- Analyzing a profitable trade and why it is so important to be patient in trading.
- Looking at the psychology of trading and why it’s critical for everyone to work on themselves.
The trade
We have a great example of why it is important to remain patient in trading and markets. The YM long trade from a few weeks ago has played out now, and the max profit target has been hit.
I want to take this opportunity to explain why being patient in trading is so vital. Without it, there will be a wall in our progress that we cannot break through. Being patient and having the ability to hold through price action changes is one of the most required elements of trading. Being patient releases the importance you put on the trades outcome because you have already accepted that you do not have control of it.
The trader who is not patient has the false idea in their mind that they can control the outcome, which is why even when they set profit targets, they very rarely get hit. They close the trades prematurely and extend their stop losses. They are trading from emotion and chasing the euphoria instead of trying to be the best trader they can be.
If you would like to learn more about how you can become the best trader you can be, join a Trader Mindset session from our member’s area.
