I am really keen on the saying “Patience will bring good things and happiness” when it is true in all aspects of life. Especially when trading, if you are impatient, you will constantly face risks leading to losses. Patience, as a special variable, is added to a trading strategy to make it a successful one.
So does anyone know how to have patience in trading? This article will be an example of a seemingly simple trading strategy with 2 EMAs. But when adding up with the element of patience, it gives an effective money-making tool in IQ Option that investors call the “holy grail”.
The final piece of a perfect trading strategy is patience. Let’s find out how to train to get it.
- 1 Patience is the only and fastest method to succeed in any transaction
- 2 Methods to practice patience in trading
- 3 Review the trading strategy using 2 EMAs – an effective money-making tool
- 4 In conclusion
Patience is the only and fastest method to succeed in any transaction
Patience is waiting but it is not hopeless and passive waiting. It’s the initiative, the focused power, and a big part of the great success. Patience will be days and hours waiting for the best opportunity to trade. Success will come if there is effort, effort, and patience.
Even when knowing that, investors are still eager to open orders and then have to accept losses. Or do they find it easier to lose money than to wait? There are many different reasons to justify failure.
If you have not been able to control your emotions, wait for the right time, or fear losing opportunities, losses will still cling to you. It is only after experiencing a lot that you realize how important patience is in the investment process.
Methods to practice patience in trading
Staying patient is never easy. Moreover, in the Forex market, it is more difficult to be patient than ever. In this game, just one click can lead you to a short or long-term investment in IQ Option.
Fortunately, patience is a virtue that can be built and nurtured over time. From there, you will be surprised to see how relaxation and peace of mind can affect trading results.
Try to figure out why you are always in a rush to trade
We often lose patience when analyzing too many currency pairs. Or tracking multiple assets at the same time makes time pass quickly with busyness.
If you are doing too much in trading, review your to-do list before attempting a trade. Change your natural response to stressful situations.
Try to organize your work properly. Don’t let yourself fall into an impatient state of waiting for a good entry to make a profit.
Point out the factors that often make you impatient
Impatience emerges silently when you feel jittery, anxious, or unhappy while waiting for an opportunity. You may not even realize the underlying cause of these feelings. To reduce these times of impatience, you need to be aware of this and stay away from them.
Which sessions, periods, or situations make you lose your cool? Sit down and write down a list of things that make you anxious, stressed, or angry.
The crux of most problems is that we often have a hard time accepting reality. What is that reality to you? It is important to recognize them and modify the reactions that cost you money.
Keep your transaction log
Within a week or two of trading, whenever you feel impatient, write down what relates to that feeling (for example, May 14, the downtrend made me insecure). You need to make sure to take notes regularly and continuously every time that feeling comes up. It is to come up with a reasonable treatment regimen for that negativity.
You’ll find yourself more aware (and more willing) of impatience. From there, you can objectively observe impatience and know what events cause this feeling to increase to find a way to definitively address it.
You will come to the conclusion that the market is not making you nervous, but your feelings are causing it. This way, you’ll have better control over impatience when it comes up.
Review the trading strategy using 2 EMAs – an effective money-making tool
Trade the EUR/USD currency pair with the trading strategy using 2 EMAs.
The candle time period is 1 minute and the expiration time is 15 minutes.
The capital management method is Snowball (compound interest)
1st order: At the EUR/USD currency pair on May 10, the EMA50 (red) crossed the EMA150 (blue) from above and started to form a downtrend. Opened an order in 18 minutes for $100 when the Stochastic indicator was in the overbought zone.
2nd order: In the Asian session on May 11, the EUR/USD currency pair formed an uptrend when the EMA50 crossed the EMA150 from below. At that moment, the Stochastic indicator in the oversold zone. It was eligible to open a 22-minute DOWN order. The investment amount included profit ($80) + capital ($100) = $180.
3rd order: At the end of the Asian session on the same day, the downtrend still appeared when EMA50 crossed EMA150 from above. Opened a DOWN order when the Stochastic indicator was in the overbought zone with an expiration time of 19 minutes for (profit + capital) $320.4.
Patience brings enormous benefits to trading. You can see how far combining compound interest with patience can take your account.
There is no need to work hard to trade. Just wait for the right moment. I believe the time you put in will be well worth it. Impatient traders out there all lose a lot of money or give up the game. Here, you still grow at lightning speed with a cool head and steel discipline.