One of the key elements in all forms of Forex trading is patience. No matter how good you think you are in forex, unless you have this attribute you will find time and time again you will have issues. To me forex full stop is a patience business. If you expect you are going to open a trade and the market is going go your way straight away then maybe this is not your business.
The reason i bring up this topic is because this was probably the hardest element for me to get passed in this business.. The idea of holding onto a trade when in profit or when marginally in loss was a bit of a mental war. This is the same for many. They find that once a trade goes into profit they want to close straight away. Let me tell you now, this is not a good forex trait. You need to address how you see the market. If however you are convinced you need to close now due to something the market is doing then by all means but if you are closing simply because you do not want to wait an extra day or two or a few more hours then chances are you are taking big profit and gains out of your account. I should know, this was one of my biggest hurdles.
So how did i get pass this, well that is a good question, the truth is i still sometimes give in to its whim, but it really is about discipline, sitting on your hands or even walking away from your computer..
and another one
As you can see these trades are from a trader know as Nunocarapuca, who is particularly patient on some of his trades.. One trade there closed recently at 1.2304 but was originally sold many months ago at 1.4028.. This is another example of a good trader to copy on Etoro. Impressive yeah..?
If you have not heard of Etoro before, it is where me and many other traders trade the forex market with the ability as well to copy other good traders that you choose. There is no fees for copying, simply copy and when they make money, you also make money. It is as simple as that. If you are looking to join me or Nunocarapuca then you can sign up for free here.
So the question is, how patient are you..?