Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

MrPaul

Patient Traders Are Winning Traders

Recommended Posts

More from the old Innerworth...

 

Patient Traders Are Winning Traders

 

Winning traders show patience. They wait for ideal market conditions before entering a trade. And when they enter a trade, they follow their trading plan, even if it means patiently waiting for the right time to exit. But many traders are impatient. They impulsively jump into trades that they shouldn't have made. And at the first sign of danger, they sell. Why can't they wait? Trading experts suggest that it may be a matter of focusing on immediate gratification rather than waiting for profits to come after a realistic amount of time. Dr. Van K. Tharp, for example, suggets that impatient traders are obsessed with profits. Rather than focus on what is required to trade profitably in the immediate future, they dream about how great it would be to spend future profits immediately. Similarly, Ruth Barrons Roosevelt observes, "Some traders are in a hurry. They want to make money, and they want to make it today." But profitable trading takes time and patience.

 

 

How can you learn to become more patient? First, it's necessary to admit that you are impatient. This can be difficult to do. It's hard to admit our limitations, but the first step in solving any problem is admitting that you have one. Second, as you monitor trades, practice looking at events objectively. Pretend you are watching a television show about yourself. Pretend the character on television isn't you. Watch how impatient you are. See yourself as an objective observer would see you, and then, think about how you might act more patiently. Third, realize that your impatience may be a signal that you need protection from the potentially harmful consequences of a trade. When you are afraid of facing a potential loss, you may impatiently close a trade for fear of experiencing a bigger loss. Rather than allow these fears to lurk in the back of your mind, it's better to face consequences head on. Can you afford to lose capital on a series of trades? Or are you making up dire consequences that don't exist? It's necessary to consider the consequences of your actions and decide if you can deal with them. If you know you can handle the potential negative consequences easily, you will feel calmer, and be able to control your impulses. Fourth, examine the situations that preceded your impatient behavior and avoid them in the future. Identify the times when you were the most impatient. Were you tired? Were you hungry? Were you risking too much? Situations are powerful determinants of behavior. The best way to control your impatience is to avoid those specific situations where you are likely to act on impulse. Fifth, examine your self-talk, which is the dialog you use to talk to yourself as you trade. Scrutinize your underlying attitudes and beliefs. People who are impatient want rewards now, rather than later, and their thoughts reflect this obsession. They think, "It's either now or never" or "If I can't get what I want right now, I never will." It's essential to identify these beliefs and refute them. If you find yourself thinking, "I must make a profit," or "It will be unbearable unless I make a profit," you will act on impulse. Similar beliefs are, "My hard work must pay off now" or "I can't wait any longer." When you notice yourself thinking such statements, refute them. Remind yourself that you can wait. In "Overcoming 7 Deadly Sins of Trading," Ruth Barrons Roosevelt suggests supportive beliefs that can help you trade patiently: "Time is on my side. The market moves in its own rhythm, and I can move fast or slow depending on its pace. A person is able to create wealth slowly through trading."

 

Don't give into the temptation to act on impulse. Trading takes time. Don't think that you absolutely must make profits immediately. Stay calm. You may not make profits immediately, and you don't need to, but if you build up your skills, and gain valuable trading experience, you'll eventually make the profits you want. It's just a matter of patience.

Share this post


Link to post
Share on other sites
Guest OILFXPRO

Trader must analyze a trade for at least 15 minutes to 1 hour , before every trade , it must be checked and reanalyzed several times.

 

We have a check list of 50 filters though which every trade is processed , that takes time , it eliminates impulsivity and gives you 5 clean clear trades evey week.

Share this post


Link to post
Share on other sites
Guest OILFXPRO

Be patient for the right trades , you will miss some winning trades but you will avoid more losing trades. Sit patiently and observe selling pressure or buy demand

 

Dont lose money. If you don’t know the facts, dont play. "You just wait until there is money around the corner, and all you have to do is go over there and pick it up. You do nothing in the meantime."

Share this post


Link to post
Share on other sites
Guest OILFXPRO

The impatient trader in real time

 

Has a mental structure in the mind , of a complete trading idiot , a structure of discretionary trading , impatient entries , must have trades on at all times (just for buzz and addiction of action junkie) , must keep 24 charts open at same time , MUST have 4 to 5 trades open at same time .

 

Reckless poor entries and risking money

 

Careless entries very risky .clueless

 

Mentally unstable person would impatiently jump into trades, in front of me

and another trader, and buys at resistance /sells at supports.

