Re: What does patience mean in trading?

Quote from: Lakai01 on July 12, 2024, 09:30:22 AM

Quote from: laubeaud on July 09, 2024, 10:41:47 AM

D) You need to be patient and let your trade hit your target—do not forget to let your winning trades run and cut your losses immediately.

This point is only necessary if you don't have a plan on how to structure your trades, what the exit points are, etc.
If you have this plan (and you absolutely should!) then it has less to do with "patience" and more to do with "sticking to your plan", i.e. sticking to it even if, for example, trades go badly or you think you absolutely have to add money to trades that are going well ... and then - as always Wink

- immediately turn negative.

Patience is therefore mainly needed for your first 3 points, the 4th point is obsolete with a good plan. Or at least it should be.

This is such a right approach, we should consider how we have a plan and while we are waiting for our plan to show up and do better, we may end up with some issues as well, which could cause a little bit of trouble, and I would understand why that matters. However, if we could potentially avoid such a thing, then I will probably try to get a better result with it, and that's how I am trying to approach these things.

If I have a plan, then I will stick to my plan, even if there are drops around the way, hell I will buy even more if it goes down, so I am not going to end up with any problems at all. This is just a simple reasoning, it is such an easy thing to do and everyone should realize that this is the way to make money.