This is a continuation of the Trading Words of Wisdom By Yoda, for Quote #6 click here.
5. “Patience you must have my young padawan.” -Revenge Of The Sith
Whether it’s in the traffic jam on the way home from work, dealing with sleepless children (or adults which can turn out just as bad), or just one long day after another we all could have benefitted from having our green little friend around to give us this timeless piece of advice.
Patience is a virtue that you have to fight for. To master it involves growing pains, practice, and the determination and resolve to look past what you are feeling at the present and look towards the future. It is easy for a trader to understand the importance of patience in trading, but knowing and doing–as we all know too well–are vastly different. Of course, it’s at our worst moments that we are expected to exhibit one of the toughest character traits; we know the stress of a bad trading day doesn’t make you want to sing praises of the joys of your hard-won patience, but it you never tested it how would you know how strong it is?
We know that if you show patience through the entire trading cycle, from entry to exit, you will find more success in the markets. The number one tool for ensuring patience is to follow your trading plan. Don’t get upset or excited (remember, a Jedi craves not those things) about trades that don’t follow your plan. It helps to remember why you have a strategy, and that you don’t want to disappoint yourself by disregarding it.
Happy Trading, and May The Force Be With You!
For Quote #4 click here.