Patience is the foremost requirement for any novice trader to eventually emerge as a butterfly. When the prices stoop or surge, what strikes is an unquenchable impulse to buy or sell the stock. But the truth is that you will have to be conscious of your actions and importantly, cuff your mind away from rash decisions.
Successful traders have almost complete control over their trading impulses and most of the time, they would recede and scrutinize for the perfect position to materialize. In fact, they are idle for more than 90% of the time but still have become indomitably successful. Maybe doing nothing is the key to be successful in trading. But something seems off, right?
There are lots of strategies and tweaks to help you secure your profits of a trade, but waiting for the price action to enter your marked area and then capturing the trade is the only way to wealth. Having the chart screen open on your desktop or laptop doesn’t mean, you should indulge yourself in trading all the time. You should be smart enough to analyze all the aspects driving the price action and wait for the conditions to meet before getting into the trade. Just because the prices stooped once, it doesn’t mean the price will soar soon enough. It can stoop to a new low, or worse, it can grow a hump and never rise again.
Profitable trading is much similar to hunting and the traders are the hunters. Hunting doesn’t stand as a synonym to simply sprint to your prey and slamming it with all your strength and mass. Hunters spot their prey, wait for it to walk into their turf, once it is in their range, striking it precisely should conclude the job.
Going wrong in even one of the steps would make you vulnerable and you might end up becoming the prey. You lurk around forming a conjecture of your own on the trading movements. Then wait for the price action to step into your marked position. You will then have to position your trade without a waste of a second to grasp the profit. The waiting period always tends to toil the trader emotionally. You will have the urge to take the trade with every fluctuation. But you must remain in your senses and not let your patience extinguish until the trade reaches your marked position.
One of the most renowned traders of all the time, Warren Buffet, has emphasized the importance of patience and precision in trading. Without a right plan, understanding, and patience, success in trading is more of a long shot for anyone.
