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?
I agree with A and B, C is a repetition, while D is not true for all trading conditions. It is not a must you have a target, instead, you may have a trading goal. I am a flexible trader so I do both. There are times I have my target (either placing the TP or closing it manually) and there are times I have my goal (for example: to close the trade when an opposite outlook is seen on the chart). There are other examples like when scheduled news is about to be released or released news is not in the favour of your position, and many more.