Learning Patience in Trading – Price Action Traders Mindset Part 9

In part 9 of the series I will go over one of the key components we all need as traders and that is patience. Without it many traders will form bad habits. These habits include entering too early, entering too late, taking profit too early or even cutting losses too early. All these habits that are formed by lack of patience can be devastating on an account.

Let me give you a clear example for you as well. This example being two different types of traders point of view on the market. One hindered by not being patient and the other waiting on each move between certain price moves.

Learning Patience in Trading – The Video

Impatient Traders

Traders that are impatient often think they can sit down turn on there trading platform and right off the bat can place a trade. This is seriously not the way the market works unfortunately, even if one is trading the lower time frames there is always a wait between valid signals.

Also impatient traders often become scalpers which is okay in some circumstances yet as a habit leaves a lot of the profit off the table. I mean, we spend a lot of time between price zones that offer high probability, so not trading the full process potential when price gets there is creating a habit that over time maybe hard to change. Following a good process such as what is discussed in The Engulfing Trader series is key in breaking impatient patterns.

On occasion some impatient traders will even cut losses too early to find that there stop loss zone held quite fine.

Another attribute of an impatient trader may even be not waiting for the price action candle to close fully.. Many new traders to price action I am sure, can relate to this one. Waiting for candle close is essential.

Patient Traders

This is more so the trader you want to be. Remember it is not how many trades you take that makes you a trader, it is the efficiency of the trades that you take that builds your account. This can often be referred to as waiting for price to get to you. Waiting properly for price action candles to close. Waiting patiently for support and resistance zones. Waiting patiently in trade management as well. Some trades you may hold for days and some trades could be held for weeks… Some maybe hours.

patience trading

A patient trader knows this and as mentioned in the video, none of us are perfect as traders. Heck, I still make mistakes myself, we all do and I have been trading a long time, so do not put too much stress on yourself. Instead when you start to sway move back to the process which is a massive key in trading overall. The process is what keeps us on track overall.

Patience overall is not just about one thing though, it is patience to except losses, patience to except wins and patience to following the positive expectancy of your trading plan. All of which must be in focus as you go through your daily trading steps.

Overall patience is a big key for everyone, none of us can deny it, we all need it throughout life and trading is no different. It is important to see trading as not so much a plug and play system. See it more so as when everything aligns we can plug into it based off what our strategy allows. Then, as long as your strategy has a positive expectancy all one has to do is follow it, stick to it and over time it will produce results.

engulfing trader is available

AboveThe Engulfing Trader is Available..

Powerful Sayings that Relate to the Topic –

“…We cannot see trading as 1 trade, we must see it as a process of many trades, cutting our losses earlier than our winners and building our accounts by aligning ourselves with positive expectant moves…”

“… All we need is a positive expectancy of over 50% in trading any market as long as our risk to reward is smaller on the risk side then great profits await the patient trader..”

Both sayings being extremely valid and true. A patient trader also does not want to put too much expectancy on one self for monthly gains as well. Set easy realistic goals of realistic figures such as a monthly gain on the account of 4% to 5%, this is a goal that does not put much pressure on the trader and is realistic and achievable. By setting outrageous impossible monthly goals it can make many traders, even patient people, very impatient or stressed trying to get to hard to achieve targets. Keep it simple and keep it easy to follow as well for what you expect.

In time, you may be able to raise that goal but simple steps to begin is always best.

About Timon Weller

Timon Weller is the professional Writer and Trader behind the blog Forex Reviews. Timon Weller is also a professional Teacher of Price Action Trading and creator of the popular Training Series teaching people how to trade Price Action effectively called The Engulfing Trader. For other Forex Training available here at Forex Reviews click here.

For more on Timon Weller Click Here. To Learn more about How to Trade the Market and get updates Click Here.


  1. Yes, very nice video representation. I really enjoyed it. Patience is the key to success (we all know that) and it looks quite simple to be patient. But we do just opposite to what we should do.

