How to Be a Masterful Trader Part 2 - Patience

Patience is a Trading VIRTUE

I have seen so many people who show a well developed understanding of their edge, good discipline in following their technique only to fall at "the starting gate" by getting into trades too early.

This comes back to not fully understanding their edge - especially appreciating why having patience is a vital attribute as a trader.

It's amazes me that a lot of people think that trading is as easy as just a matter of going on the market, "pulling the trigger", waiting 15 minutes, closing the trade and walking away with a lot of money... Sorry, it just does not work like that.

You need to put the time and effort into it, consistently, patiently and diligently.

The truly successful trader is extremely patient. They know that this patience is what is required to seize the highest probability Trade Entry and to have the patience to stay in the trade until the time is right to exit.

The saying "you make profit on your entries" is very true. I also believe in the saying that "you KEEP profits on your exits".

The Value of High Probability Entries

If you just spend 1-5 hours in front of the market waiting to find a trade that has a high probability of success; knowing that if you repeat this over and over again that this will give you your dreams, don't you think it is worth it?

It is more professional and masterful to take the time to analyze the market and enter a trade in the correct position with a higher probability of success.

If you find yourself feeling emotional (anxiety or excitement) about entering a trade, managing a trade or exiting a trade, you may need to refocus on the Discipline aspect of your Trading Plan.

I will talk about this in another coaching session.