasons, they can develop their patient skills. The reasons are fear of missing out, boredom, and trying to make up for the previous losses. You can also search for ways to improve patient skills in trading and try them.

 

Patience in trading

Former Gartman Letter publisher Dennis Gartman has advocated patience as a virtue: “Proper patience is needed throughout the lifecycle of the trade, at entry, while holding and exit.” He said.

In this part, we talk about the sentence above to see the importance of patients in each part of trading.

 

 The entry point

after all, you have defined your entry point. While you are waiting for the price to reach your entry point you see that the price increase higher than your entry point so because you are worried to miss the trade you enter the order in rush. By doing this, you have started your trading by breaking your rules. Patient and discipline are very important, when you start your trade by breaking your discipline you can’t expect good profit in your trading.

 

The winner

Patient in trading is like fishing. You cannot catch any fish near you. You have to wait for a big one, it may take time, but worth it.

There are lots of trading opportunities in the market, only with patience and discipline, can you find the best for yourself.

Besides defining the entry point, you should consider your stop losses and exit point. Sometimes an opportunity is around, but it doesn’t meet your criteria, you should be patient to find a better opportunity.

Whenever you feel that you have lost control, it is better to exit the order and wait for another order that meets your needs and can handle it without your emotion.

The main point in every trading is to define your entry point and stick to it, if you don’t enter an order in your entry point there is no guarantee to take profit in that order.

 

Be patient while developing

You enter an order at your entry point. The stock is rising, but before it hits your target point, it falls below your entry point. But it doesn’t hit your stop loss. You get afraid of further failure and sell the stock, but just as soon as you sell that the price starts to go up again.

Losses are part of the trading. Keeping discipline along with good entry points, trailing stops, and exit targets will help you make consistent profits and avoid unwarranted losses. Allow your process to take its course and stay patient.

Whatever you do, make sure that you are not deciding with your emotion.

 

Time to sell

You have followed all the rules and have been patient for a long time, but the price doesn’t go up. This is when you should start again. Before selling the stock, reexamine your entry point, targets, stop loss, and analysis. Try to find out what has changed, if you find that something has changed and been in that order will not profit you sell that stock.

However, if you analyze the stock and determine it meets all of your criteria for ownership and the entry point is close, it makes sense to hold.

Your stock price will often approach your target, and being patient will pay off. Your position must now be closed out. To ensure that you capture a profit from the trade, you can either remain patient and wait until the price reaches your target or your trailing stop, or you can tighten up your stop. A profitable trade will reward your patience in either case.

 

 

 

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