    • Yeah, patience itself is a learning curve. 😉

      That is why following a good trading process is so important during trading, as it helps keep us all stay on the right track.

  2. Great Vid Timon, lot aspects i never thought about but i can directly relate to.

    I was having problems with letting my profits run and your advice about locking profits and managing a trade in general is really helping me to break this bad habit. Its also interesting you mentioned about trader taking single loss and acting like its the end of the world lol. Thats me, i break trade down look at all aspects trade just been way to hard on myself.

    Im trying not to be so hard on myself and accepting a loss as part of the process, its exceptable for me to take loss. I still check losing trades but just to make sure i followed my trade plan and executed everything correctly. If i did follow my trade plan then i just tell myself “thats trading” and remind myself of risk to reward ratios im making in long run this little loss is nothing.

    These videos are really helping me to high light bad habits and how to handle them. Sometimes your not even aware of an issue until someone points it out to you.

    Have a great New Year Timon
    P.S. I know its xmas day im watching forex videos lol.

    • Hey James,
      Your assessment is good and your reaction is good. Always assess however if you followed all your check boxes then you are doing fine even when losses do sometimes happen. We should never punish ourselves mentally for following the process.

      Some of the best traders in the world and most profitable traders in the world have a success ratio of less than 50%, however they deal with loss well and allow there trades that are right to run well..

      Some traders call this the 80 / 20 rule as well, meaning 80% of all trades will be average in gain or average in loss, however the other 20% of all trades taken will the trades that build the account. Meaning trades that give great reward to the risk value. As an example, a 3 to 1, reward to risk or higher.

      There is a lot of hidden gems in these famous sayings.

      Have a nice day and have a great new year as well.. 😉

  3. Hi Timon,
    Thanks for comprehencive explanations. Very educational.
    By the way, i saw, in some lessons, you face problem with lines charting(near by candlesticks).
    With all my respect!!! The decision: Go to Tools\Options\Objects\ and set Magnet sensitivity pixels to 0.
    Once again BIG THANKS!

  4. Patience is definitely my hardest aspect of my trading but yeah i have no trouble holding trades but i just dont wanna think about when to exit… I have noticed that more screen time on the charts through the day is actually dangerous to my trading because it makes me see setups that realy arent there or add to a position or move a sl too early.
    I try to use my time excersising, cleaning my apartment, reading forums or by playing which to me is least important and i get frustrated because other players are realy good at it and i suck.. but then again it puts a smile in my face noticing that i have already done everything i can to win trading and also other things whats good for me.. while some people just play hours and hours getting tired and never get other things done…
    Patience is a virtue in other areas of life aswell.. after you have done your work its time to wait people to do back things in your favor which they do or dont. This is great topic 🙂

  5. WayneWM says:

    More good stuff Timon

  6. John Rungen says:

    Hello Timon,
    Thanks for the video, I agree patient is a virtue, however at times I do get in to early.
    I follow the plan, tick all the boxes only to see the trade go further down the support or resistance line or passes through the fibs level.. You are right though, it is better to get in late than to early. Thanks again.

  7. Hi Timon

    I have started to become a lot more patient now and I believe it has improve myself as a trader. I have entered EURUSD, USDCHF and eventually GBPUSD over the last two weeks, just to get in at the right time with the latter, although this one has not really took off yet, if it does. I have used probably a bit too much risk but the trades looked strong and the reward is equal (at least), so on occasion, why not!



  8. Barrie Strong says:

    Extremely useful Timon. My biggest weakness (of so many) is patience. Eat like a bird and poop like an elephant comes to mind. However, yet again, your advices are very helpful and i’m sure we are all very grateful to you.

  9. Great vid on ‘patience’; might have to watch it a few times to drum the message home! thanks again!

  10. Ryan Young says:

    “Being a bit late getting into a trade” has helped me greatly.

    Thanks Timon.

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