Personal Journal - Patience Wins
This is a personal note to myself. Patience wins.
After sometime in the markets, you are able to "see" winning set ups. You're now able to stay in trades and ride them. You're no longer moving your stop losses or not setting one. The last issue to tackle is the ability to wait.
Far too often you took a win on a set up just to try and reverse it to lose more than you've made previously. Or after a win, you tend to take many losses that end up bigger than what you've made and then some.
Be content. Celebrate a win. The milestone of a successful trader is not that he is able to trade every market top or bottom. It's that he is able to wait for the set up in which he knows best.
Methodical. Surgical. Tactical. Now this may mean waiting the whole day or not taking a trade at all. This does not mean you've failed or that you've left money on the table. You've kept money. You've kept yourself from harm. This is a win.
Wait and win.
After sometime in the markets, you are able to "see" winning set ups. You're now able to stay in trades and ride them. You're no longer moving your stop losses or not setting one. The last issue to tackle is the ability to wait.
Far too often you took a win on a set up just to try and reverse it to lose more than you've made previously. Or after a win, you tend to take many losses that end up bigger than what you've made and then some.
Be content. Celebrate a win. The milestone of a successful trader is not that he is able to trade every market top or bottom. It's that he is able to wait for the set up in which he knows best.
Methodical. Surgical. Tactical. Now this may mean waiting the whole day or not taking a trade at all. This does not mean you've failed or that you've left money on the table. You've kept money. You've kept yourself from harm. This is a win.
Wait and win.
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