A patient trader, is a winning trader. How many times have you been stopped out of a position and…
then moved onto another trade idea only to return to your original trade to find it working exactly as planned?
For some reason, patience seems to be a difficult concept to grasp.
Perhaps it’s due to a new reality of instant gratification. We have so much information at our fingertips, the moment we desire it. The concept of having to wait for something, goes against the natural flow of our daily lives.
Even outside of trading, when we actually do exude patience in what we desire, the outcome is usually more beneficial than what we desired to begin with.
Taking this concept of patience and implementing it into your daily trading habits will pay dividends each and everyday. Patience will avoid costly mistakes by not getting into position too early which may end in an avoidable loss.
Patience will allow you optimal time to analyze price action and plot an entry more beneficial to your setup. More importantly, patience will help to remove the emotional side of trading.
When we react based on emotions, rather than allowing ourselves time to digest what a chart is telling us and then react, we can quickly loss control of rational decisions.
Going back to getting stopped out of a position and then later seeing the stock performing exactly as expected can easily be avoided.
All you have to do is stalk the stock. When a price reaches your stop loss, exit and wait. There is no rule stating that you can not get back into the trade at a later time.
In our 90-Day Course, we cover exactly this scenario and how to capitalize on these daily occurrences that happen in the market.
