Patience, Patience, Patience!
Traders just wanted to take a moment to help new traders understand the patience that a trade may take based off of your goals and trading style or system. My style is swing trading which requires trades to last at least overnight. In this case my trade has been 2 days and about 56 hours for a 1 pip per hour profit. Usually that is not the norm but as evident you can see it does happen especially with this pair. You can see that I have a profit of 53 pips at the moment and you will also notice that the first 5 candles barely did anything and mostly went against me. I had to have patience and also understand the market structure and movement of this pair. Not displaying patience and trying to be a swing trader would be disastrous as I could have became edgy as the market fell asleep and then moved against me and just closed my trade, but I have a style and a plan and I stick to the plan. So while my trade was progressing at a 1 pip per hour profit I had dinner twice, breakfast twice, went to coach my high school football team twice and went with the family for some frozen yogurt. So as you see trading is like the rising of the sun....gradual! Like I have mentioned you have to have patience and a plan and you have to follow your plan. Now surely if I was a scalper this wouldn't be the way that I want to make a living. Hopefully new traders learn and understand the importance of patience! Have a great trading day and GOD bless!
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Comment by talisman on August 10, 2012 at 1:42am
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good real life example. what was your original stop?
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Comment by ChaosTrader63 on August 10, 2012 at 2:04am -
My original stop was .00110 So I started out risking 45 for 98 at a 2 to 1 profit level.
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Comment by Pipomatic on August 10, 2012 at 8:52am -
Even scalpers need patience ;)
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Comment by ChaosTrader63 on August 10, 2012 at 12:01pm
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Pipomatic that's very true! Basically the point here is patience is needed to be a trader...period!
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Comment by Peter jcp on August 12, 2012 at 4:06pm -
HI Chaos - I agree we all need patience whilst trading - whether you are scalping or in a long term position trade.Looking at your performance with time is important. I personally would be worried with just 1 pip gain an hr - but there's 24 hrs in a day and 120+ hrs in a trading week - so even 120 pips a weeks on just one full lot is still a nice reward.
I tend to try and make at least 80% of my money in between 4 and 8 hrs in the main part of the trading day with numerous short term trades - and ideally wanting over 15 pips average per hr. I might have to wait 40 minutes to take a trade which might then only last 10 -15 mins. So in the good hrs you might make 50 pips + and then in the other hrs struggle to make 5-10 pips especially if you have a scalping loss in that time
Over the last 2 months I have left less trades on as swings over say 2 or 3 days - whereas I noticed last year in most months I would take a trade on small stakes hoping to make over 400 + pip over a few weeks or a month.
We know the markets and the market makers are extremely cute with their timings and only this week - with light volumes due to holidays - on a couple of days the peak time for trying to achieve pips - mid London Session to mid morning US time was really slow with markets hardly moving much
Looking forward to the markets getting back to normal - when ever that might be ;-)
Regards
Peter
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