Patience and Motivation in Trading
Staying patient and calm
We often psych ourselves up over the weekend filling our minds with thoughts like;
“I’m going to only take A plus setups, manage my risk and add to winners this week”
“I will stick to my plan no matter what”
“This week is my week…”
All pumped up and ready to go.
But how often have we gone into Monday super motivated, ready for action, and actually it’s a bit of a slow starter… the market is not really offering good trading opportunities yet.
But we still end up taking trades we shouldn’t and create a silly P&L hole for ourselves in the first few trades.
Bad f’kin start to the week bro!
Motivation is good.
But sometimes you just need to pull back on the leash a touch before you can let it loose… patience, relax a bit. Use that motivation and determination only when the time is right.
Some of the greats have been telling us this for years…
Jesse Livermore
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.”
- “If I can make $500 a day, then…” No, not every day is conducive to trading.
- You can’t go to the markets whenever you need money like an ATM
- Be patient and wait…
Jim Rogers
“I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime.”
- Often times there is a better trade right around the corner, but your eagerness does not allow you to wait for that.
- Make a conscious effort to resist the urges.
- Be a sniper.
Challenge yourself to sit on those hands if there’s no opportunity. No matter how fired up you may be…. you will thank yourself later.