Patience as one of the most important qualities for a trader.

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Why We Need to Be Patient in Trading

Traders always want their positions to go straight towards their expected direction. However, the price always moves in waves up and down even in a certain trend, and that’s why patience in waiting for the right entry is necessary. Most traders have basic skills but not all of them can make a good decision at the right time and right place. The ride can be too short or worse, the market wave can knock the traders out.

The trading opportunities can appear in the continuation of the present trend or in the reversal of price. Normally, the trader has to carefully observe the price movements then marks the noticeable patterns, remarkable levels, and use technical indicators to analyze before placing the orders.

Analysis process takes time surely but its reward is considerable. A careful and meticulous analysis always results in a more precise decision.

Patient to not Rush and be Panic in Trading

A piece of bad news for all new traders, you cannot win all your orders even when you are an expert. No matter how good your strategy is and how correct your trading decision is, the market can still turn against you sometimes.

In the small scale, it can be a small oscillation before prices get back towards your expected direction. In the bigger scale, it can go against your prediction.

Don’t be afraid. If the situation goes dark, your stop loss level will do its duty. Your tactic has been through many tests, your risk management still gets your back. You just can’t lose all of your money within one or two positions so there is nothing to worry about.

If the market totally goes against you, the only thing you can do is to cut your losses and reassess the market. A spontaneous revenge order just simply makes everything worse. Luck is something you should have but the precision is the key you must have and it can only be gained by patience and calm.

When having a series of losing trades, you should take a break and go outside for a while to reduce stress.

If you keep losing, maybe your system is not proper; it’s time to stop trading to reconstruct your system. Don’t worry, a proved system just needs a few adjustments. But once again, your patience is challenged and you must pass this psychological test.

How to be Patient?

The first lesson to be patient lies in the first section. Yes, it starts since you decide to learn to trade in the right way. The learning process includes many readings, watching, testing with no money earned. Its boredom absolutely tires you but it is exactly when your patience is built.

Have you ever wondered why we learn everything so quickly when we are small? That’s because we don’t have many things to concern so we can focus on our works. Similarly, if you want to learn to trade in a shorter time, you must remove everything that may distract you, of course except healthy habits like exercises, sports, and others.

When trading, you should also record all your activities:

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в—Џ Why did you enter the market?

в—Џ Price movements

If you notice, all of them slow down your whole process but it is the point: you have to do everything step by step to achieve many small goals. Besides, it calms your haste and buys you some time to make sure you do everything precisely. Gaining patience is hard and takes time but giving it up is too fast and easy.

The Bottom Line

Trading is a long run, and trading winners are not the fastest but the most durable one. And so, patience plays the indispensable role; it is earned since you begin to learn and fostered through your trading time. It would be tough but the prize for it is giant.

If you find it hard to be patient, you can always seek help from experienced advisors at Finmax. They can give you valuable advice on being patient when trading.

On a small scale, this may be a slight fluctuation before prices return to the expected direction. On a wider scale, this can go against your forecast.

Do not be afraid. If the situation goes out, your stop loss level will do your duty. Your tactics went through a lot of tests, your risk management still gets your support. You just can’t lose all your money in one or two positions, so you have nothing to worry about.

If the market goes completely against you, the only thing you can do is reduce your losses and reexamine the market. The spontaneous order of revenge just makes things worse. Luck is what you should have, but accuracy is the key you should have and can only be obtained through patience and calmness.

Having a series of losing trades, you must take a break and go outside for a while to reduce stress.

If you keep losing, your system may be out of order; it’s time to stop trading to restore your system. Do not worry, the proven system just needs a few adjustments. But once again, your patience is being tested, and you must pass this psychological test.

“General Risk Warning: Binary options and cryptocurrency trading carry a high level of risk and can result in the loss of all your funds.”

The Benefits of Being a Patient Person

Good things really do come to those who wait.

As virtues go, patience is a quiet one.

It’s often exhibited behind closed doors, not on a public stage: A father telling a third bedtime story to his son, a dancer waiting for her injury to heal. In public, it’s the impatient ones who grab all our attention: drivers honking in traffic, grumbling customers in slow-moving lines. We have epic movies exalting the virtues of courage and compassion, but a movie about patience might be a bit of a snoozer.

Having patience means being able to wait calmly in the face of frustration or adversity, so anywhere there is frustration or adversity—i.e., nearly everywhere—we have the opportunity to practice it.

Yet patience is essential to daily life—and might be key to a happy one. Having patience means being able to wait calmly in the face of frustration or adversity, so anywhere there is frustration or adversity—i.e., nearly everywhere—we have the opportunity to practice it. At home with our kids, at work with our colleagues, at the grocery store with half our city’s population, patience can make the difference between annoyance and equanimity, between worry and tranquility.

Religions and philosophers have long praised the virtue of patience; now researchers are starting to do so as well. Recent studies have found that, sure enough, good things really do come to those who wait. Some of these science-backed benefits are detailed below, along with three ways to cultivate more patience in your life.

