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Day 4 - Patience & Discipline

alifari 投稿日: 2015年11月04日  in #Trader's blog #Patience #Discipline
Patience & Discipline:
"It's not the mathematical skill that's critical to winning, it's the patience & discipline of being able to stick to the system"
In my opinion, the number one reason a novice retail trader fail to become consistently profitable is due to lack of discipline to follow a trade plan. It often happens, when the market is not behaving according to their expectation, they become impatient and take trades out of frustration and deviate from their trade plan.
Perhaps this lack of…
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DAY 18 - PATIENCE & DISCIPLINE

alifari 投稿日: 2014年05月18日  in #Trader's blog #Patience #Discipline #Trader #Amateur #Professional
Patience & Discipline - Amateur Traders vs Professional Traders

Amateur
Traders are not sufficiently selective when entering trades. When they see volatile price movements, they become impatient and enter trades in middle of nowhere based on emotion, fear & greed rather than waiting for their system to give a buy/sell signal according to their trade plan. They want to be part of market action, as soon as they open their charts and see volatile price movements. They don't think in terms of proba…
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Jignesh avatar
Jignesh 2014年05月19日

I read this as I'm contemplating what to do with 2 trades I just missed and are going my way.  Your timing is impeccable!

alifari avatar
alifari 2014年05月19日

Jignesh, it's all part of the game, we miss some, we get some, but market provides us with ample opportunities day in and day out. Gonna write something about missed trades in my next blog.

Jignesh avatar
Jignesh 2014年05月20日

You're right,  But it depends on the time frame you trade.  Scalpers have opportunities all the time, but say you hold trades for a few weeks, those opportunities only come 2-3 times a month.  If you miss it, it's harder to shake off.Looking forward to reading your insight on missed trades.

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alifari 2014年05月20日

I agree with u and used to think the same, but if you have a higher time frame bias and conviction that price will go in certain direction and even if you miss the first opportunity, you can drop down a time frame or two and enter on retracement with tighter SL and earn similar R profitability then the initial trade. But this logic best work on live account, but in contest it's all about high profitability, so yes I agree that it's hard to let it go.

Jignesh avatar
Jignesh 2014年05月20日

Yes you are right.  I'm speaking with a bit of a bias.  I've been wanting to short Gold all year.  I missed the first entry on March 16, and then missed the retracement on April 14 by $2.  It's been hard to shake that off, these are the types of trades that make my quarter.  But for the most part, usually you get a decent retracement.

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Patience & Discipline - Posted on 19th April

alifari 投稿日: 2014年04月19日  in #Trader's blog #Patience #Discipline
I have been lacking patience & discipline this month in my trading, so did lot of reading on psychology related stuff this weekend. Here is another paragraph from my article. It's always good idea to go back to basics and learn from your mistakes.
Focus on learning how and why price moves, and you will make money.
Focus on how to make money, and you will go nowhere.

Patience & Discipline:"It's not the mathematical skill that's critical to winning, it's the patience & discipline of being able to…
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Have a Plan and Trade your Plan

alifari 投稿日: 2014年02月24日  in #Trade #Patience #Discipline #Plan
A losing trade is not necessarily a bad trade. A bad trade is when you did not follow your Trading Plan. Accept your mistake, learn from it, and move on. The big enemy is always between our ears

Follow your trading plan with patience and discipline, have proper risk management and the money will come to you. The key is to keep it simple and consistent and not jumping to 100 different ways to trade after few losses. Invest your time and effort to acquire basic trading knowledge first. Success…
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jezz 2014年02月25日

''Accept your mistake, learn from it, and move on''
My life moto :)

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Patience & Discipline

alifari 投稿日: 2013年12月04日  in #Trader's blog #Patience #Discipline #Trading Psychology
1. Patience & Discipline:"It's not the mathematical skill that's critical to winning, it's the patience & discipline of being able to stick to the system"

In my opinion, the number one reason a novice retail trader fail to become consistently profitable is due to lack of discipline to follow a trade plan. It often happens, when the market is not behaving according to their expectation, they become impatient and take trades out of frustration and deviate from their trade plan.
Perhaps this lack …
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jezz 2013年12月04日

Because we all take the famous 5 steps to become a trader. First you see a 24/7 winning time before you end up at 8/5 ;) regular job with ups and downs

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alifari 2013年12月05日

Well said...

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