Trading Skills: Patience
In this video, Stuart McPhee discusses why he considers patience a vital skill of top trading. When he first started trading, he felt like he did not want to miss any opportunity. Especially when you have a strategy, you are always afraid not to lose any opportunity. One big thing that helped him move his trading forward was to focus on patience. He used patience so he can focus only on one market and do not choose any opportunity that arrived there. Stuart's 10 years in the army not only gave him rock solid discipline which he uses to extract non-stop trading profits from the market but it's also directly responsible for his ability to teach these methods to others.
The market will still be there in 50 years, there is no reason to try to catch every opportunity. You need to have the patience to know that in time your trading system is going to pick those out. There are some sectors that really perform really well now. He is very interested in how to find those companies that perform well because he wants to enjoy those gains. Well, actually, this is a bad approach. You cannot find such companies. The more important question is how do we have a structured process that when our initial entry turns into a 50% of gain.
So, do we have the patience to see it through? Most people, even if they are lucky enough to get into something like that, probably they will not have the patience to see it through. The focus is wrong, the focus is not what indicators should be used to get into those trades. The real focus should be how do you have a trading system process and how do you develop it enough to enjoy such gain. Because you know that one of those trades can make your year. Just one trade like that. So the patience is vital, absolutely vital.
Stuart McPhee quotes from this video:
- Patience is absolutely vital