Inability to wait
What does it mean to be a trader? No one starts trading just to buy and sell currency pairs or stocks. The goal is always the same - to become consistently profitable in your trading. What makes a trader profitable? Many factors come into play here. And the main one is patience.
Most beginning traders make the mistake of always trying to open new positions and be in the market all the time. This habit makes them feel as if they are missing something if they stop trading for a while.
Professional traders are well aware that in order to succeed they need to know when to trade and when not to. And 99% of the time they won't do anything. Even when they already have an open position, they know it's best to stay out of it and let the price reach the right level. These traders make the minimum number of trades each month, and they also interact minimally with their open positions.
However, no one comes to the market with this level of patience and discipline. It takes years of practice to become truly patient. It's much more than just a way of trading. It's a real turnaround in thinking. It's not enough to tell yourself to be patient. You have to work at seeing the market in a completely different light.
Profitable traders rarely look at their charts. If they don't see a worthwhile entry point, they don't trade that day.
This is a qualitative, not a quantitative approach to the markets. Making just one good trade a month may be enough to give you a significant income. There is no need to make 20 or 30 trades a month.
What does it mean to be a trader? No one starts trading just to buy and sell currency pairs or stocks. The goal is always the same - to become consistently profitable in your trading. What makes a trader profitable? Many factors come into play here. And the main one is patience.
Most beginning traders make the mistake of always trying to open new positions and be in the market all the time. This habit makes them feel as if they are missing something if they stop trading for a while.
Professional traders are well aware that in order to succeed they need to know when to trade and when not to. And 99% of the time they won't do anything. Even when they already have an open position, they know it's best to stay out of it and let the price reach the right level. These traders make the minimum number of trades each month, and they also interact minimally with their open positions.
However, no one comes to the market with this level of patience and discipline. It takes years of practice to become truly patient. It's much more than just a way of trading. It's a real turnaround in thinking. It's not enough to tell yourself to be patient. You have to work at seeing the market in a completely different light.
Profitable traders rarely look at their charts. If they don't see a worthwhile entry point, they don't trade that day.
This is a qualitative, not a quantitative approach to the markets. Making just one good trade a month may be enough to give you a significant income. There is no need to make 20 or 30 trades a month.