 

Mentally unstable defective?

Keeps on suggesting poor trades , impatient anylysis

Opens trades impatiently and enters poor trades

Impatience leads to 50/50 entries WITHOUT AN EDGE.

Impatience and does not wait for good retracement or good t/a anylysis

Impatient person cannot read price action clearly and correctly in real time

Impatiently exits/closes a trade, without reason

 

Has ego, mindset, patience and other psychological issues

He advises others to put on trades, when he suggests and at the time he suggests and wants others to jump in clueless trades like him, gets the Hump (chaos in his head) when people do not trade on his suggestions when he is wrong or right or his trades lose , then this head case gets upset and messes up system good trades.

 

He makes early suggestions on trades (to suit his early entry styles , this is impatient ,the system requires late trades of higher probability ), the system requires confirmed signals with several confirmations , his signals are not system signals , he refuses and does not execute them because they are late (when the system signals are actually ready) , according to him.

 

He has wrong mindset to look for high probability

He just works from charts –ignoring System rules, signal approval rules and high probability checks, HE MESSES UP BECAUSE OF THIS AND DOES NOT GIVE SYSTEM SET UPS

 

He ignores instructions on correlated pairs and instruments

He losses approximately 35 pips a week for last 8 months

He has been suspended from trading three times

 

He was usually trading before ECB /FED /NFP etc, in his early days , like a clueless idiot.

Share this post


Link to post
Share on other sites
Guest OILFXPRO

Impatient: Impatience is the cause of many trading problems , early entries (poor entries) , quick hasty and poor analysis , poor early exits ,impatience on drawing channels and trend lines and missing them ,poor trade suggestions to others and own trades are poor

Share this post


Link to post
Share on other sites
The impatient trader in real time

 

Has a mental structure in the mind , of a complete trading idiot , a structure of discretionary trading , impatient entries , must have trades on at all times (just for buzz and addiction of action junkie) , must keep 24 charts open at same time , MUST have 4 to 5 trades open at same time .

 

Reckless poor entries and risking money

 

Careless entries very risky .clueless

 

Mentally unstable person would impatiently jump into trades, in front of me

and another trader, and buys at resistance /sells at supports.

 

Mentally unstable defective?

Keeps on suggesting poor trades , impatient anylysis

Opens trades impatiently and enters poor trades

Impatience leads to 50/50 entries WITHOUT AN EDGE.

Impatience and does not wait for good retracement or good t/a anylysis

Impatient person cannot read price action clearly and correctly in real time

Impatiently exits/closes a trade, without reason

 

Has ego, mindset, patience and other psychological issues

He advises others to put on trades, when he suggests and at the time he suggests and wants others to jump in clueless trades like him, gets the Hump (chaos in his head) when people do not trade on his suggestions when he is wrong or right or his trades lose , then this head case gets upset and messes up system good trades.

 

He makes early suggestions on trades (to suit his early entry styles , this is impatient ,the system requires late trades of higher probability ), the system requires confirmed signals with several confirmations , his signals are not system signals , he refuses and does not execute them because they are late (when the system signals are actually ready) , according to him.

 

He has wrong mindset to look for high probability

He just works from charts –ignoring System rules, signal approval rules and high probability checks, HE MESSES UP BECAUSE OF THIS AND DOES NOT GIVE SYSTEM SET UPS

 

He ignores instructions on correlated pairs and instruments

He losses approximately 35 pips a week for last 8 months

He has been suspended from trading three times

 

He was usually trading before ECB /FED /NFP etc, in his early days , like a clueless idiot.

 

 

 

and....you're banned again....regardless how many times I asked you to watch out for it, you didn't stop....

 

TW

Share this post


Link to post
Share on other sites

Jeez, his contributions were invaluable for us:rofl:. Though I am not keen on reading reasonings of mental sentiments over trading (preparing mentally is something of a pushover for me), as they lack sense load considerably. It is better to discuss something techy, steep into indicators, economic events, etc.

Share this post


Link to post
Share on other sites
More from the old Innerworth...

 

Patient Traders Are Winning Traders

 

Winning traders show patience. They wait for ideal market conditions before entering a trade. And when they enter a trade, they follow their trading plan, even if it means patiently waiting for the right time to exit. But many traders are impatient. They impulsively jump into trades that they shouldn't have made. And at the first sign of danger, they sell. Why can't they wait? Trading experts suggest that it may be a matter of focusing on immediate gratification rather than waiting for profits to come after a realistic amount of time. Dr. Van K. Tharp, for example, suggets that impatient traders are obsessed with profits. Rather than focus on what is required to trade profitably in the immediate future, they dream about how great it would be to spend future profits immediately. Similarly, Ruth Barrons Roosevelt observes, "Some traders are in a hurry. They want to make money, and they want to make it today." But profitable trading takes time and patience.

