What does patience mean in trading?
What does patience mean in trading?
As a trader, we need patience while trading.
In trading, patience is required at four levels:
A) You need patience to learn how the market moves and how to trade it—”Learn” first before you “Earn.”
B) You need to have patience and do a thorough analysis before taking a trade. Do not rush into trades.
C) You need to be patient and wait for your setup or the right opportunity. Be a sniper, not a machine gun, opening trades at each market movement.
D) You need to be patient and let your trade hit your target—do not forget to let your winning trades run and cut your losses immediately.
Do you have something to add?
Using low leverage also means patience. Using just little amount of money to trade also means patience. Another important one which you mentioned is to enter the market at the right time. Some traders will enter the market at the wrong time.
There are time that you will enter the market at the right time but the market will still be against you. This is where low leverage and using the money that you can afford to lose is very important.