Patience is key in successful trading from "summary" of Reminiscences of a Stock Operator by Edwin Lefevre
Trading successfully requires a level of patience that most people simply do not possess. It is not about making quick decisions or chasing after every opportunity that comes your way. It is about waiting for the right moment, the right opportunity, and then striking with precision. The market is a fickle beast, and if you are not patient, it will eat you alive. Many traders make the mistake of jumping into trades too quickly, without fully understanding the risks involved. They see an opportunity and they want to capitalize on it immediately, without taking the time to fully analyze the situation. This impulsive behavior can lead to disaster, as the market has a way of punishing those who act without thinking. Inexperienced traders often let their emotions get the best of them, making decisions based on fear or greed rather than logic and reason. They panic when they see the market moving against them, and they become overconfident when things are going their way. This lack of emotional control can lead to poor decision-making and ultimately, losses. Successful traders, on the other hand, are able to control their emotions and remain calm under pressure. They understand that the market is unpredictable and that losses are just a part of the game. They do not let fear or greed dictate their actions, but instead rely on a solid trading plan and a disciplined approach to trading. By being patient and waiting for the right opportunities, successful traders are able to avoid many of the pitfalls that trap inexperienced traders. They do not rush into trades, but instead wait for the market to come to them. They do not let their emotions cloud their judgment, but instead remain focused and disciplined in their approach.- Patience is truly a virtue. It is the key to success, the difference between making a profit and suffering a loss. Without patience, you are simply gambling with your money, hoping for the best but ultimately setting yourself up for failure. So take a lesson from those who have come before you, and remember that in trading, patience is key.
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