Many times, in day trading, you find on your chart that a stock price is rising. When you begin to expect an uptrend to enter the trade, you instead face the pullback continues. The price stall again and you exit the trade with a loss. You are upset, then do not pay sufficient attention when the price starts to climb up again.
You may have experienced that situation several times. Even with the best trading strategies, you need to know that being patience improves day traders’ performance, and nothing can beat it.
Not being patience can cost you the loss and missing the right entry point on the next trade.
How Impatience Gives You Bad Timing?
It is frustrating when you buy right before the price drop or sell right before the price rise. When this occurs, many traders blame their timing, or they feel like they are just out of sync with the market.
But, the truth is they are just being impatient. Impatient trade will only bring additional stress, wasted emotional energy, and of course the unnecessary losses. You will lose track on the valid signals which, most of the time, happen seconds after you exit your trade.
How to know that you are being impatient, then? It usually happens when you have the right expectation on the price direction, yet you are not within the trade during the price move in that expected direction.
Ways to Improve Patience and Timing
Many traders gain huge profits with the help of a strategy that tells them the place and the time to get into a trade. Yet, when they encounter real-time fast-moving charts, they usually get trapped into believing that they should get into that trade before the setup is fully formed. They get in a bit early and get losses.
Thus, you have to always wait for your setup to fully form and trigger your trade, missing a trade should not be a big problem. Focus only to take trades with a complete setup that triggers your trade.
That proofs being patience improves day traders’ performance.