Patience

If you are like most people, you want to make a fortune, and you want to make it now. It is a reasonable wish. Who wouldn't want to make enough money to make all their dreams come true? But such a future-oriented focus is often the undoing of many traders. Making money in the markets takes time. You have to wait for ideal market conditions and you have to build up the requisite trading skills to take home huge profits. And if you are like many traders, it will also take time to save up enough capital to trade on a scale that can make you wealthy. If you are serious about making it in the trading business, you will have to learn to be patient.

Many people can't wait to be rewarded. Depending on your style of trading, being unable to wait patiently can be a problem. For a long-term trader, for example, it is necessary to hold long enough for a long-term strategy to play out. There may be minor fluctuations during the waiting period, but seasoned traders have learned to wait it out. Most novice traders, in contrast, impulsively sell when the masses panic and buy when the masses are exuberant, which usually results in a losing trade. If you are a long-term trader, it is necessary to be able to control your impulse to take a profit and allow the price to rise over time if you're long and fall over time if you short. Even shorter-term traders, such as a swing trader, must fight the urge to exit early. Although trades are held for much shorter windows, a swing trader must know how to wait patiently for the optimal time to exit.

Impatient traders tend to show a future-oriented focus. They dream of the profits they will make in the future, but at the same time, they desperately need them right now. Getting rid of impatience requires the trader to curb this future-oriented perspective and focus on the near future. Traders can become more patient by following a set of specific steps. First, it's necessary to admit that you are impatient. This can be difficult to do. It's hard to admit our limitations.

Don't let impatience thwart your long-term economic plans. Impatience can dash traders' hopes for economic success. Without the proper discipline, you will make losing trades that will eat away at your account balance. By trading with patience, you can build up your account balance slowly and surely and eventually reach your economic goals.

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