Patient Traders Win in Forex

Why could it be so?

A visible behaviour pattern for many Forex traders - they seem to be in a constant hurry. They want to make money in Forex and they want to make it today, not tomorrow and certainly not in a week or month.

The truth is - making money takes time and it takes lots of patience.

You have a trading system, which gives you signals - follow it. The problem is, many of us don't have the patience to simply wait for a signal to appear. We won't the ideal market conditions for out trade, but we can't wait for those perfect conditions... This results in an impulsive opening/closing of the trading positions that shouldn't be there at all.

Why can't we be more patient?

Professional traders say that we're wrongly seeking an immediate reward and gratification from the trading decisions we make, rather than focusing on following the routine and do what it takes (including waiting time) to make profits.

How to learn to become more patient?

1. Don't think that you must make the profits immediately.
It's not so. Sometimes there is no real opportunities in the market, which means you can't force the pips out of it, and you can't profit.
Wait for the opportunity and accept that it may come not this hour, or even today, but may be tomorrow or in a couple of days (or weeks for some).

2. Understand the roots behind your impatience.

If it's due to a weak trading system which puts your capital in danger, you have to work on the rules and money management first, and only then resume trading.
If the problem is in your personality, then you have to find ways to work on your habits:

- take a look at your trades from the side, as if it's not your account. What advice would you give to a trader? Be objective. Notice the difference.

- evaluate your risk tolerance: are you afraid of losses? How big is the fear of losing a trade or losing X number of pips in a trade? The fear of losses pushes trades to make the largest mistakes in their trading - a trader would often impatiently close a losing trade, because a) it's been a long time since the losing trade has been sitting and he doesn't want to "wait & suffer" anymore; b) a trader is afraid of experiencing an even bigger loss.
To avoid all those frustrations, have your Stop loss rules written down on a paper. Avoid the temptation to break the rules, as it will have its impact on you as a trader.

- make sure you're not coming to trade when tired, hungry, or in a hurry to leave, which can cause you make impulsive decisions.

- make sure you have a good sleep and don't leave trades overnight, which would keep you from resting. Change your trading system if it doesn't fit your trading style.

Build your skills. Learn to be patient and you'll eventually make the profits you want.
the time decides who stays in the market and who leaves.