The importance of patience in trading

[Joy- maker]

Just like they say, the patient dog eats the fattest bone, some will say the patient dog does not eat the fattest bone again oh! But, you cannot over emphasis the importance  of patience, in trading as most people loss to the market because for  lack of patience.

Why most people loss to the market is because they enter the market anyhow without carefully analyzing the market from the different time frame.

Also, waiting for your analysed market to come to play before entering the market is also very important, most persons in trading just enter the market because, they see a downward trend without carefully analyzing the real market structure and waiting patiently for it

Patience , does not only imply entering the market alone.  A good capital is also needed to trade the market to be successful, but patience is also needed to transform that your small capital to a big one, by gradually making profits  to a huge sum.

Hence, in the trading space patient cannot be over emphasis if we must be a good trader.

to be patient in life is very important, but in this case  I don't think trading is working hand in hand with patient, because trading has to do with making quick decisions and reacting to the market fluctuations at the right when you have already place a trade to avoid losing money, and  for me where I think patient is really needed in this crypto space is when you are investing in a coin e.g bitcoin for long term.

[Victorybit1]

Trading is a process and a lot of people don't want to follow the rules, they just want to get quick money from the market but it doesn't really work like that.  Over the years I have learnt that as a trader you are not supposed to take advantage of every opportunity you get in the market, so might be a trap. You must always learn to be patient and strategic. It's okay to spend one week analyzing a trade you want to take and wait for whenever the market suites your analysis, patience is key

[mirakal]

Patience is an asset in trading. You cannot be a good trader if you are not patient enough. Hence, those who are successfully traders by now have definitely realized the essence of patience in trading.

However, if you want to be real success and profitable with your trading career, don’t just master patience, but be skillful as well on doing fundamental and technical analysis. Do not just focus on when to enter the market, but study as well on how to make the best exit when trading.

[LogitechMouse]

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Hence, in the trading space patient cannot be over emphasis if we must be a good trader.

While patience is a big factor when we are trading, I guess let's also not forget that patience ALONE isn't enough for us traders to be profitable in trading. We need more. We need skills. We need knowledge. We need experience. We need capital. We need a trading strategy that works for us.

I'm proud to say that I'm one of those many traders out there that are impatient when trading. TBH, it's hard to be patient especially when you're just day trading, and there are times on my part where even I'm scalping on a 5M or even the 3M or 1M timeframe, I'm becoming impatient as well.

Luckily, with the help of experience, and those losses that I incur because of being impatient, I learned from it, and I'm more patient now than ever. What I'm doing is just scan the markets, look at possible entries, put a stop-loss and take profit, and close the app(mobile)/website(PC), and that's it. What I realize is that, the more I watch the market, the more impatient I'm becoming so I'd rather just put the stop-loss and take profit, and hope for the best. At the end of the day, trading is all about probabilities. If I win, I win. If I lose then something is wrong with my analysis.

Learning being patient is hard based on my experience, but it isn't impossible to learn. Losing because of being impatient will make you realize your mistake hence, you will learn from it especially if you really want to be profitable in trading.

[Rockstarguy]

In trading, patience is not only required in market entries. From the first step of trading, which is learning, patience is very important and cannot be overlooked. If you are impatient to learn trading, then there will always be challenges in trading and in making a profit. Trading itself requires patience because if you lack patience, it is assumed one is just gambling and not trading. If one can develop good patience to learn trading well and applies it to the trading market, it will definitely lead to better results in trading.

[Abbatty]

I can't say you are not correct, you're absolutely right but a lot of similar post like this about patience are been posted regularly where low rank members try to remind us of discussions being made earlier.

You cannot over emphasis the importance  of patience, in trading as most people loss to the market because for  lack of patience.

Being patient is very important to succeed in trading and as you said most traders actually take this for granted and they just proceed into trading without carefully analysing and having a strategy in mind to follow and that makes them to rush into trading recklessly.

Being patient helps to improve other qualities of a trader like discipline, risk management and also elimination of greed. To become successful a trader needs to learn to have these qualities.

[Dzwaafu11]

Trading is a process and a lot of people don't want to follow the rules, they just want to get quick money from the market but it doesn't really work like that.  Over the years I have learnt that as a trader you are not supposed to take advantage of every opportunity you get in the market, so might be a trap. You must always learn to be patient and strategic. It's okay to spend one week analyzing a trade you want to take and wait for whenever the market suites your analysis, patience is key

As long as trading is concerned, patience is one of the most important things a trader should have before entering the market. It doesn’t really favour traders who do not have patience; they hardly make money from trading because of lack of patience.

