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painofhell
  • Posts: 1381
  • Joined: 25/09/2016
As the saying goes, “Patience is a virtue.” When it comes to investing, this is especially true. But although even the best traders and investors understand how important patience is, very few have mastered the skill. Patience in trading is a disciplined art and must be practiced intensively before it becomes automatic.
Whether it’s with stocks, commodities or Forex, holding back from a knee-jerk reaction to trading is difficult to do. Logic takes a back seat to our emotions and we end up making a quick, often non-judicious, decision. Reigning in our need for quick results is an acquired talent.

Here’s what usually happens: As a trader, you’ve done your due diligence, sought out the best Forex broker and opened an account. Intellectually, you choose the direction in which the currency pair will move, (based on a gut feeling?) and wait. The price starts to move in the opposite direction and you start to panic. You place an order below your planned entry point in a rush to make sure you don't miss the trade. You’ve now diminished some of your potential profit. More importantly, you have broken the rules that caused you to enter the trade in the first place.

Letting your emotions take over your decisions can be very dangerous in the long run. Emotions can be seen as the trader's worst enemies; they often lead to misjudgment and loss. Learning how to stand back, take time to analyze the situation and then move forward is always the prudent thing to do. Setting yourself rules and keeping to them is a way of holding the emotional side of trading at bay.

Trading Opportunities
When it comes to trading, keep in mind that there are always many trading opportunities in the market; the difficulty is not so much in finding trading opportunities, but making sure the opportunities fit your trading rules. Since 80% of all Forex trades end in a loss, the chances losing your money far outweigh those of coming out ahead.

Learning to use financial graphs and Forex indicators can be beneficial in training yourself in trading patience. Taking the time to read the graphs properly and interpret the indicators provides you with an emotional brake and offers a short interval between the time you make your decision to move and actually placing the trade.

Patience in trading is also needed after you have placed the trade. If the price moves in the direction anticipated, you must then choose whether to sell and take a small profit or wait till the price moves even higher. Small profit vs. large profit or possible loss. If you wait too long, the price could start to move in the wrong direction and you will lose. If you act too hastily and sell, you haven’t given yourself the chance for the price to move back up.

Again, this is where your set of trading rules comes into play. If you decided beforehand that your will be satisfied with a small profit, then you will move to sell once the price moves even slightly in the anticipated direction. If you have decided to sit out the trade till it reaches the highest price, then you can stay firm in your trade and wait it out. If it keeps going up and you sell, you have profited; if it turns around, you can lose all your money.

If you follow your own goals and strategies, then you will have more patience in trading than if you set yourself up without any guidelines. Practicing patience in trading reduces your stress, removes unexpected surprises and makes Forex trading a lot more fun.

Open Account: Real / Demo
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Keith Boyce
  • Posts: 5
  • Joined: 13/07/2017
Patience in trading is additionally required after you have put the exchange. In the event that the price moves toward the path foreseen, you should then pick whether to offer and take a little benefit or hold up till the price moves significantly higher. Little benefit versus extensive benefit or conceivable loss. To get persistent in your trading you must've chosen the correct broker to trade with. I am with FreshForex who makes me very persistent or patience towards my trading. I am using their Market Pro MT4 account which contains 101% tradable bonus to expand my potential in trading.
PallMall
  • Posts: 52
  • Joined: 20/10/2021
Patience is a virtue.
Traders need to learn to wait for the opportunities rather than trade anything because they are bored.
Elena Watt
  • Posts: 136
  • Joined: 23/04/2020
You need to keep calm, and thus you need to learn about controlling your emotions and greed to become successful in Forex Market.
Prince Sajir
  • Posts: 30
  • Joined: 25/01/2022
PATIENCE in FOREX trading eventually pays off as it allows you to sit back a bit and wait for the right trading setup. Most traders are too eager to jump in and trade whenever any opportunity arises. This is probably due to our human nature and the eagerness to make a “quick buck”. But if there is one thing that ensures a high probability of winning, it is having the patience to grasp all the necessary information before you trade.

This apparently will take time as there are many factors involved in it, such as the forming of trends, trend corrections, highs and lows. Impatience to look at these matters could result in loss of money. It could be helpful sometimes to take a break, allow oneself to have the time to look at the bigger picture, instead of focusing too much on one aspect.

Remember that a single transaction might resonate in a series of future losses if executed at the wrong moment. It takes time and patience to wait for the market correction, before you commit to a trade.

Thanks!
Discover one of the leading Forex trading platform- AssetsFX ! 
Nathan
  • Posts: 16
  • Joined: 04/01/2022
I have stood up to such an extensive number of issues and incident tremendous capital with various brokers in Forex market. By then I officially lost need to benefit in this Forex market put. Regardless, when I joined ForexChief broker, they impact me to feel outstandingly great that now I can without a doubt manage my exchange. They exclusively use spread markups that turned out more broad than the opposition and it is variable. Customer reinforce from them is just given through their complex online workplaces. I have contributed my money with no strain.
Other than this they are giving me free Forex planning to upgrade my trading aptitudes. I can do scalping with them and with their most secure trading spreads, I am prepared to make profit consistency by utilizing any sorts of trading system with scalping that gets advantage a concise time frame.
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