If there’s one word that represents so much of what we do in trading, whether that’s while you’re learning or as an experienced trader, it’s ‘patience’.
Many people talk about being a more patient trader and apply this to the need to wait for the correct setups that match your system. That is correct.
However, it’s also the patience you need, to understand that this is a long-term venture. You need to keep working hard and learning for months or years to get to the place you want to be with your trading, to be able to call yourself a consistently profitable trader.
It’s also the ability to be patient with your results. Even if you’re consistent with your trading, it’s not about the P&L on every individual trade. You need to be patient enough to understand that good trading is about being net profitable over the longer term, not needing to be profitable on every individual trade.
Patience in trading is about all of these things and so much more. So it’s good to remind ourselves of this single word that carries so much importance and significance for our trading, as often as possible.