 

 

How can you learn to become more patient? First, it's necessary to admit that you are impatient. This can be difficult to do. It's hard to admit our limitations, but the first step in solving any problem is admitting that you have one. Second, as you monitor trades, practice looking at events objectively. Pretend you are watching a television show about yourself. Pretend the character on television isn't you. Watch how impatient you are. See yourself as an objective observer would see you, and then, think about how you might act more patiently. Third, realize that your impatience may be a signal that you need protection from the potentially harmful consequences of a trade. When you are afraid of facing a potential loss, you may impatiently close a trade for fear of experiencing a bigger loss. Rather than allow these fears to lurk in the back of your mind, it's better to face consequences head on. Can you afford to lose capital on a series of trades? Or are you making up dire consequences that don't exist? It's necessary to consider the consequences of your actions and decide if you can deal with them. If you know you can handle the potential negative consequences easily, you will feel calmer, and be able to control your impulses. Fourth, examine the situations that preceded your impatient behavior and avoid them in the future. Identify the times when you were the most impatient. Were you tired? Were you hungry? Were you risking too much? Situations are powerful determinants of behavior. The best way to control your impatience is to avoid those specific situations where you are likely to act on impulse. Fifth, examine your self-talk, which is the dialog you use to talk to yourself as you trade. Scrutinize your underlying attitudes and beliefs. People who are impatient want rewards now, rather than later, and their thoughts reflect this obsession. They think, "It's either now or never" or "If I can't get what I want right now, I never will." It's essential to identify these beliefs and refute them. If you find yourself thinking, "I must make a profit," or "It will be unbearable unless I make a profit," you will act on impulse. Similar beliefs are, "My hard work must pay off now" or "I can't wait any longer." When you notice yourself thinking such statements, refute them. Remind yourself that you can wait. In "Overcoming 7 Deadly Sins of Trading," Ruth Barrons Roosevelt suggests supportive beliefs that can help you trade patiently: "Time is on my side. The market moves in its own rhythm, and I can move fast or slow depending on its pace. A person is able to create wealth slowly through trading."

 

Don't give into the temptation to act on impulse. Trading takes time. Don't think that you absolutely must make profits immediately. Stay calm. You may not make profits immediately, and you don't need to, but if you build up your skills, and gain valuable trading experience, you'll eventually make the profits you want. It's just a matter of patience.

 

Good things come in time. If we are impatient as traders then we are bound to rush into bad trades and make bad decisions. Patience goes hand in hand with consistency. If we have these two,we can face most of challenges that come with trade.

Share this post


Link to post
Share on other sites
Guest OILFXPRO
and....you're banned again....regardless how many times I asked you to watch out for it, you didn't stop....

 

TW

 

I had a great time selling education on technical analysis and price action , on various forums .I was selling freely available rehashed old rope for money , on ta p/a , when the real education is mindset training.

Share this post


Link to post
Share on other sites
It is very common that the most winning traders are the most patient because they know the exact moment to invest, those who have no control and are desperate to win just end up losing a lot in the market, for this reason the most experts recommend being patient and waiting for what That is necessary to succeed.

Share this post


Link to post
Share on other sites
On 11/29/2019 at 2:23 AM, CrazyCzarina said:

The forex market has many advantages over the other traditional investments, and for sure, it will give you more freedom, and more money.

