Impatience

for those hoping scalping is a quick fix,
scalping demands the highest quality of patience, timing and discipline

 

I disagree. Investing requires a lot of patience. Holding for a few seconds to a few minutes is hardly being patient.

- nathan

 

Think about it this way -

In order to have success in scalping, it is not the scalp that takes patience - it is the waiting for the right setup to occur. THEN, you can take the trade.

Ted Williams once commented that his success came not from being able to hit all kinds of pitches, but in waiting patiently for HIS pitch.

Then again, Ted's head is now frozen in a block of ice - what the heck does he know?

 

Yea, that makes sense. I never really saw it that way.

 

You hit the nail on the head TS.
If you are a habitual loser, i.e. trading without a carefully developed AND TESTED trading strategy, it is only normal that you get impatient waiting for wins.

This thread is once more indicative of the naivete of hordes of people paying and running behind self appointed teachers whose only business it is to collect fees. Many posts here are only "teachers" ploys to attract some fresh tuition paying dudes.

 

it is not unfortunate that you were not born in USA.
it is your attitude that may prove to be unfortunate.

if you have an overwhelming desire to live in the US you will find a way.

If you come from a "miserable " place
you have an advantage.
remember: hard people do well in soft countries.

 

I become impatient only if the P/L of my positions is getting stuck, going no where or start to reverse.

As long as the positions keep generating money, I'm more than happy to hold them, even for days.

However I won't hold for longer than months.

 

Just thought I'd make a contribution from a recently learned lesson.

If you're impatient, it may mean you are trading too large a position. If an unreasonable fear of loss is driving your impatience to hold, then it may be wise to reduce your position size to the point where you can *afford* to be patient.

For example, I can easily afford to trade mini future contracts, but I am not comfortable with holding these positions for long due to the amount of possible downside from the smallest price movements. I think this comes from my sense of what a dollar is worth.

Same holds true when trading stocks in 1000-4000 share lots. I can afford to, but I get nervous and tend to pull the plug at the most inopportune times. 100-300 share lots are more appropriate for me, at least for now. I feel I can afford to let things blossom in smaller positions and exert a little less impulsivity.