Joe Ross
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Hey Joe! My problem is impatience. I may have the worst case of it of anyone I know. What can I do?
In trading, timing is everything. If you are going to be a winning trader you have to be patient. You must control your impulses so that you can act appropriately at when it is the right time for a trade.
Experienced traders avoid acting on an impulse. Winning traders carefully develop a detailed trading plan. The trading plan must state entry and exit points and tactics as to how to manage the trade once entered. Successful traders have learned to follow it the plans they make. That means they are disciplined. Discipline is an essential key to successful trading.
A cold, rational approach to trading, along with a detailed trading plan, is the best defense against impulsive trading decisions.
It has been proven that discipline can be learned. I verify that from my own experience. When I began trading discipline was my biggest problem. Some people are more disciplined and self-controlled than others. I was not one of the disciplined ones. You really need to determine where you stand in the matter of discipline. If you're impulsive, developing mental strategies to compensate for it will allow you to trade profitably.
If you are one of those people who have difficulty delaying gratification, you have a serious problem if your trading style demands that you stay in a trade for a long time—i.e., you are a position trader.
If you are a person who is extremely impatient, as you say you are, it may be wise for you to become a scalper. Contrary to the conventional wisdom put forth by people who have never succeeded in trading, scalping can be very profitable. Taking bite size pieces of profit while the money is on the table has worked for me and for many of the traders I have trained.
Patience is a virtue when attempting to trade profitably. Keep in mind that humans have a strong, natural tendency to avoid risk and loss at all costs. This tendency often protects us from harm, but there are times when it can compel us to act impulsively.
Joe Ross
In trading, timing is everything. If you are going to be a winning trader you have to be patient. You must control your impulses so that you can act appropriately at when it is the right time for a trade.
Experienced traders avoid acting on an impulse. Winning traders carefully develop a detailed trading plan. The trading plan must state entry and exit points and tactics as to how to manage the trade once entered. Successful traders have learned to follow it the plans they make. That means they are disciplined. Discipline is an essential key to successful trading.
A cold, rational approach to trading, along with a detailed trading plan, is the best defense against impulsive trading decisions.
It has been proven that discipline can be learned. I verify that from my own experience. When I began trading discipline was my biggest problem. Some people are more disciplined and self-controlled than others. I was not one of the disciplined ones. You really need to determine where you stand in the matter of discipline. If you're impulsive, developing mental strategies to compensate for it will allow you to trade profitably.
If you are one of those people who have difficulty delaying gratification, you have a serious problem if your trading style demands that you stay in a trade for a long time—i.e., you are a position trader.
If you are a person who is extremely impatient, as you say you are, it may be wise for you to become a scalper. Contrary to the conventional wisdom put forth by people who have never succeeded in trading, scalping can be very profitable. Taking bite size pieces of profit while the money is on the table has worked for me and for many of the traders I have trained.
Patience is a virtue when attempting to trade profitably. Keep in mind that humans have a strong, natural tendency to avoid risk and loss at all costs. This tendency often protects us from harm, but there are times when it can compel us to act impulsively.
Joe Ross