It's another classic from the fuckhead troll of all time here

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date : 9th December 2019. Events to Look Out For Next Week 9th December 2019. *Following the OPEC meeting this week and the  surprisingly strong US payroll data, three interest rate decisions are scheduled next week. Other than Central Banks, the event of the week is the UK Parliamentary Election on Thursday. Monday – 09 December 2019 * RBA’s Governor Lowe speech (AUD, GMT 22:05) – Due to speak at the AusPayNet Summit, in Sydney. Tuesday – 10 December 2019 * Consumer Price Index (CNY, GMT 01:30) – September’s Chinese CPI is seen unchanged at 0.7% while the PPI figure is expected to decline further to -1.2%. The overall reading for CPI is estimated to post a gain up to 2.9% y/y. * ZEW Economic Sentiment (EUR, GMT 10:00) – Economic Sentiment for October is projected at -27 from the -22.5 seen last month, as the current conditions indicator for Germany turned negative. The overall Eurozone reading though is expected to decline slightly further to -33.0 from -22.4. A lower than expected outcome, ties in with the stagnation in market sentiment at the start of the month. Wednesday – 11 December 2019 * Inflation Rate (USD, GMT 13:30) – A 0.2% November headline CPI rise is expected with a 0.2% core price increase, following respective October readings of 0.4% and 0.2%. As-expected gains would result in a headline y/y increase of 2.0%, up from 1.8% last month. Core prices should set a 2.3% pace for a second consecutive month. We expect an up-tilt in y/y gains into Q1 of 2020 due to harder comparisons and some lift from tariff increases that should leave gains in the 2.4% area, which may help ease concerns about persistent inflation undershoots of the Fed’s 2% objective.  * Interest Rate decision and conference (USD, GMT 19:00) – The FOMC is widely seen on hold even after the robust payroll data, with no shift in rate policy for the foreseeable future. Indeed, the data validated the pause and left policymakers in a state of Fed Nirvana, at least for now. Fed Chair Powell will reiterate the economy and policy are in a “good place.” There is little risk of any downside “material changes” in the outlook anytime soon given the solid path for jobs growth. And, GDP will likely continue to modestly outpace the official Fed estimates, just as a benign inflation trajectory caps risk of rate hikes from the Fed as well. Hence, the focus will be on the Fed’s quarterly forecast update (SEP) and Chair Powell’s press conference.  Thursday- 12 Decemmber 2019 * Parliamentary Election – Brexit will be a focal point with the December 12 election. While the Conservative party with a working majority is the clear odds-on favourite outcome of the election, the outcome of the general election is by no means a sure-fire certainty, however, especially in light of the predictive failures of pollsters and betting markets at elections in the UK and elsewhere in recent years. * SNB Interest Rate Decision and Conference (EUR, GMT 08:30) – The central bank is widely expected to keep policy settings unchanged as ongoing uncertainty on the global growth outlook, along with weakness in the Eurozone economy, support the view that the central bank’s negative interest rate and the threat of ad hoc currency interventions remain necessary to keep the franc under control, and prevent inflation from falling. The central bank has kept the door to additional measures open as it keeps a close eye on geopolitical trade tensions and Brexit developments. * ECB Interest Rate Decision and Conference (EUR, GMT 12:45 &13;30) – Lagarde’s first press conference. The “risk” is that it will be equally uneventful as her testimony before the European Parliament. It is very likely on Thursday, to be confirmed that: The ECB remains ready to act again and tweak all its measures if necessary, but has already done a lot and now needs to keep an eye on the side effects of the very expansionary monetary policy, while politicians need to do their bit to support the economy.The ECB won’t be reducing the degree of stimulus any time soon and we effectively see the central bank on hold through next year, unless there is a major change in circumstance. Friday – 13 December 2019 * Retail Sales and Industrial Production (USD, GMT 13:30) – A gain is expected up to 0.3% November for both the retail sales headline and the ex-auto figures, following a 0.3% October headline with a 0.2% ex-auto figure. There’s considerable uncertainty, however, given seasonal distortions around the holidays, especially including Black Friday and Cyber Monday swings, and with six fewer shopping days between Thanksgiving and Christmas. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Renko Full Throttle PRO IndicatorUSDCHF 1H Chart: Recorded Success rate is 95% in the last year with  
    • True. I can't say how much money I lost over the years on crappy signal providers. Take as much time as necessary googling on any one before spending your money there.
    • Date : 6th December 2019. Happy Non-Farm Friday – 6th December 2019.Happy Non-Farm Friday – The Dollar majors have remained comfortably within their respective ranges from yesterday, ahead of trade talks, NFP and the OPEC+ decision.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • GBPUSD Eyes Further Upside Pressure On More Bull Pressure   GBPUSD with the pair remaining biased to the upside more strength is expected in the days ahead. Support lies at 1.3100 area with a break below that level turning focus to the 1.3050 level. Further down, support comes in the 1.3000 level where a violation will shift focus to the 1.2950 level. Below here will open the door towards the 1.2900 level. On the upside, resistance is located at the 1.3200 with a break above there allowing for morel strength to build up towards the 1.3250 level. Further out, resistance stands at the 1.3300 level followed by the 1.3350 level. On the whole, GBPUSD retains its broader upside pressure.    
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.