Turn Advice/Skill into Cash Profit Part 1 Patience

Converting advice and good trading tips into real cash

Part 1 – 10 Tips to learn trading Patience

A lot has changed in the past 25 years, as technology has kept moving forward at a rapid rate information and knowledge is widely available instantly just through a quick ‘Google’ search. Our media is easily accessible through on demand TV, no longer do we need to tape anything to watch later.

A beautiful thing but also something which has really started to hurt our ability to wait for things. We are not used to it and as society continues to evolve at this rapid rate patience is not something many people will have in abundance.

However, patience is a key skill for traders and without it we are nothing!

The destructive nature of a lack of patience in trading is evident on a daily basis. How often do we see people say ‘if only I waited to trade out’ or ‘I went in too early on that trade and took too high a price’? Simple answer – too often!

Perhaps, more hurtful to a trader is an inability to wait for talent and profitability to become virtually undeniable before piling cash in to a trade. Many people are in a rush, we often see or hear comments like ‘I need to make £1000 this month to prove this is worth doing’ or ‘I didn’t make a profit in my first week of trading, I am done’.

Anyone who follows our three month testing before putting serious money down rule ill be well equipped to know how profitable a strategy is by the time they come to put significant money on it. READ MY POST ON PAPER TRADING HERE!

Yet too often people cannot or will not wait that long before putting large bets on.

So how can us traders be patient?

Firstly, don’t take this as a post where we are having a go at newbies who make these errors. Most of us Pro’s have made them aplenty in our early days and we just want to help you make money, so here are 10 tips on how to overcome a lack of patience in your trading:

1. Don’t give yourself a profit target for the first few months of trading.

• It is simply too early on in your journey to pressurise yourself like this

2. Accept that serious learning is part of the game like any profession.

• Many careers take a lot of time to learn, this is no different, educate yourself all the time

3. Don’t bet any amount that puts pressure on you as a trader it won’t likely end well.

• If one trade could cause you emotional and mental damage then don’t do it!

4. Work a job while you learn, have plenty of money coming in to relieve pressure.

• Being a full time trader is a long term goal not a short term fix, make sure you are still earning a living while you learn to trade.

5. Don’t give up until you are sure this is not for you, I would give it 6 months at least.

• Of course if you know it’s not for you pack it in but don’t just do so after a bad month, if you really want to learn it properly.

6. Watch the other pros on the group to see their patience in action.

• How many pros are eager to over-stake and jump into trades too early? None that I know of. Learn from them on the group.

7. Don’t trade for the sake of it, stick to your strategy or the advice given.

• Just because you are free or watching some sport does not mean you have to trade it!

8. Never ever ever ever chase losses, the worm will turn eventually if you are a good trader!

• Did I mention never ever chase losses?

9. Wait for prices to be right, don’t worry about missing a short price back odds often move out favourably for you to jump on later on.

• Good things come to those who wait, things like Murray hitting near evens vs some donkey tennis player who starts like a house on fire but you just know will get taken down in the end

10. Relax – there is no rush to master this.

• Trading is not going anywhere in a hurry, just ask Richard Futter, who has been a pro-trader for over 12 years and is doing better than ever!

Some of these are common sense, some may not be so obvious. If you need help with this talk to us in the group! We love to be asked about things so don’t be shy and your issue will help others going through the same thing, of which there will be many.

If it takes you a year or two to learn, it will be well worth it in the long run. That is a year shorter than a degree and could actually lead to a career afterwards! (Unlike any degree course we ever took!)