A lot has been said about patience, which I quite agree with. However, we still need to be able to differentiate between when a trader is just wasting his time and when patience is indeed what he needs. I am not fully grounded in trading, but I still understand that there are some self-acclaimed traders who don't know what they are doing. They are obviously losing money but still giving themselves hope that all they need is patience. With these kinds of traders, I see no difference between them and gamblers.
Lol, good point. I totally agree that patience is important in trading, but patience is not the only important thing one needs in trading. Knowledge comes first, of course, after the capital, and then comes patience. You use your knowledge to make good trades, and then stay calm and collected when the market tests your patience because remember, as a trader, you must understand that the market is always going to test your patience, it's not like you make your trade, and you start getting profits immediately. That happens sometimes, but not always.
If someone is impatient, even if the odds are mostly in their favour and the market is going to reverse, they might close the trade at a loss out of fear when they see the market going in the opposite direction, and that's where patience comes in. If you stay patient and don't close it too quickly, it might start reversing, and your loss will slowly turn into profit. By the way, one shouldn't avoid using stop-loss in any case, whether they are patient or not, it's important.
So, at what point should an individual say "trading is not for me". Is he just being impatient? What if he is just being honest with himself which may turn out to be the best decision taken? I just want to see a post or article that addresses this and let's traders know when they have hit their limits. Patience is really good, but it can also be abused. Maybe, just maybe adequate knowledge should be able to address this and put the trader on track.