Often I hear traders decry their lack of patience. If they were only more patient, they would win.
From my seat, there is more to add to these thoughts of trading frustration.
You might hear commonly on a trading desk, “I JUST need to wait for my levels.” Again the idea is if trader just waits for his levels he will start winning. This in itself is not sufficient. Trader must also add trades that work for him off of levels. Internally we encourage traders to judge every level on a scale of 1-10. Trader must define the levels worth trading off of. Trader must develop their system that works best with their talents to trade support and resistance levels. It does not just start and end with waiting for levels.
Learn more here with this video Wait for your pitch.
Recently, I received a note from a breakout trader who has really come up the curve quickly with his trading. He went from nothing to catching people’s attention with his PnL outbursts. He is getting there. What does this trader attribute to the spike in winning? Patience. He really can wait for his best setups and sit on his hands with everything else.
Great.
But again this trader’s work does not end here.
The patient trader has one next large challenge. Want to guess what?
Size.
The patient trader MUST trade with size. The developing trader exhibiting patience, more so than the scalper, or other trading styles, MUST focus on being big enough in his trades. Or else he will never make enough money. Or else he will never reach his potential.
Add specific variables and clear language to exactly what your are waiting for. Make sure you size up when you see your trades, if you have reached the status of patient trader.
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Adding a dose of patience to your trading
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