Impatience

<b><i>This question was sent to me from one of our students: </i></b><color=blue>"Hey Joe! My problem is impatience. I may have the worst case of it of anyone I know. What can I do?"</color>

In trading, timing is everything. If you are going to be a winning trader you have to be patient. You must control your impulses so that you can act appropriately at when it is the right time for a trade.

Experienced traders avoid acting on an impulse. Winning traders carefully develop a detailed trading plan. The trading plan must state entry and exit points and tactics as to how to manage the trade once entered. Successful traders have learned to follow it the plans they make. That means they are disciplined. Discipline is an essential key to successful trading.

A cold, rational approach to trading, along with a detailed trading plan, is the best defense against impulsive trading decisions.

It has been proven that discipline can be learned. I verify that from my own experience. When I began trading discipline was my biggest problem. Some people are more disciplined and self-controlled than others. I was not one of the disciplined ones. You really need to determine where you stand in the matter of discipline. If you're impulsive, developing mental strategies to compensate for it will allow you to trade profitably.

If you are one of those people who have difficulty delaying gratification, you have a serious problem if your trading style demands that you stay in a trade for a long time—i.e., you are a position trader.

If you are a person who is extremely impatient, as you say you are, it may be wise for you to become a scalper. Contrary to the conventional wisdom put forth by people who have never succeeded in trading, scalping can be very profitable. Taking bite size pieces of profit while the money is on the table has worked for me and for many of the traders I have trained.

Patience is a virtue when attempting to trade profitably. Keep in mind that humans have a strong, natural tendency to avoid risk and loss at all costs. This tendency often protects us from harm, but there are times when it can compel us to act impulsively.

 

I'll bite...

So you don't teach a Carefully developed detailed trading plan.

??????


You should really think about what you write... There's a few more ironies...

 

OK, but how???

 

I'll bite again...

It's time for Mr. Ross to "prove" his statement. How will he do it? Well, let's wait for his... "Ask my students" or "I've successfully done it" and other IRRATIONAL "proof"... Definition of proof:

http://dictionary.reference.com/browse/proof

 

Try this:

*** SELF DISCIPLINE ***

Mom and Dad are not picking up after us any more. Time to pull up our socks.

;-P

 

Try this:

*** SELF DISCIPLINE ***

Mom and Dad are not picking up after us any more. Time to pull up our socks.

 

the only way I have ever been able to learn any discipline....... is the hard way.

 

everything depends on the word any.
if you have enough discilpline to trade successfully than the school of hard knocks was sufficient.

 

I think this "impatience" comes from fear. Fear to loose money and fear not to make money. Where this fear comes from? - From trader's unconscious or subconscious knowledge that he does not have a method, or unconscious or subconscious belief that the method he has does not really work...

Therefore instead of many generalizations the answer is simple - develop a method (which is not a simple task). When you'll know you have a method there will be no impatience since there will be no fear, and no hurry to run from the market...

 

I like it! It is like telling to a fat person when he asks how he could lose weight: self discipline. How easy!!!

Thanks for nothing...