Trade selection procedure requires patience. Another is a selection process. Put simply; there are rarely more than two or three good opportunities per day. Assuming that this observation is correct for the moment, how then do you justify ten or twenty trades a day?
Typically, the only person making money when you overtrade in this fashion is your broker. Indeed, without much effort, one could also make the case that, at best, there are only two or three excellent trading opportunities per day! If you have been a victim of the search-and-destroy trading pattern, when the market just churns up and down, you know what I am talking about here. Fortunately, my trading experience has shown when to expect this pattern—typically in the morning and afternoon. Just knowing this simple trading selection procedure can help you to schedule your trading day, and leaving the frustration to someone else.
Thru selection procedure we can determine high probability winning trades that everyone wants, but comparatively few are willing to wait for the trade to materialize. What one needs is a Zen-like patience, secure in the knowledge that things will work out. I know it is evident, but the following bit of advice needs to be stated: A day when you don’t trade and don‘t lose money is better than the day when you do trade and lose money.
Too often the novice trader attempts to capture the proverbial running water by forcing the trade. I know it seems that there is endless opportunity in the market. This may be true. Even so, this isn't the same as declaring that you can capitalize on every occasion. Here, again, I am speaking of a middle path.
As one for whom patience has always come easily, I can tell you that the market will drive home two simple lessons. On the one hand, the search for certainty will prove disastrous (there are no sure things); on the other, for those gunslingers among you, reckless trading, like reckless driving, will have predictable results.
Lots of trading is without a doubt psychological, creating thorough selection procedure as well as putting to use patience is an excellent quality about traders and investors. Demonstrating patience whenever entering a trade and being patient while a trade evolves are essential components to active trading as well as investing. Making it possible for patience to transform into stubbornness is one thing you have to at all times safeguard against; routinely getting out of the trade by predetermined conditions is one of the most efficient strategies for boosting your success as the trader.
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