1. Patient people enjoy better mental health

This finding is probably easy to believe if you call to mind the stereotypical impatient person: face red, head steaming. And sure enough, according to a 2007 study by Fuller Theological Seminary professor Sarah A. Schnitker and UC Davis psychology professor Robert Emmons, patient people tend to experience less depression and negative emotions, perhaps because they can cope better with upsetting or stressful situations. They also rate themselves as more mindful and feel more gratitude, more connection to mankind and to the universe, and a greater sense of abundance.

In 2020, Schnitker sought to refine our understanding of patience, recognizing that it comes in many different stripes. One type is interpersonal patience, which doesn’t involve waiting but simply facing annoying people with equanimity. In a study of nearly 400 undergraduates, she found that those who are more patient toward others also tend to be more hopeful and more satisfied with their lives.

Another type of patience involves waiting out life’s hardships without frustration or despair—think of the unemployed person who persistently fills out job applications or the cancer patient waiting for her treatment to work. Unsurprisingly, in Schnitker’s study, this type of courageous patience was linked to more hope.

Finally, patience over daily hassles—traffic jams, long lines at the grocery store, a malfunctioning computer—seems to go along with good mental health. In particular, people who have this type of patience are more satisfied with life and less depressed.

These studies are good news for people who are already patient, but what about those of us who want to become more patient? In her 2020 study, Schnitker invited 71 undergraduates to participate in two weeks of patience training, where they learned to identify feelings and their triggers, regulate their emotions, empathize with others, and meditate. In two weeks, participants reported feeling more patient toward the trying people in their lives, feeling less depressed, and experiencing higher levels of positive emotions. In other words, patience seems to be a skill you can practice—more on that below—and doing so might bring benefits to your mental health.

2. Patient people are better friends and neighbors

In relationships with others, patience becomes a form of kindness. Think of the best friend who comforts you night after night over the heartache that just won’t go away, or the grandchild who smiles through the story she has heard her grandfather tell countless times. Indeed, research suggests that patient people tend to be more cooperative, more empathic, more equitable, and more forgiving. “Patience involves emphatically assuming some personal discomfort to alleviate the suffering of those around us,” write Debra R. Comer and Leslie E. Sekerka in their 2020 study.

Evidence of this is found in a 2008 study that put participants into groups of four and asked them to contribute money to a common pot, which would be doubled and redistributed. The game gave players a financial incentive to be stingy, yet patient people contributed more to the pot than other players did.

This kind of selflessness is found among people with all three types of patience mentioned above, not just interpersonal patience: In Schnitker’s 2020 study, all three were associated with higher “agreeableness,” a personality trait characterized by warmth, kindness, and cooperation. The interpersonally patient people even tended to be less lonely, perhaps because making and keeping friends—with all their quirks and slip-ups—generally requires a healthy dose of patience. “Patience may enable individuals to tolerate flaws in others, therefore displaying more generosity, compassion, mercy, and forgiveness,” write Schnitker and Emmons in their 2007 study.

On a group level, patience may be one of the foundations of civil society. Patient people are more likely to vote, an activity that entails waiting months or years for our elected official to implement better policies. Evolutionary theorists believe that patience helped our ancestors survive because it allowed them to do good deeds and wait for others to reciprocate, instead of demanding immediate compensation (which would more likely lead to conflict than cooperation). In that same vein, patience is linked to trust in the people and the institutions around us.

3. Patience helps us achieve our goals

The road to achievement is a long one, and those without patience—who want to see results immediately—may not be willing to walk it. Think of the recent critiques of millennials for being unwilling to “pay their dues” in an entry-level job, jumping from position to position rather than growing and learning.

In her 2020 study, Schnitker also examined whether patience helps students get things done. In five surveys they completed over the course of a semester, patient people of all stripes reported exerting more effort toward their goals than other people did. Those with interpersonal patience in particular made more progress toward their goals and were more satisfied when they achieved them (particularly if those goals were difficult) compared with less patient people. According to Schnitker’s analysis, that greater satisfaction with achieving their goals explained why these patient achievers were more content with their lives as a whole.

4. Patience is linked to good health

The study of patience is still new, but there’s some emerging evidence that it might even be good for our health. In their 2007 study, Schnitker and Emmons found that patient people were less likely to report health problems like headaches, acne flair-ups, ulcers, diarrhea, and pneumonia. Other research has found that people who exhibit impatience and irritability—a characteristic of the Type A personality—tend to have more health complaints and worse sleep. If patience can reduce our daily stress, it’s reasonable to speculate that it could also protect us against stress’s damaging health effects.

Three ways to cultivate patience

This is all good news for the naturally patient—or for those who have the time and opportunity to take an intensive two-week training in patience. But what about the rest of us?

It seems there are everyday ways to build patience as well. Here are some strategies suggested by emerging patience research.

