Forex a game of patience

[Canon]

Knowing what I now know to be true about the charts. The impatient loose money to the patient by simply being all over the place, the human factor also plays a part in the success or failure of most of us retail souls.

 

[mlawson71]

I agree. One needs both patience and discipline to trade successfully. If you lose your cool you are likely to lose your money too.

 

[Sherverty]

Trading forex tests the patience of a trader, and only those with strong patience can earn money from trading. A trader doesn't get perfect market conditions for trading, so the trader must wait long for good market conditions. If a trader opens a trade in bad market conditions, then it's certain that the trader will lose money. As a result, patience plays an important role in finding the perfect market conditions.

 

[mlawson71]

True. A trader needs to learn how to bide their time to open new positions - and to close them too, now that I think about it.

 

[VargaDimwit]

Patience is an important element that allows a trader to take time to adjust oneself in understanding how to be consistent in making profitable trades in a continuously changing market environment. It allows you to sit back a bit and for the right trading setup.

 

[Emubeatz]

yes this indeed is correct. I read somewhere if you did your anaylsis right? you should wait about a hour to see if it goes in your direction. if not then close the trade.

 

[Kalology]

We can’t neglect the role that psychology plays in trading and a good trading psychology is as important as your trading skills. Traders can’t develop any of these without patience and consistency. So, it is true that forex is a game of patience.

 

[monssur]

Most definitely, impatient people´s money goes to the patient

 

[Serimeter]

I am also guilty of taking snap trading decisions in the past and it goes without saying that I only lost my money because of that. So it's not only important to know when to enter or exit a trade but it’s more important to have the patience to sit on your hands till then. The ability to control your impulses and waiting for the right moment is vital for long term success in trading.

 

[r1chm89]

Couldn't agree more with the patience thing!

I am new to Forex and I learned this very quickly, the hard way .

At the moment I seem to be having mixed/okay results when the H1 and H4 markets are both trending down/up. But I need to figure out when the spot the trend changing as it seems to always catch me out and I lose my profits

 

[stevengoodman]

From my short experience that seems to be spot on advice - patience and a plan is key i think!

 

[mlawson71]

When you trade you either learn how to be patient about your positions or you just end up with no account to open new ones.

 

[sooriya]

No,if you have good trading skills it's a quick game.

 

[LuckyMac]

I agree. One needs both patience and discipline to trade successfully. If you lose your cool you are likely to lose your money too.

So true the markets are an instrument for transferring wealth from the impatient to the patient

 

[sarahgoutvaks]

The most important thing in forex trading is timings. Right timings for entering and exiting the trades are very important.
Patience is one factor which allows a trader to stay calm and wait for making the right entry at the right time.

 

[Daantje Pieters]

Knowing what I now know to be true about the charts. The impatient loose money to the patient by simply being all over the place, the human factor also plays a part in the success or failure of most of us retail souls.

Absolutely, Forex market is open for 24 hours, but you may know good entry points are not available here and there! We traders need to wait for such a long period of time to make a good entry point! Only good traders can do so! This is why, Forex trading is so much challenging!

 

[mlawson71]

I usually only make a few trades per week, if that. I prefer to be absolutely sure about the signal I am seeing.

 

[Daantje Pieters]

Patience is a quality that is not only required in Forex trading but also in other fields too. So, those who have not the quality of patience and forbearance should avoid joining Forex. The reason is even if he joins Forex, he cannot be the gainer from here and so the ultimate result is nothing.

 

[jamesgarcia]

Patience is the virtue of trading. Traders who have patience act very decisively and know how to control their impulse while trading.

 

[Psychomancy]

Patience is a quality that is not only required in Forex trading but also in other fields too. So, those who have not the quality of patience and forbearance should avoid joining Forex. The reason is even if he joins Forex, he cannot be the gainer from here and so the ultimate result is nothing.

I agree! For traders to make efficient trades patience is very important. Moreover, studying the vast concepts of forex trading requires a lot of hard work and time which can only be done by a patient trader.