They say that patience is a virtue but in the world of trading it can save your life. I have seen too many people come into this business in such a rush to make money that they jump on everything that moves and as a result end up taking lot of questionable trades that only result in them losing a large chunk, if not all of their trading account. Many of them become so discouraged that eventually they give up trading all together. This is a trap that many new traders fall victim to even though it is one that is easily avoided. If you want to avoid this all you have to do change your mindset and stop viewing trading as a sprint and instead view it as the marathon it really is.Guest post from visionsofaffluence.com
When you approach trading as a sprint you open up your charts and begin opening trades at he drop of a dime because you are only focused on winning as many trades as possible in the shortest amount of time in much the same way that a sprinter lines up and as soon as he is given the signal runs as fast as he possibly can in order to win a race. This is the exact opposite of what a marathoner does. In a marathon the racer paces himself throughout the race taking his time making sure not to over exert himself too soon so that when a opportunity arises he is able strike quickly and bring himself closer to the end goal of winning the race. This is what you need to do in your trading. You need to pace yourself. Think of your trading capital as your energy. You don’t want to come out of the gate too strong, take too many sub par trades, and end up losing your capital because once that happens you are out of the race or good. Instead you should be patient, conserve your energy, and only take good trades that have a high probability of success, because after all trading is a numbers game and in order to be successful you have to stack the odds as high in your favor as possible. If you can learn to do that then you should have no problem winning the gold.
Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..