I’d like to have a little talk with you about the Art of Being Patient. All of the technical indicators in the world cannot teach patience. Some of us are simply born impatient or shall I say, less patient than others. As we go through life and count the times when good fortune has come our way, is it not nearly always the case that ‘good timing’ brought us our successes and that ‘bad timing’ brought our misfortunes?
It seems to be inherently natural in all areas of ours lives that success requires good timing and that the old adage ‘timing is everything’ applies to almost everything we do.
Do you realize how much that adage applies to your Forex trading?
I want to get to the heart of this with you because you may be one of those who are struggling and you may not realize why.
On some days you might say to yourself “I’m not lucky” or “the bounces just aren’t going my way” and”it seems I’m never at the right place at the right time”. Does it sound familiar?
The Goods News Is This – If you feel your timing is off you can correct that.
…But How So?
Firstly, by understanding that trading the Forex is just as much ‘in your head’ as it is on your charts.
Next you have to get tough with yourself, by applying ‘tough love’.
Now matter how much I teach you or how much anyone else teaches you, translation of that knowledge into success is only possible if the knowledge is applied with a strictly disciplined mindset.
I’m just like you and just like you; I had to learn this stuff. It doesn’t matter how much I knowledge I have, unless it’s applied with discipline and patience I could toss my trading account out the window just like anyone else. What happens then?
The consequences can be dire; a vicious circle leading to a continual ‘erosion of confidence’. Please don’t go there and please, if you are there, there is a way out but it starts with you. Save this article and read it again if need be because I hope it will help you out of a big jam in case you do not know where you are or How To Get Out!
MENTAL TOUGHNES, MENTAL FITNESS, BEING ABLE TO RECOGNIZE WHEN YOUR EMOTIONAL STATE, YOUR MOOD, YOUR INTELLECTUAL ENERGY AND/OR YOUR EMOTIONAL ENVIRONMENT IS NOT CONDUCIVE TO GOOD TRADING.
I often tell my students to hang a sign over their computer that asks one single question before any and all other questions…ARE YOU FIT FOR TRADING TODAY?
If the answer is No, don’t trade, period.
What’s this all about?
It’s about stifling impulsive urges. It’s about knowing when you’re just having a bad day and it’s about Not letting a bad day spill over into your trading, upset your confidence and demoralize you the next day and the next.
Instill patience in your trading mindset…there’s really nothing like it.
Stifle impulsive urges.
Know when you’re having a bad day, put your trading aside and do something else that will help you regain your positive energy.
Don’t trade when you’re simply not mentally/emotionally/physiologically ‘fit to trade’
MOST OF ALL: If you’re in this rut, Recognize It As A Weakness You Must Correct.
If you compile your wins and losses side by side and compare them, I’ll bet you a cappuccino you’ll find that your wins came at times when you were mentally fit and had a calm and peaceful trading environment and your losses came when you were tired or distracted and pulling the trigger for no good reason…and not thinking of what you’d regret later.
Solution…restrain yourself; discipline yourself not to trade when you know you’re not fit to trade… get more sleep; revise your trading environment and your trading mindset from negative energy to positive energy…but Above All…Don’t Let impulsiveness take control of you…you’ll by far and away LOSE much more than you’ll gain.
It’s like the guitar player staring at a picture of the Grand Ole Opry who says to himself;
” Gee, I never get any breaks”.
Breaks very seldom just ‘come to anyone’…you need to make your breaks…by controlling yourself, by being mentally ready for them, by recognizing that you’re the one who controls your trading and thereby taking responsibility for your own actions, correcting negative energy and instilling positivity and MOREOVER by making patience and self discipline Implicit Behavior.
You gotta be tough to trade this market….be tough on yourself by correcting bad habits, negative energy, impulsiveness. Knowing when to trade and when not to trade.
Patience, self-awareness and mental toughness…it’s all in you!
Jeff Langin
