Friday, January 30, 2009

Patience and FOREX


This is Axel with his trainer, Nancy, when he was about six months old. And, YES, he still has that awesome white tip on his tail. So cute.
Looking at this picture- Axel just sitting and waiting for Nancy's next command got me thinking...

One of the hardest things to do as a trader is WAIT. Wait for the best set up to occur. Wait for the market to decide what it is going to do. Wait for the target to be hit. Wait for the stop to be hit. Wait, Wait, Wait.

Forcing the market (or trying to) is such a waste of time. And money. Took a trade yesterday, it looked like a good trade. Turned out not to be such a great trade (lost 22 pips)... Did I force the trade? Well, actually, I did a bit. Was it an A trade? Not really. Do I know better than to try this. Yes. Did it anyway? Yep.

Lesson of the Week- Try to at least have the intelligence and patience of a six month old puppy when you are trading.

Be patient. Do not chase trades. Let the market come to you.

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