Becoming a successful day trader. Part 3

Welcome back! If you just finished reading part 2, today I’d like to talk about the importance of being patient. If you have been trading for a while, you understand exactly what I am talking about. And if you are new to trading, the patience I am referring to is based on waiting for the “right” setup to occur when you make your trade and not just rush into the market just because you emotionally feel ready or you observed a little price flare and don’t want to miss out on a potential win. Experience comes with years of practice, including lots of studying and counsel from mentors. Learning to become a successful trader takes time, for some people it can be months, for others it could be years, but we are always learning.

Don’t give up so quickly

The key is not giving up! Most of what you’ll experience in the beginning is learning the charts, watching how prices move prior to market opening and while the market is open. Depending on your trading style you may find that placing trades “prior” to market opening is more relaxed and predictable. Or your trading style works best when the market is open and there is much higher volume. Whichever it may be, it’s all about what fits you personally, there is no wrong way of trading per se as long as you are not “over risking/over leveraging”.

Learning takes time

When I first began trading, I recognized the emotional rollercoaster going on inside of me, and yeah, coffee wasn’t helping either, (you may want to cut back on that). When the market is open, you’ll see the chart flying with serious price action, you’ll look and see that you could have made a profit here, there, and everywhere! So when you see and feel that, that is what I am talking about when I mentioned you may “feel” like it’s a good time to trade but in reality we can’t grab every opportunity we see on our screens, not yet at least. You have to be ok with learning slowly and taking your time.

Ride the wave

It’s better to patiently wait for a high-volume trend and place “one” trade, than anxiously going after every “possible” trade and feel that you’ll make a profit. It’s much better to be patient and wait for that right setup, like a surfer. Professional surfers don’t just anxiously paddle out to any movement in the water believing it will be a great wave, they have learned to patiently wait for that right setup. And speaking of learning, I highly recommend visiting CME Group to learn more about the market and obtain free educational resources.

I hope you surf some great waves today and don’t give up!

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