90% of traders fail because they lack patience.
They’re always wanting to be in a trade.
And as a result, they end up taking low quality trades and losing money on a consistent basis.
Is this you?
Then allow me to show you how I have been able to develop my patience as a trader.
Which has allowed me build profitability and trade full time.
To get my lesson across, I want you to imagine that you’re at a train station.
Before you got to the train station you planned what train to catch.
You’ve done all your preparation.
You know exactly what train you’re waiting for and what time it’ll arrive.
Now that you’re at the station you sit there waiting patiently.
You have no urge to take any other train that passes by.
Why would you need catch any other train?
You know what one you’re looking for.
Which means you’re comfortable with waiting, you are patient.
The right train then rolls around and you hop on it without any hesitation.
Developing your patience as a trader, so you can make money from the markets consistently, is no different from the story I just mentioned.
Here’s what I mean...
I thought I wasn’t a very patient trader when I first started.
But in reality, I just didn’t know what trades to take.
I'd constantly be fighting the urge to not trade, but more times then not I lost.
Which led me to taking low quality trades and displaying what looked like a lack of patience.
I’d always be taking a trade, I couldn’t sit on my hands.
It wasn’t until I planned my trades and knew exactly what setups I need to take, was I then able to develop my patience.
Because the chances are, you are most likely a patient person outside of trading.
I doubt you’re someone who skips queues or can’t wait for their coffee to be made.
The problem is that you lack clarity in your process, you don't actually know what trades to wait for.
Which means, you need to specify the rules that determines your edge in the markets.
Because without clarity in your approach to the markets, you will always struggle to be patient.
You will never know what trades to wait for or avoid.
Why would you take a different train if you already know what one you should be taking?
You’re only struggling with patience because you don’t actually know what your entries look like.
Once I became extremely certain on what my entries look like, through back-testing and building my strategy, the struggle of lacking patience in my trading diminished dramatically.
And if you want to develop the type of patience that you need to become profitable, then you need to also get very clear on your entry criteria.
I'll chat to you in Monday's email,
Lawrence 'patience is developed when you know what trades to wait for'.