Patience is the key to success in trading

[Resolve]

Patience is the key to success in trading

When you are trading in the currency markets then it is very important for you to Enter and Exit the markets at the correct timings.

Many of the Forex traders are in a hurry to do their trading and so their entry and exit timings are not correct. So you should have Patience and wait for the time till correct Entry and Exit is achieved.

Like we say that if we want to do Anything in Life we need to be Patient. The same is True for the Forex trading, if you have this ability, then you will be able to Become a Successful Trader soon

Be At the Right Time
In the Right Currency Pair
In the Right Direction


Most of the Traders want to make Quick money from the Forex markets. Needless to say that they are Bound to Fail.
You will need to develop this Ability of Patience in doing your trades at All the Times.

PATIENCE IS A VIRTUE




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Case Study 1 - EURUSD
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News Event
Dated: 10th FEB 2022
Key Event: Inflation Rate
Country Impacted: United States
Currency Impacted: EURUSD




Please see the Screenshot given below for the EURUSD.






If you Took a BUY Entry at the Levels of 1.1380

And Took Exit at the Levels of 1.1493

PIPS Gained = 113 PIPs Profits

This is the RESULT of PATIENCE

If you will WAIT for a Longer Period of Time for Both the ENTRY and EXIT Timings.



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Case Study 2 - GBPUSD
---------------------------


News Event
Dated: 10th FEB 2022
Key Event: Inflation Rate
Country Impacted: United States
Currency Impacted: GBPUSD




Please see the Screenshot given below for the GBPUSD.






If you Took a BUY Entry at the Levels of 1.3523

And Took Exit at the Levels of 1.3637

PIPS Gained = 114 PIPs Profits

This is the RESULT of PATIENCE

If you will WAIT for a Longer Period of Time for Both the ENTRY and EXIT Timings.

[Prince Sajir]

Most traders get drawn into trades that do not fit their trading style because they are just plain bored and looking for something to trade.

But as a trader, you have to have the inner strength to pounce on the opportunity when it presents itself - not force yourself to pounce when the time isn't right.

I've talked before about hunting sloths instead of chasing wolves. Sloths aren't as exciting. They're not quite as common. But when you see one, it's almost a stone-cold lock that you can take it down.

And to be honest, it's much easier to be a patient trader than a patient buy and hold investor. If you're a trader, you probably only have to wait a few weeks at most for an ideal situation to present itself. If you're a standard long term value investor, you could wait years for the ideal time to buy or sell.

Yes, there are currently some short-term extremes in the market, but until today, my proprietary model told me to stay on the sidelines. Plus, even more so than the model I follow, my own common sense told me that I should just stay out of this mess.

[ABcahid]

Great entitled! I have seen some people, who accomplish trading without patients and they arguing about didn't perform well.

[Resolve]

This topic is being updated for further discussions...

[WalletInvestor]

Good point, patience is very important in trading, as well as sticking to your guns when it comes to following your plan. Sometimes our emotions try to derail us but developing the ability to stay resilient is a great feat.

[Resolve]

This topic is opened for discussions....