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FOREX TRADING THE ART OF PATIENCE IN TRADING


THE ART OF PATIENCE IN TRADING One of the biggest misconceptions that you can have about forex trading is that you can quickly start making a living from it in a relatively short period of time.  Patience in forex trading eventually pays off as it allows you to sit back a bit and wait for the right trading setup. If there is one thing that ensures a high probability of winning, it is having the patience to grasp all the necessary information before you trade. Understanding how important patience is while you start learning to trade will completely change the trajectory of your performance in the long run and help you achieve your goals faster.


What skills do you need to become consistent in trading? Research : The ability to do quality research and solid market analysis is fundamental to trading success. Master traders develop their skills in being able to thoroughly research all information relevant to the securities they trade – and then, more importantly, being able to accurately determine the likely impact of that information on a particular market. Analysis: Analytical skills are vital because they enable a trader to better understand, identify, and use trends (or the lack thereof) – both as applied to price action on individual charts of various time frames, and in the market as a whole.


What skills do you need to become consistent in trading? Adapting Your Market Analysis to Changing Market Conditions :It’s important that you have your own individual trading style and trading edge, such as specific combinations of technical indicators that signal high probability trades. If the market is changing or forming a new pattern, thereby signaling to you that you need to adapt to those changing conditions by adjusting your trading strategy accordingly. Staying in the Game: A master trader understands that neither extreme will last forever, and, that sticking it out – through the good and the bad – is a skill that enables you to learn, grow, and profit.


What skills do you need to become consistent in trading? Discipline & Patience: Staying in the game is important because it allows you to experience both the highs and the lows, learning from them and making the necessary adjustments to your trading. A master trader must be both patient and disciplined in order to stick with it, especially on days when profit is non-existent. Record Keeping: Master traders learn from their trading mistakes. One of the critical habits that creates winning traders is that of keeping a trading journal and regularly reading back through it provides one of the quickest and easiest ways to identify both what you’re doing right and what you’re doing wrong.


Thank you.

Art of patience | Platinum Trading Academy  

One of the biggest misconceptions that you can have about forex trading is that you can quickly start making a living from it in a relativel...

Art of patience | Platinum Trading Academy  

One of the biggest misconceptions that you can have about forex trading is that you can quickly start making a living from it in a relativel...

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