How to form patience in Forex? 10 suggestions

Have you ever experienced that feeling: you sit in front of a monitor, looking for the opportunity to enter a market. However, the market seems to be cursed; there are no opportunities for a transaction. There is a usual side movement in a market (flat). It is becoming boring, and one would like that at least one movement appeared, preferably strong. Everyone wishes to enter the market and earn some money.

You are sitting in front of the screen and hypnotized by the monitor; observing a market so that you could catch a course movement and earn some money. Well, out of boredom and sadness you enter a market thinking that “I will earn some pips and leave”. In accordance with a well-known Murphy’s Law, a price will jostle at entry level, and a strong movement will begin against you…

Another version. When you get tired of boring market movement, you enter a market as soon as you see a sudden jump to one’s side. Having no understanding why it happened you immediately make a transaction on a candle maximum. A correction begins at that moment and you appear in a minus, or a stop-loss is being activated because most usually the price is coming back to a previous level, or as it usually happens, it is going the opposite direction further.

These are only two examples that show a trader’s lack of patience in a present market situation. Indeed, situations like this are extremely common.

Patient and discipline in Forex trading

You, like a lot of traders, know that if you wish to trade successfully, patience and discipline are compulsory. But what should one do specifically?

It seems that you have already read about Forex psychology, and everything is clear and perfect. However, as soon as you get back to trading, you make the same mistakes again. You understand that you lack patience, same as before and all the efforts put into the fact that you need more patience and are for nothing.

What should I learn to be a patient trader?

“What miracles should I do?” Unfortunately, all the miracles are earthy. If you wish to learn patience, you need more than time. Time is necessary so that a new habit to be patient can form in your mind. Your efforts are also necessary, a clear trading strategy, a plan, a penalty and motivation system. You will achieve patience only when training it and gaining some new experience.

Here are 10 suggestions that will help you to become patient traders:

1. Begin writing a trader’s diary

You will write all the situations in which you lose your patience, down. There are always some sparks that cause that, therefore, take some time and write them down on paper.

When you write those reasons, you will get to know yourself better. You will know more about your patience shortage, and it will help you cope with that. You will appear in a similar situation in future, you will recognize the cues and you will behave in a different way because your attitude will be more conscious.

2. Make clear where you are hurrying

Why does the trader lack patience? Probably because he thinks that his time is limited. He wants to earn money in the fastest way! And the fact that one should trade and earn every day is torturing.

Usually, one has a lack of patience when a trader thinks that he has to act suddenly to catch each rising trend; it seems that a Forex market will be closed next week. It happens because of an inadequate trader’s daily routine and a too highly determined trader plan whose results cannot be accomplished in an easy way. An attitude of “I want everything and now” will not work in a Forex market. A trading system and its patient following are necessary here.

Overview your every day plans, and it can be that you already want to achieve the goals that are not achievable. Forex is not going to run away tomorrow nor in a year and Forex is going to work until the money exists in the world.

3. When you make a transaction forget it for a while and do not look at the screen

Ask yourself after you enter a market (made a transaction) whether you can somehow influence market movement looking at the monitor?

No, you cannot. The only thing that you can is to unsuccessfully transfer a stop-loss to the side where losses are growing. When looking at a monitor you can no way influence the market, therefore, do not look at the monitor when you make a transaction, dissociate from it. Of course, it is not easy, it is difficult not to think about the result because you are trading your money, however, if you cannot change a progress, is that worth hurrying to make any decisions? Only breathe briefly, close a terminal and take care of some other business.

4. Remember that you need time for everything

Nothing can be achieved quickly; everything needs time so wait for a while. Give some time for a situation to evolve. Usually, impatient traders want to get results here and now. And if they do not get them or lose money, they lower their arms and throw away trading, resisting their dreams to become financially independent. If you are not going to learn patience, you will lose not only a lot of good opportunities in a Forex market, but generally in life.

5. Be prepared for surprises

You have a trading strategy or robot, and it is good. However, the market is usually not going the way as the trader would like it to, movements can be completely confusing, and it is unsettling. If it happens systematically for some time – patience is achieving up, and a lot of people throw the blame on their strategy and are looking for a new one.

Remember that there are no strategies in the world which would bring only profit. If such a strategy existed, it would earn all the money of the world. Therefore, drawdown is compulsory, that is the part of trading.

6. Take a break

If you feel that you do not have any more patience, especially when you make several mistakes in a row, take a break and do not trade. Find time for other things, sleep well or spend time with friends and family. Turn off the terminal and do not trade for some time.

7. Follow strategy rules and discipline

A huge mistake is not to follow strategy rules. Professional traders follow their strategy rules and do not consider mistakes their experience loses, while a lot of traders consider their losses as a loss and a profit as a victory. That is not a good attitude in trading and it is important to be profitable in the long term, for example, in a monthly salary. If you are going to consider losses as a loss, you will be trying to avoid them, and that is bad because when trying to avoid losses you will also miss potentially profitable transactions. If a strategy is statically profitable and tested in history it is not worth worrying about temporary losses, it is only needed to appropriately follow strategy rules, the results are going to show themselves.

8. A fine system and motivation handling

It is a very effective thing. You must set fines if you are not following something that you have planned before or what a strategy determined. For example, you have decided not to close a transaction earlier until it reaches 100 pips, or you will not let it into the market until somewhat price level is reached. And if in the process progress, you violate what you have promised to do to yourself then you pay fine. And the fine must be meaningful, i.e. such a sum of money which would be a pity for you to pay. If you violate, you pay the fine. Where should one pay it? Where you only wish: to children or senior home, decide yourself, it is important that this money is not in your hands anymore.

Also give yourself a prize or a small present for results that you have achieved. If you were patient and maintained, for example, a transaction, for several hours or days, achieving your goal with that give a stimulation that would motivate you for that. That will be your stimulation for the work that you have done (and training patience is a very serious thing).

9. Everyday practice

If you are thinking that you are going to become a patience master at the end of this post you are very much mistaken, it is not going to happen instantly. You will have to train and train so much that it can form a habit. Every time when you trade you have to observe yourself and train with the help of these suggestions or create rules for yourself, not necessarily when trading in Forex, it can also be things you have taken from life and forming patience.

10. A pleasure out of a result

Your aim (results) must bring you pleasure, you must feel happy as soon as the aim is achieved.

Look calmly at trading, remember that this way is long and difficult, however, pregnable. Therefore, when a situation in a market is going to try your patience, decide whether you wish to be impatient and stop now or you will show a real will and patiently go further to your aim of victory.

I wish you patience and success in trading!

Take care.