A key requirement to be a successful trader is patience. Even very experienced traders will admit that their trading would improve if they work on their patience.
New traders are impatient and and long to be in a trade and until they take a position tend to see every tick as loss of opportunity. Once they are in, they are very impatient and want the trade to work right away and take them to profit. The moment they are out of a trade whether due to hitting a target or being stopped out, they want to be in again. Therefore, impatience makes traders overtrade.
Impatience, combined with greed and fear will force traders to have impaired judgement and results in inconsistent performance. Its very unlikely that a trader who is entering and exiting a trade every two or three bars to have a high success rate. Even a high success rate can be neutralized by a couple of poor trades if you focus only on small moves.
Patience for a trader, is being able to do nothing for hours while waiting for a proven setup o form and when it does appear, to act on quickly. After entry the trader should not exit as long as the stop is not taken out unless a setup in the opposite direction sets up and is triggered. The trade should terminate either by reaching a target or being stopped out. Patience and confidence in the setup will enable you to take larger profits.
Impatience is addressed by focusing on large moves. Looking for a large swing move will check your impulse to be in a trade since there are a small number of large moves in a trading day. Holding at least a small portion for a swing will also satisfy your need to be part of a move without having to re-enter every few bars.
Solid advice.
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