They don’t wait for the right time to make money from the market; they want to use every single opportunity to make money, which is why many of them are losing their money in the market. Furthermore, they are the type of traders that don’t want to lose in trading because they feel like keeping waiting is going to make them lose.

[justdimin]

So this patience is just one of the characters that all traders should have, it is not the main requirements but it is one of the ones that can contribute
to them becoming successful traders in the end.

It is true that patience is one of the many characters that support the success of a trader and if combined with knowledge, analytical skills and knowing which coins have the potential to provide profits, then the possibility of achieving long term success can be obtained but what is certain is that patience does not come suddenly, having patience takes time because this is an ongoing process.

All of which requires time to get better. I am sure that some people have it better even at start, like there are some personal stuff about it. However, most of the time, these are learned things. Sure, at the very start, there could be some people who are more patient than others, even on day 1, but if they stop and not grind while you keep on grinding, then you are going to be more patient than them. Same with every other skill too, and this is why the most important thing is to consistently keep on working on these stuff.

If you do that then you are going to get a lot more money. Just keep on grinding and keep on making more money, it would allow you to make some income and should not be that bad at all. If you do that then you are going to get enough profit to see that it was worth it to not give up.

[Botnake]

They say patience is more than just waiting, it’s a form of discipline that all traders should acquire. Otherwise, if traders won’t try to be patient, they will never make informed, rational decisions that will help them to analyze the market well, and they won’t be able to timing the market and find the best entry and exit so that maximum profits will be achieved.

Aside from mere knowledge and skills, patience also matter the most to gain successful trading experience.

[Ndabagi01]

I have traded before, and without patience, I always end up in a bad position and hit my stop loss.
I learned from my mistakes and I let the market come to my position and I only put my entry on high probably setup. That is why, as others have stated, only enter into high quality trades with low risk and high reward. Patience is essential here; if you are impatient, you will only get low quality trades with high chances to hit SL.

Patience is the key in trading and if you don’t inculcate the virtue of patient, you’ll end up losing more trades and will get your capital liquidated as soon as you can imagine. When you have a high probability setup, you should try as much as possible to wait for the market to reach your point of interest and not allow impatience to make you go after the market before getting to your point of interest.

With good set up and patience in waiting for the trade to play out, a high probability set up in two places in a week can give you enough for that week and wait to trade again the following week. Trading is not easy but those that  have learnt and understood trading and still fail, it’s not that they didn’t learn well but because they’re yet to have the total control of their emotions which cannot be thought but only learnt by yourself.

[Franctoshi]

One key tool about being a successful trader is patient, the market will definitely test your patient and those who has patient are the people that the market rewards.

How can you be patient?

One is being patient with your trading set-ups and entry to get fulfilled before taking that trade or Buying any asset, Bitcoin or cryptos.
Secondly, being patient for the market to meet your targets don't get pressured by the market volatility because the market will sometimes comback to entry point to take you out but when you understand the market and believe your set-up you won't become those traders they call weak hands.

[AYOBA]

Trading is a process and a lot of people don't want to follow the rules, they just want to get quick money from the market but it doesn't really work like that.  Over the years I have learnt that as a trader you are not supposed to take advantage of every opportunity you get in the market, so might be a trap. You must always learn to be patient and strategic. It's okay to spend one week analyzing a trade you want to take and wait for whenever the market suites your analysis, patience is key

The word trading is all about follow the long procedure and the rules that is very important relate to crypto, but some of the people don’t understand that they will just jump into the trading market with getting the proper orientation; and that’s why most of the people’s failed when ever they come to trades there’s some rules that is very important to know about the trade’s before any others things.

But due to lack of patience they won’t wait for them to know the some of the rules, because they want to warn quickly from the crypto market, and life of cryptocurrencies doesn’t work in that way that’s why it deserves a lot of attention from everyone who is interested in cryptocurrency trading.

[BABY SHOES]

Keeping it limited to Bitcoin and only Spot trading, patience is important.

This is when following the buy low sell high method, you wait for the bear market to hit and then buy at dropping levels. Then you wait for the market to go bull again which takes an average of 6m to 1year and then you sell those BTC to get back your USD(T). Then the cycle repeats and the test of patience is once again performed.

With altcoins the coins might never see the light of the day after a bear run. With non-Spot trading everything becomes a gambling game. So they are not recommended.

Spot trading is lower risk than futures... but people will feel bored doing spot trading especially in bitcoin it takes a long time to take profits, while other people run a lot on futures trading by using high leverage.

If you want to be more comfortable then of course use the method ... the same thing as investing for 6 months or 1 year is not much different.

Trading altcoins on futures is clearly high risk, people usually hunt for coins that are just listed as gambling.

