================= Listedgu; One will either be early or late and ; liquid listed stocks, non leveraged trades usually a bit late & enjoy it. Derivatives , actually prefer a bit early , but only a bit early; had to get back in according to plan today, [got out to early ]; but also had to get in smaller cause its extended. Mainly since derivatives average trade time is in days or weeks; look, look, again study 12 hours a day monthly charts. Higher time frame does wonders; even though dont have much desire to hold derivatives months
Mark Douglas!! Try this... http://www.markdouglas.com/ .... also here is a taste of what he's like.... http://www.woodiescciclub.com/Lecture/mark-douglas/index.htm Enjoy!!
Can patience be learned? U may have waited for 20 minutes or 2 hours or 2 days or 2 weeks whatever length you think you have been "patience" enough, then you got into the market, if you are wrong u ARE WRONG no matter how long you wait or how patience you are. If you don't know what you are doing, the good trades you've missed = the bad trades you've avoided Within the time of your âpatienceâ (in a long term, 0 sum game). IMO. Correct analysis will give you patience and discipline automatically. Trading is fun not a torture.
Never looking at the level2 unless im executing as trade keeps me out of trouble. The stupidest trades I get into are the ones where it 'looks' like its going to move based on level 2, but does the opposite. After all the market is one big shell game and people post large bid sizes at and under the market to deceive people on strength and weakness. Im still learning to completely AT ALL TIMES trust my charts and instincts. Don't play the shell game.
If you need patience that means that you need even more a good systemic trading method which clearly identifies entries and exits. Once you have it, you won't have this problem. The same with emotions in trading. They are due to uncertainty, but this gets reduced significantly when you know how to enter and exit your trade. Some don't know even this and so their uncertainty is not only due to the intrinsic market uncertainty but is compounded by the psychological uncertainty that is much worse and can drive you crazy and in time will drive you out of this business. With a good system most problems people write about on this board simply do not exist.
This is a tough one, and something that I also struggled with. What helped me was keeping copious notes about my emotions and hordes of statistics about my trades. Eventually, I was about to develop sensable targets for each type of signal in my trading toolbox based on the statistics that I recorded. Having an initial target in mind before going into a trade was a great help in improving my patience. Best of Luck
Maybe the best way to develop patience would be to promise yourself this: I am gonna eat only using chopsticks or I am gonna starve to dead. But then you need to like Chinese food! And you must not be a Chinese!