Do You Know What You Are Being Patient for?

Patience in trading is the discipline of being with your restless energy when things aren't happening they way you want them to. If we are to be patient, we must know what it is we are being patient for. That is part of what making a trade plan is all about.

I know I’m being patient for the conditions of my setup to line up. After that i know I’m being patient for my planned entry to hit. Then I know being patient and waiting to either get stopped out or start to manage profits. There is no escape other than to make up some justification to break my discipline and try to make something happen or force the trade.

The analysis for this trade is simple and straightforward. FNV is going down according to the fixed cycle (amount of bars on the chart) I’m looking at, therefore I want to sell a pullback. The rest is just structuring an exact entry and stop along with management after im in the trade.

Understanding and practicing patience in trading is not just about waiting; it's about disciplined waiting with a clear purpose and strategy. Its a practice.

Shane

Trade active:

Trade has been triggered. Now it is a matter of choosing to follow the written plan. At this point I do nothing. I either get stopped at 111.06 or if price reaches 3R at 99.37 I move profit stop to 1R at 105.21.

Trade closed: stop reached:

Trade is stopped according to plan and is done.