[Jegileman]

In trading psychology you would learn the value and importance of having this quality as a trader. Read any of the trading psychology books out there and most of them have a dedicated chapter solely to patience.
Even as a day trader patience has to be balanced with speed. The both are important in the profitability mix. If you have more of one and less of the other you are likely not to be profitable as a trader.

A lot has to come in place for you to be called a profitable trader, one of them is being patient. Psychology, risk management, fears all has to do with your emotions which you need to deal with and take control of if you want to  be profitable in trading. That aspect of trading that is called patience is been emphasized on because of the seriousness in it and what it has caused many people that lacked it even though they’re good traders and have had the sufficient knowledge to be profitable. Learning about trading just encompasses one part, with the knowledge you’re 90% a profitable trader but if you lack the remaining 10% which has to do with your psychology.

[Natalim]

Patience becomes a virtue when trading. If you can't be patient with your trades, you will never experience the best productive and profitable outcomes then. With patience, you will be guided not to be impulsive on decision-making, as that will only ruin your plans in your trades and become a reason not to achieve your target goals.

Patience is a very essential trait, but more than that, if you want to succeed in trading, a trader should also be aware his own capabilities to trade so that he can make a good preparation if ever he is not ready yet to trade on the real field in which your money is already at risk.

[Josefjix]

Hence, in the trading space patient cannot be over emphasis if we must be a good trader.

It's perfect to be patient but where you channel your patience to is very vital, I mean, what kind of crypto assets you purchase and then begin to exercise patient in, so many newly traders buying meme coins that has no utility and use cases and practice been patient in something that keeps depreciating through out the rest of the market till they get delisting on whatever exchange they were.

So in general, a trader has to be patient in very volatile assets that is sure to show appreciation over time and not in a useless token that can't bring forth fruits.

[Mame89]

No doubt that patience is a crucial factor when trading. However, let us not forget that knowledge, skills and strategies are still the best keys to be a successful trader. You don’t trade just because others are trading, but you decide to take the risk in trading because you are knowledgeable and skillful enough, and knows how to navigate your possible losses into positive trades. Being patient is just a secondary factor, let alone will never guarantee profits.

Even in real business, without planning and patience is the same as gambling. Moreover, in trading which is full of risks and very volatile prices, of course patience is a very basic thing in trading. Usually many people do not have patience not only because of other people's trading but because trading using money that is not ready to be lost or borrowing money because when trading with money like that it will have an impact on psychology that makes you error or want to get rich quickly. So even though you have a lot of knowledge about trading but in a matter of seconds when trading you will forget everything and forget your knowledge because of this non-technical factor.

So you have to follow the rules of the trading system patiently because this is the only way to succeed in the long run. However, if you tend to forget it and deviate from the rules because you are very eager to pursue big and fast profits without patience then you will be in chaos in trading.

[bitzizzix]

Patience in trading is very important, and patience does play a very important role and is very much needed to make mature decisions in terms of making decisions at the right time and also the right time to enter and exit in order to generate good profits and also in managing risk effectively. And to improve or train patience, you should focus on generating profits in the long term and with that you can learn and train your patience about everything about trading before you become a profitable short-term trader. And with this you can also improve your knowledge and skills in trading because trading activities take a very long time to become a profitable trader.

[batang_bitcoin]

One key tool about being a successful trader is patient, the market will definitely test your patient and those who has patient are the people that the market rewards.

Yes, these patient traders get the reward because they can wait on how the market will do them the favor. But just to mind everyone about being patient, not all of the results of being patient are good. When we're into altcoins that are not popular, if we're so patient with them and awaits for a better reward and profit, instead of having that, we're getting the losses. I've been there and done that, and that's why I know that patience is actually a good thing but we have to control it as well if we're trading uncertain assets or cryptos like the new ones.

[Finestream]

In trading, patience is not only required in market entries. From the first step of trading, which is learning, patience is very important and cannot be overlooked. If you are impatient to learn trading, then there will always be challenges in trading and in making a profit. Trading itself requires patience because if you lack patience, it is assumed one is just gambling and not trading. If one can develop good patience to learn trading well and applies it to the trading market, it will definitely lead to better results in trading.

True, patience is indeed an important factor even in its first phase of learning. If you are not patient, you will not absorb and gain anything, even those very little insights about trading. And being impatient will result into wrong application, which will only lead you to creating consistent losses when trading.

Being patient can be underrated but it goes a long way being patient with your trading journey. No trader goes into perfection all of a sudden, everything takes time. All those mistakes and losses if faced positively and with patience, will eventually turn into a success in the long run.