Patience is a virtue we are told but do we believe it and cultivate it whether in or outside the charts? While it is indeed healthy to separate our trading lives from our daily lives the character traits of a successful trader, such as patience, will find their origin outside the charts. A successful trading strategy can no more develop patience than can a speedometer keep one from speeding. Patience is indeed a virtue and the trader who works on her patience will find performance greatly improved, not because there is some rule that requires it but because the nature of the stock market itself demands it. The market requires that the trader patiently wait for her edge, patiently trade the edge with both profit and loss targets, and patiently accept the results of each edge traded…win, lose, or draw. The following resources could provide clues that could help each of us develop the patience required to be more successful market participants.
GENERAL
“We can all work to develop more patience. An important idea here is that developing patience is just that. Developing a skill. We aren’t born with it. Think of a hungry infant- shrieking with all it’s red-faced, rigid-bodied impatient demand for satisfaction.” (JANE BOLTON: FOUR STEPS TO DEVELOPING PATIENCE)
“Many of us have pet situations that draw out the worst in us for being impatient. Traffic, long lines, busy telephones or slow cashiers are some. Often the situation is only a trigger that sets off a reaction that has percolated like lava, looking for an opportunity to erupt.” (TIM O’BRIEN: LEARNING HOW TO CULTIVATE PATIENCE)
“Anything worthwhile and of importance cannot take place right away. It takes time, dedication and effort to achieve; so even in this day and age, patience is a virtue.” (ESSENTIAL LIFE SKILLS)
“In a world of instant gratification, people jump from “stimulus” to “response” without as much as a second thought. Patience is the “pause” in between that allows us to get the result we are really looking for. Here is how to develop more patience in your life.” (STEVE SCORESBY: HOW TO DEVELOP PATIENCE)
“People far too commonly quit something all together, as opposed to putting in the work and sitting patiently to reap the benefits of their actions. This creates unnecessary feelings of being overwhelmed, stressed, and doubtful, that you can avoid all together by developing and strengthening your level of patience.” (PSIONICS ONLINE)
TRADING SPECIFIC
“Although the best investors and traders understand the importance of patience, it is one of the most difficult skills to learn as an investor and trader.” (PATIENCE IS A TRADER’S VIRTUE)
“One of the general’s, and the trader’s, most effective weapons is patience. Simply put, there are trades that should not be entered, stocks that should not be traded, markets that should be left alone, areas of strong defense that should not be challenged, and restrictions placed on the commander himself.” (DAVID BLAIR: SUN TZU AND THE ART OF STOCK TRADING PATIENCE)
“Time after time we see new traders who feel like they “have” to be in the market at all times. Well the fact of the matter is that there is NOT something to do all the time.” (KEYSTONE TRADING GROUP)
“Exercising patience ultimately comes down to self-control and the ability to put off short-term wants and needs for long-term gains.” (MARKET KEY TRADERS: PATIENT TRADERS WIN)
“Patience whispers to us to wait for the right moment before striking.” (TRADEORINVEST: PATIENCE: THE KEY TO SUCCESSFUL INVESTING AND TRADING)
Patience is one of the Crosshairs Traders’ three essential virtues…focus, patience, and discipline (FPD). These virtues are cultivated during CTU.
David Blair
The Crosshairs Trader
