Develop the Fine Art of Patience
Patience is one of the most difficult aspects of trading and investing and extremely hard to teach. I have to work at applying patience conscientiously each and every day, even after years of trading.
As a professional trader and investor, I have the opportunity to sit in front of computers all day long, day after day. This is another double- edged sword. Yes, I have the ability to look for promising trading opportunities because I have lots of information in front of me; however, I also have the opportunity to second-guess great trades due to fluctuations in the market that may be unimportant. Therefore, I have learned that the best investments are those in which I have thoroughly studied the risk and reward and have developed a time frame for the trade to work. For example, if I place a trade with options six months out, I try to stay with the trade for that period of time. This takes patience. Of course, if I reach my maximum profit level before that time, I take that profit and get out.
Do not feel that you are at a disadvantage if you cannot trade and in- vest full-time. This allows you to avoid the “noise” in the market that occurs each and every trading day. Many of my successful students make more money by not watching the markets too closely.
Patience is one of the most difficult aspects of trading and investing and extremely hard to teach. I have to work at applying patience conscientiously each and every day, even after years of trading.
As a professional trader and investor, I have the opportunity to sit in front of computers all day long, day after day. This is another double- edged sword. Yes, I have the ability to look for promising trading opportunities because I have lots of information in front of me; however, I also have the opportunity to second-guess great trades due to fluctuations in the market that may be unimportant. Therefore, I have learned that the best investments are those in which I have thoroughly studied the risk and reward and have developed a time frame for the trade to work. For example, if I place a trade with options six months out, I try to stay with the trade for that period of time. This takes patience. Of course, if I reach my maximum profit level before that time, I take that profit and get out.
Do not feel that you are at a disadvantage if you cannot trade and in- vest full-time. This allows you to avoid the “noise” in the market that occurs each and every trading day. Many of my successful students make more money by not watching the markets too closely.