Quality over Quantity
Patience is a critical trait for successful trading. Many traders fail because they lack the discipline to wait for the right opportunities to present themselves.
The market is constantly changing, so you need to be able to wait for the right moment to make the move, rather than trying to force trades when the timing is not ideal.
By waiting for the right setup, you can carefully analyze the current market trends, identify TA patterns, and assess the potential risks and rewards of a particular trade. This level of analysis can help you make more informed decisions, which can ultimately lead to greater profitability.
For me, that often means waiting for the ORB range to break, and ensuring we have are also trending in the right direction above/below the 30m 50sma. Some days, I may not even have a trade to make, and that is okay.
Conversely, impatience can lead to poor decision-making and unnecessary losses. Traders who are able to cultivate patience and discipline are more likely to succeed in the long run.
YOU DONT ALWAYS NEED TO BE IN A TRADE!
TIPS AND TRICKS
Build Patience If you are itching to get in a trade when your setup is not there, walk away from the screen. If you really have to scratch the itch, then enter incredibly small (eg 1 cheap contract) only, where it won’t impact your Profit and Loss.
Delay Gratification You don’t need to make $1M overnight. Or in 1 week. Set small daily goals each day that are easy to hit. Then celebrate those wins. Before you know it, your account will be growing.
Trading is 80% Waiting Enjoy that free time. This is not like your 9 - 5. Wait for your setup, and if its not there, do something else.