Will an impatient trader become successful?

[Decub]

Among the virtues needed in a potential trader is patience. A lot of time, I hear people re-emphasize on it as if an impatient person can't trade well. Of course there are impatient people who are just successful in their areas of endeavour. This is a quality that is found in some people, they are born with it and it's always difficult to overcome. Such categories of individual would hardly agree to go into Forex if they know they can't fit in well. But to me, determination and desire to learn play a greater role. One might just be patient but without any reasonable move to improve his status thereby spending greater part of his time doing nothing. Do you think an impatient but determined individual can be successful in Forex?

 

[gkintl]

Patience is an indispensable virtue that a trader should possess to succeed in trading. Without patience even a good strategy will prove worthless. An impatient trader will close positions even when the price moves in his favor. Furthermore, such an impatient trader will also enter and exit frequently. This would ultimately result in net loss. Patience is one of the key virtues required to have a balanced state of mind.

 

[Cutiekc]

No there isn't no way an impatient trader will become successful in forex trading, since patience is a prerequisition if we would want to be successful so therefor a trader who has no patience will invariably be in hurry to place an order without knowing the exact situation of the market.

 

[Decub]

Now it makes me begin to wonder what the faith of some who are just naturally impatient would be. A patient trader stand a higher chance of gaining more knowledge in the business and even staying longer, that I know but that quality which I know is very difficult to find in humans do not always exist the way we expect.

 

[sindarin]

It is very simple, of course they will not become successful how can it be an impatient trade become sucessful?, i never see impatient trade become a successfull trader in forex, being impatient only bring demise to use, because we will trapped into wrong trend easily and also loss faster because of our impatience.

 

[jackcm]

Although we are traders, we can learn from investor Warren Buffett. He is only famous for his strategies but also focusing on long-term, usually 10 years . Traders need to wait for good entry which reduces risk and maximizes earnings. Traders also need to wait for profit because everything needs to complete its process and especially, making money is never easy.

 

[hasan87]

I think there are hardly any man who is both impatient and determined. Trading in Forex market is not very easy as we think normally. A trader who wants to be a successful Forex trader must have some qualities and the patience is one of the important qualities. But if he is both inpatient and determined then it is his extra-ordinary quality and he can get success easily.

 

[Daisy]

I think when it comes to such a thing as winning real money in minutes, all of us will get impatient at time. I mean everyone get impatient when they get to a casino right. Before they even check in their luggage, they will stop by a blackjack table and put all of their money there, hundreds of dollars and then lose it all and then their trip is over right there and then. I think its hard to be patience in forex but we must try.

 

[gkintl]

I think when it comes to such a thing as winning real money in minutes, all of us will get impatient at time. I mean everyone get impatient when they get to a casino right. Before they even check in their luggage, they will stop by a blackjack table and put all of their money there, hundreds of dollars and then lose it all and then their trip is over right there and then. I think its hard to be patience in forex but we must try.

Losing in a casino is very much expected as odds are in their favor always. However, a trader should take the blame for losing continuously in the forex market. Impatience will never allow even a trader using the best strategy to succeed. It will only make him to exit trade early or enter at the wrong level. Patience is a must have virtue. Only then a trader can succeed in trading. Stop loss and take profit facilities are precisely aimed for the same.

 

[riddick09]

Apparently, impatient traders will never come up with a good analysis or trading decisions. They will be easily think of their trades and will not be careful in many factors. A good trader always have lots of patience about the market, waiting for the right time they will place their trades.

 

[Daisy]

I think that there are many impatient traders out there. But they will learn it the hard way so we need not warn them. Anyone who will not try to control themselves deserve to lose as that is the best way for them to learn. I know some people like this. No one can teach them to be patient until they lose it all and then they beg on the strip or become homeless and they will learn how to control themselves. We must learn to be patient in this kind of business. Haste make waste.

 

[sindarin]

Although we are traders, we can learn from investor Warren Buffett. He is only famous for his strategies but also focusing on long-term, usually 10 years . Traders need to wait for good entry which reduces risk and maximizes earnings. Traders also need to wait for profit because everything needs to complete its process and especially, making money is never easy.

I think you are right there, yeah many traders don't know when to enter and exit the market because they are impatient and want to make profit as much as they can. Patient is a must in forex trading, in order to minimize the risk and maximize profits.

 

[Daisy]

We don't need to wait ten years for forex cause that is not the nature of forex but more so for long term stocks and businesses. In forex, we can make good income in one month of long term and that is probably is the longest that I could wait. I can't do longer than that and if so I would prefer stocks as it might even grow so much more in the long term than forex. In forex, a person can wait for a couple of hours and can get good results or profits.

 

[budado]

If you do scalping then I guess if you are good in doing scalping you can make good profit even if you are impatient. Because I know we can really handle our account in here without any problem. I'm sure I can really becoming something good in here.

 

[Pettyeve]

Patience and forex work hand in hand. A trader who is not patient will not easily make it in forex. The process of learning takes time and the course of understanding it is not something that is easy to come by. That is why it needs a trader to remain patient and focused through the learning process.

 

[Decub]

We don't need to wait ten years for forex cause that is not the nature of forex but more so for long term stocks and businesses. In forex, we can make good income in one month of long term and that is probably is the longest that I could wait. I can't do longer than that and if so I would prefer stocks as it might even grow so much more in the long term than forex. In forex, a person can wait for a couple of hours and can get good results or profits.

If you do scalping then I guess if you are good in doing scalping you can make good profit even if you are impatient. Because I know we can really handle our account in here without any problem. I'm sure I can really becoming something good in here.

I tend to trade that path because I know there are out there that have spent some good number of time doing Forex which in the real sense may have had nothing to show for it. That doesn't mean it represents a greater percentage of traders and it doesn't mean those that have not been long they went and are making it are having two heads.

 

[Pettyeve]

I tend to trade that path because I know there are out there that have spent some good number of time doing Forex which in the real sense may have had nothing to show for it. That doesn't mean it represents a greater percentage of traders and it doesn't mean those that have not been long they went and are making it are having two heads.

Any trader who has stayed in forex and the person is not doing well in forex should not be a forex trader because forex does not fit the trader. It is better for him or her to look for something to do with their life.

 

[Dmitriy Ushakov]

An impatient trader will fail and will be poor!

 

[vic84]

Yes definitely, being patient is one the most important virtue a trader must posses, it helps you you take good decisions.

 

[starlite]

if you deal with impatience effectively and manage your trades well then it is possible to get benefit from this feeling.Normally traders are not making profits with impatience because they can not wait for exact time of entry and exit this thing damages their account.