  • Reframe the situation. Feeling impatient is not just an automatic emotional response; it involves conscious thoughts and beliefs, too. If a colleague is late to a meeting, you can fume about their lack of respect, or see those extra 15 minutes as an opportunity to get some reading done. Patience is linked to self-control, and consciously trying to regulate our emotions can help us train our self-control muscles.
  • Practice mindfulness. In one study, kids who did a six-month mindfulness program in school became less impulsive and more willing to wait for a reward. The GGSC’s Christine Carter also recommends mindfulness practice for parents: Taking a deep breath and noticing your feelings of anger or overwhelm (for example, when your kids start yet another argument right before bedtime) can help you respond with more patience.
  • Practice gratitude. In another study, adults who were feeling grateful were also better at patiently delaying gratification. When given the choice between getting an immediate cash reward or waiting a year for a larger ($100) windfall, less grateful people caved in once the immediate payment offer climbed to $18. Grateful people, however, could hold out until the amount reached $30. If we’re thankful for what we have today, we’re not desperate for more stuff or better circumstances immediately.

We can try to shelter ourselves from frustration and adversity, but they come with the territory of being human. Practicing patience in everyday situations—like with our punctuality-challenged coworker—will not only make life more pleasant in the present, but might also help pave the way for a more satisfying and successful future.

Why Patience Is a Virtue in Leaders

Patience is too often overlooked as a leadership virtue, but these outstanding women prove how valuable it can be to effective leaders.

Patience is often thought of as a weakness when it comes to leadership, but anyone who believes this couldn’t be more mistaken. Our obsession with quarterly returns and instant gratification often prohibits us from being more patient and thoughtful when making business decisions.

In my book, Truth, Trust + Tenacity: How Ordinary People Become Extraordinary Leaders, I discuss characteristics of leadership including strong communication skills, integrity, attention to detail, the ability to compromise, civility and respect. There’s one more that’s too often overlooked: patience.

Some of the world’s greatest leaders exhibited purpose, approachability, tolerance, independence, empathy, nurturing nature, confidence, and endurance (P.A.T.I.E.N.C.E.) Women leaders seem to be way ahead of their male counterparts when it comes to these traits. In fact, one study by Zenger Folkman reported in Business Insider concluded that women are more effective leaders than men. Why? They had to work harder for longer periods of time—they were patient out of necessity!

Purpose. Patient leaders understand that having a purpose—and sticking to it—is essential if you want meaningful change. No one illustrates this more than Germany’s Chancellor Angela Merkel, who has led her country from intolerance to tolerance while ensuring Germany remains a key player on the world stage. Merkel said, “Purpose–not the leader, authority or power–is what creates and animates a community. It is what makes people willing to do the hard tasks of innovation together and work through the inevitable conflict and tension.”

Approachability. Patient leaders are open to change and understand the value in being accessible. Indra Nooyi, chairperson and CEO of PepsiCo, is known for writing personal notes to employees’ parents. She understands the strength of reaching out to people at a more personal level. Under her guidance, PepsiCo listened to consumer preferences and now offers more healthful products in addition to their tried and true staples.

Tolerance. Tolerant leaders know that intolerance stunts growth, while tolerance powers it. Hamtramck, Michigan, has the distinction of having the country’s first majority-Muslim city council. Hamtramck has had its share of problems, not the least of which is dealing with the fear that comes with change. Hamtramck’s mayor, Karen Majewski, recognizes that by being tolerant and welcoming others, you can affect change in a positive way.

Independence. Patient leaders are independent and straightforward, and in some cases even defiant. Rosa Parks’ defiance on a bus fueled a movement that eventually led to passage of the Civil Rights Act of 1964. Leadership evolves from all walks of life and from within each of us—it’s not reserved for CEOs or four-star generals.

Empathy. Being empathetic is a sign of maturity and confidence. Starting in 1946 when she first felt her calling, Mother Theresa and the sisters inspired by her helped thousands of destitute, ill and dying souls in Calcutta.

Nurturing Nature. Sheryl Sandberg, COO of Facebook, is an example of someone who knows how to lead and nurture. She is a compassionate advocate of women’s rights who also moved Facebook toward profitability. Sandberg has been undaunted in her pursuit of equality in the workplace for women.

Confidence. Patient leaders are cool and self-assured—without being cocky and conceited. Malala Yousafzai, a 2020 recipient of the Nobel Peace Prize, exemplified this when she was shot, point-blank, by a would-be assassin. Exhibiting confidence and strength, Yousafzai has been unstoppable in her quest to secure educational freedom and equal rights for women around the world.

Endurance. The late Pat Summitt, a University of Tennessee’s women’s basketball coach, understood that thriving would take time, tenacity and endurance. Early in her career, Summitt washed her teams’ clothes and drove the van that took them to their games. She knew breaking down the barriers of the old boys’ club of college basketball would not happen quickly; she would have to endure.

We can learn many invaluable lessons by studying these leaders and how their patience led to triumph.

Ritch K. Eich, author, executive and retired navy captain, is a management consultant in Thousand Oaks, Calif., whose leadership contributions have been recognized by many organizations. Proceeds from his three books have been donated to important non-profit organizations. Eich has served on more than a dozen boards of directors and trustees. His Ph.D is from the University of Michigan.

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