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Day 4 - Patience & Discipline

alifari Publicado 4 Nov  en #Trader's blog #Patience #Discipline
Patience & Discipline:
"It's not the mathematical skill that's critical to winning, it's the patience & discipline of being able to stick to the system"
In my opinion, the number one reason a novice retail trader fail to become consistently profitable is due to lack of discipline to follow a trade plan. It often happens, when the market is not behaving according to their expectation, they become impatient and take trades out of frustration and deviate from their trade plan.
Perhaps this lack of…
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DAY 18 - PATIENCE & DISCIPLINE

alifari Publicado 18 May  en #Trader's blog #Patience #Discipline #Trader #Amateur #Professional
Patience & Discipline - Amateur Traders vs Professional Traders

Amateur
Traders are not sufficiently selective when entering trades. When they see volatile price movements, they become impatient and enter trades in middle of nowhere based on emotion, fear & greed rather than waiting for their system to give a buy/sell signal according to their trade plan. They want to be part of market action, as soon as they open their charts and see volatile price movements. They don't think in terms of proba…
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Jignesh avatar
Jignesh 19 May

I read this as I'm contemplating what to do with 2 trades I just missed and are going my way.  Your timing is impeccable!

alifari avatar
alifari 19 May

Jignesh, it's all part of the game, we miss some, we get some, but market provides us with ample opportunities day in and day out. Gonna write something about missed trades in my next blog.

Jignesh avatar
Jignesh 20 May

You're right,  But it depends on the time frame you trade.  Scalpers have opportunities all the time, but say you hold trades for a few weeks, those opportunities only come 2-3 times a month.  If you miss it, it's harder to shake off.Looking forward to reading your insight on missed trades.

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alifari 20 May

I agree with u and used to think the same, but if you have a higher time frame bias and conviction that price will go in certain direction and even if you miss the first opportunity, you can drop down a time frame or two and enter on retracement with tighter SL and earn similar R profitability then the initial trade. But this logic best work on live account, but in contest it's all about high profitability, so yes I agree that it's hard to let it go.

Jignesh avatar
Jignesh 20 May

Yes you are right.  I'm speaking with a bit of a bias.  I've been wanting to short Gold all year.  I missed the first entry on March 16, and then missed the retracement on April 14 by $2.  It's been hard to shake that off, these are the types of trades that make my quarter.  But for the most part, usually you get a decent retracement.

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Patience & Discipline - Posted on 19th April

alifari Publicado 19 Abr  en #Trader's blog #Patience #Discipline
I have been lacking patience & discipline this month in my trading, so did lot of reading on psychology related stuff this weekend. Here is another paragraph from my article. It's always good idea to go back to basics and learn from your mistakes.
Focus on learning how and why price moves, and you will make money.
Focus on how to make money, and you will go nowhere.

Patience & Discipline:"It's not the mathematical skill that's critical to winning, it's the patience & discipline of being able to…
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Have a Plan and Trade your Plan

alifari Publicado 24 Feb  en #Trade #Patience #Discipline #Plan
A losing trade is not necessarily a bad trade. A bad trade is when you did not follow your Trading Plan. Accept your mistake, learn from it, and move on. The big enemy is always between our ears

Follow your trading plan with patience and discipline, have proper risk management and the money will come to you. The key is to keep it simple and consistent and not jumping to 100 different ways to trade after few losses. Invest your time and effort to acquire basic trading knowledge first. Success…
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jezz avatar
jezz 25 Feb

''Accept your mistake, learn from it, and move on''
My life moto :)

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Patience & Discipline

alifari Publicado 4 Dic  en #Trader's blog #Patience #Discipline #Trading Psychology
1. Patience & Discipline:"It's not the mathematical skill that's critical to winning, it's the patience & discipline of being able to stick to the system"

In my opinion, the number one reason a novice retail trader fail to become consistently profitable is due to lack of discipline to follow a trade plan. It often happens, when the market is not behaving according to their expectation, they become impatient and take trades out of frustration and deviate from their trade plan.
Perhaps this lack …
Lee el artículo completo
Traducir a inglés Mostrar original

Puesto que usted no está conectado, no sabemos su idioma, pero suponemos que es inglés
Por favor, ingrese o elija otro idioma para traducir la lista.

– o –

2 Comentarios
jezz avatar
jezz 4 Dic

Because we all take the famous 5 steps to become a trader. First you see a 24/7 winning time before you end up at 8/5 ;) regular job with ups and downs

alifari avatar
alifari 5 Dic

Well said...

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