“Patience” is the quality of winners in forex trading Patience! An important characterstic in traders who want to trade successfully! There are some qualities, which makes a clear distinction between losers and winners. And this quality is something which makes them unique from other traders in the forex trading! This is the required forex trading habit that should be employed among forex traders so that every trader can employ a mindset of his own to develop the market skills in a well-balanced approach! “One of famous market wizards Victor Sperandeo says, “When he finally got out, he felt a sense of relief – which is somewhat ironic since he had just lost 70 percent of his money. There is nothing logical about this process. It is all an emotional pitfall. Planning where to get out before putting on the trade is a means of enforcing emotional discipline.” More importantly, forex trading is completely depend on the
human psychology. By
representaion of market charts, prices ups and downs is simply the conversion of human psychology into graphic representations. It is true that human mind is more powerful than any computer to analyze the implications of these price chart. Forex market is not a gambling Those traders who keep patience, simply wait for the best trade setups while those who believe in the skewed concept of making money quickly, is simply impatient actually! They move here and there to find shortcuts to become rich. And forex trading is not a good idea for those who think that it is a quicker method to earn money! Point to remember Building a trading foundation is not a process of one or two weeks, it takes lot of time, efforts, discipline and the foremost inner willing to adopt a characterstic i.e. “patience”. Focus on quality trades than to grab trades in quantity! Therefore, instead of making online money by futile attempts by going with numerous trades, it would be better to go with “quality trades”. Later on, you would definitely build your trading account. As Forex market is emotionless. It does not care about your emotions! Prices get change due to several economic factors. Don’ try to take revenge from the forex market
Let market show cards of best trade setups and then you should behave as per the market situation. It is all up to you how to take benefit from various trading opportunities in this lucrative market. Once you develop patience within you, you wills not deviate towards over trading and you would prefer to follow your trading plan. Stick to your trading plan Impatient traders move their stop many times and changes in the targets or if you are seeing the market again and again just to check that trade take off in your favor or not, then for sure either you are fearing to lose or you are not able to control your senses and getting impatient. And if you are trying to control the forex market then you are moving towards impossible thing. Ultimately, you are decreasing probability of your trading edge.
The bottomline line: If you close your trades again and again or shift your stop-loss by your perception or exit predetermination then you would never know the action you applying can be fruitful or not. And you won’t be able to understand the market reaction. It’s all because of imabalance emotion i.e. fear if it works in negative context. While some traders take the benefit of “fear” by moving carefully. Sometimes without taking risk you can not learn anything, but make sure you should have risk management plan! Therefore, practice your trading strategy, design concise trading plan and then get ready to trade the forex!