I have trouble waiting for trades to move once I am in them. I trade end of day - as day job - and can't wait 5-10 days for moves to occur. Too impatient. I guess this applies to daytrading also. How do you all manage your emotions and be patient with WAITING for hours (or days) while trades work?
Figure out a set-up and an entry trigger and work with it. Know where you're wrong, don't forget to use a stop. Set-up example : Key Reversal, snapback, failureswing Trigger example, Range Violation, TL break Scalperz / Day-Traderz / Swing Traderz usually have signals every day to every week (relative). Position Traderz look at weekly and monthly charts. Practice your set-up about 30 times (paper trade) if you're trading short-term. Keep it simple, don't confuse yourself, and mostly, you don't have to know where the market is going to make money. ET
EchoTrader Thanks - all over that - been trading for a while. It is more the boredom of waiting day to day for an exit signal in EOD trading that I am impatient with. If I was trading on 15minute charts I would want to trade on 3min charts. Impatient for feedback! Illiquid - yes - pain helps - though what pleasure can be associated with waiting?!
a target of 2 times your stop is an easy way to overcome the patience issue. you'll have to backtest of course to see what your ideal target is.
3 minute charts are fine for scalping and some day-trading. Trouble is that most 3 minute chart markets can confuse the issue with their "sqiggles and jiggles". Use a 30 minute chart and dial down to a 5 or a 3 minute chart. 30 minute charts are not manipulated as easy as lower time-frame charts (fewer false signals). However, I know some people that trade a 3 minute all the time, even a 1 minute. I like GLOBEX currencies, ER2 and CL ... ER2 usually has better signals and swings than ES and NQ. Point is, get to know about 6 or 7 markets if you're short-term trading, this will keep you focused. Here's all I like to trade : 6B, 6C, 6E, 6J - ER2 - CL - ZB/ZN Soybeans are good to day-trade / scalp too But in my opinion, GLOBEX and Electronic markets (Futures) are the way to go. Most of all ... find a few set-ups (or 1) and your entry/exit triggers and stick with it. ET
I suggest you keep your focus on working at your method, impatience is only a symptom that you don't have complete trust in how you are trading. Patience is not something you will need to "strive" for, once you have found and developed your edge, because by then there will be no need for you to "try" anything else.