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What is patience? According the Cambridge English Dictionary, it means: “the ability to wait, or to continue doing something despite difficulties, or to suffer without complaining or becoming annoyed.” Patience is of course a psychological characteristic. It certainly isn’t something physical. The opposite of patience is of course impatience. Why is patience important? As a ...
This post continues from ‘Is volatility your friend?‘ The emphasis here is on copying with volatility. ‘Coping’ is a psychological thing. New traders will have emotions and it is no good denying this or avoiding it. The screencast below brings out what tends to happen with new traders when price moves in the ‘opposite’ direction (full ...
Every trader knows that volatility is the thing that is necessary in order for the price to have movement. But there are different kinds of price movements. Some instruments move in fairly neat directions up, then retrace and move up again. We all love these. There are some others that are ‘all over the place’. ...
Lots of new traders are looking for a magic solution to make money. They come into trading as a sort of flirtation – to see ‘if it works for them’. It doesn’t. There are no hard statistics on this but Charlie Burton estimates that about 80% of people who begin trading a live account will ...
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Following a winning run of trades a new trader is likely to think or feel, “I can do this!” This sort of feeling is like to come especially if they were big wins emerging from difficult trades that were not expected to win. We are human. There is that sense of victory over difficult circumstances ...
Many new traders are unaware that they actually need nerves of steel. Some will argue that ‘nerves’ are not part of the equation – if one is truly in the so-called fearless state. But hang on – on the way to achieving that state, there will be ‘nerves’. It’s no good expert traders telling new ...
It is possible to profit from greed as much as it is from panic. The following chart was not a prediction. It was an expectation and it materialised.
The more I look around the net on trading courses, the more I come to think that there is a big scam going on. Some of the supposed greatest traders out there are selling trainings and courses. They’re selling dreams for the most part. Look, I just don’t get it – if you’re making millions ...
The answer to this question is ‘no’ – if you’ve been trained in some system of rules, which you’re meant to follow rigidly. The beauty of trend-following methods, is that it allows for a degree of common sense. Indicators are there to help paint a picture. Trend followers are not chained by indicators or rules. ...
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