Read on Twitter
Cultivating patience --
Many understand in trading that they need to exhibit patience in
1) Waiting for their setup
2) let the trade do its thing once we are in a trade
3) come out only when setup gives exit
but still they act impatient..
Let us see why...
1/
Many understand in trading that they need to exhibit patience in
1) Waiting for their setup
2) let the trade do its thing once we are in a trade
3) come out only when setup gives exit
but still they act impatient..
Let us see why...
1/
There are 3 parts in bringing about a change in our behavior -
1. Identifying the change (awareness of the issue)
2. Ways to make changes
3. Sustaining those changes for long term (this is tantamount to making money is easy but keeping it is difficult
)
2/
1. Identifying the change (awareness of the issue)
2. Ways to make changes
3. Sustaining those changes for long term (this is tantamount to making money is easy but keeping it is difficult
)2/
Many a times, we have identified that we are not waiting patiently for the setup to shape up. So, we basically muscle into the trade, see it collapse (or recover after our exit) and wonder what just happened 
This happens frequently and we always wonder why
3/
This happens frequently and we always wonder why
3/
It is basically our survival instincts overriding rational mind to create a thought process incapable of trading effectively.
Research unequivocally shows that our brain is not equipped to deal with uncertainty (the basic essence of trading). This is a hard truth
4/
Research unequivocally shows that our brain is not equipped to deal with uncertainty (the basic essence of trading). This is a hard truth
4/
Many use self-talk to address this issue. I also believe in self-talk and it might work beautifully in other areas of life but not in trading.
More often than not, traders take the wrong approach of using will power to become a patient trader but come out empty-handed
5/
More often than not, traders take the wrong approach of using will power to become a patient trader but come out empty-handed
5/
One can talk to himself (self-talk) that âI am a patient trader..I am a patient traderâ but the same mistakes seem to crop up in frequent intervals.
Some use sticky-notes but ultimately one will become a patient trader only when they experience it themselves
6/
Some use sticky-notes but ultimately one will become a patient trader only when they experience it themselves
6/
Usually, it means that we practice/cultivate patience in our non-trading life as well. This is a very important point as many believe they can peel away their non-trading life from trading
Sadly, it is not easy (if not impossible) and it might prove futile
7/
Sadly, it is not easy (if not impossible) and it might prove futile
7/
One plausible solution could be to forcibly putting ourselves in situations that require a person to exhibit patience
This might sound absurd but our brain does not know to compartmentalize activities that need a common trait (like patience)
8/
This might sound absurd but our brain does not know to compartmentalize activities that need a common trait (like patience)
8/
One can start a garden (will teach you lot of patience), teach physics (or some other subject) to their kids, babysit a toddler(lot of patience is required) or tutor a special child 
One can figure out lot of activities that exhibit patience outside of trading and do it.
9/
One can figure out lot of activities that exhibit patience outside of trading and do it.
9/
By doing the activities that require patience, we create that âpatient identityâ within ourselves and that will nicely manifest in the market.
We will never become greater risk takers in markets if we approach life with risk aversion
10/
We will never become greater risk takers in markets if we approach life with risk aversion
10/
Similarly, we will never be organized/disciplined in trading if we are not disciplined (common example is lack of discipline in working out)
If we are not disciplined in life-enhancing activity like hitting the gym, then trading will be no exception) in our daily lives
11/
If we are not disciplined in life-enhancing activity like hitting the gym, then trading will be no exception) in our daily lives
11/
Hope i dint touch a wrong chord in you by giving 'working out' example as many would have dropped their new year resolution of working out 4 times a week in January itself
Lethargy and procrastination are two powerful inhibitors to progress in life.
12/
Lethargy and procrastination are two powerful inhibitors to progress in life.
12/
Everything in life, approached properly, is an opportunity to exercise the capacities we most require in trading
I always say to my fellow traders - âbecoming a better trader is a path to becoming a better personâ
Just ask the spouse of a consistently successful trader
13/
I always say to my fellow traders - âbecoming a better trader is a path to becoming a better personâ
Just ask the spouse of a consistently successful trader
13/
So, take baby steps and move one stone at a time
If we need to change, we need to internalize new ways of doing the same thing and create that fresh set of experience.
Every day is a new opportunity and every step counts , no matter what
14/
If we need to change, we need to internalize new ways of doing the same thing and create that fresh set of experience.
Every day is a new opportunity and every step counts , no matter what
14/
Once we keep internalizing things and become patient everywhere, sustaining the changes will be automatic.
You are the captain of your life and patience is an important skillset to succeed in anything worthwhile
Happy trading all !!
15/15
You are the captain of your life and patience is an important skillset to succeed in anything worthwhile
Happy trading all !!
15/15
