How to build an insane patience on the Forex market

Many beginner traders are getting in the trapp, taking a lot of emotional and hasty decisions on smaller time frames. This usually leads to a series of losses and very often even to zeroing accounts.

One way to deal with this problem is by developing your patience. Every trader likes to open positions and raise profits, but we should not forget that there is no more pleasant feeling than knowing that we have protected ourselves from losses and capital in our account is secured (mandatory stop loss). There is no better feeling than that, especially when we are not in front of the platform.

1. Change your way of thinking from making money to thinking about keeping your profits and protection your capital. This will certainly help you increase your patience before every new possible trade. Thinking about keeping your cash in your account will make you increasingly selective in choosing the next deal, which will increase your chance of long-term earnings on the Forex market. For example, Goldman Sachs trainees analyse charts and financial instruments all day, but they have the right to open up to one position per day – training their patience to perfection and creating the necessary discipline of trading.

2. Eliminate your ego – Almost every beginner trader thinks that the most important thing about Forex trading is to beat the other market players, but in fact the most important battle is the one with our ego. Most of the losses are usually caused by “revenge” trade after a loss. This is certainly in serious contradiction with the required patience to become profitable trader. You can not just condemn yourself too much and swallow the losses, because only then will you be able to create the necessary internal equilibrium and not try to trade hurriedly after a negative series. This will also help you not look at the digital expression of losses, but focus on finding mistakes and discovering details that will improve your knowledge of the Forex market in the future.

3. Think long-term – As George Soros said: “It’s not whether you’re right or wrong that’s important, it’s how much money you make when you’re right and how much you lose when you’re wrong.” This is the biggest difference between winning and losing market players. Those who concentrate too much on a particular formation or position will usually lose sight of the big picture. This shifts their focus, they start trading every situation they create and neglect more elements of their trading plan (Always have a previously described trading plan and keep it blind). Failure to observe various elements in the long run will make it impossible to statistically track the results of your strategy and leave you in the loosing traders group.

Trader Nikolay Georgiev