Good Experiences Come From Patience
Experience can not be rushed. The first time you see a trading formation play out by the book, by definition you have no experience with it. The second time you see it setting up, you still really don’t have experience until it actually plays out. By the third and fourth time you start to aquire experience. And even then you only have experience in just one of many formations.
Now it may be weeks or months before a similiar formation plays out. Over that time you will be learning and experiencing new lessons and other formations that will add to your knowledge and then experience. What will help in this process is keeping a relaxed attitude.
My point is it takes time, and time is the most effective teacher of patience. If you don’t learn patience in trading you will find yourelf in a dangerous situation and you will go broke.
If you are at the begining of your trading cycle, and want to survive long enough to aquire experience, you have to understand that it takes everyone, no matter thier personality or make-up, A LOT of time to become proficient at trading. Being relaxed, and understanding that patience is the only road to discipline will help.
And don’t forget the demo account. Any profession that uses a simulated environment is one to be taken seriously.Â
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Jay Norris is the author of the best seller Mastering the Currency Market, McGraw-Hill, 2009, and a Senior Market Strategist with BrewerFX.comÂ
To schedule a complimentary, interactive tutorial with Jay on determining market direction go to One on One Tutorial
DISCLAIMER: Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. Risks include the potential that changing political/economic conditions may substantially affect the price/liquidity of a currency. Investors may lose all or more than their original investments.
Yes, I agree that it IS very important to stay relaxed and chill while you take a trade and simply be in control of that trade or trades. Keep focused on your MACD and Stochastic of the next highest time-frame in which you took the trade.
Eg. Trade taken in the 3 minute time frames calls for us to managed by the behaviour of the MACD and stochastic in the 15m time-frame.
If I make mistake in entry, then I say to myself “If in doubt – then get out” – but my studies in my 15m chart will shout that out to me first.
It does take much time and practise – but boy it’s worth every effort. Pay day is not too far away.