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The Disciplined Trader

'Market and Human' Psychology perspectives with tips on how to avoid common mistakes by Pierre Charlebois, Senior Trading Coach at www.TradingPostFinancial.com

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The Hardest Part Of Trading Is Waiting

Posted on September 11, 2008 at 2:26 in Uncategorized by Pierre Charlebois

There are two voices I my head whenever I trade. One saying: Don’t miss the big move . The other says: Don’t jump the gun. So which one do I listen to? Well… both I guess. What I have learned over time (and am still learning to be better at) is that I have to be sure when I pull the trigger; that my emotions aren’t dictating my trading.

When I trade emotionally it’s because I am trying to make up for an earlier loss or lack of a gain where I missed a very good move. Both of these sentiments can get me into trouble.

In order to combat this, I pre-plan my trade and then wait for the trade to come to me. This is where I make the best and most consistent trades. Right now, I have to keep telling myself that a turn is coming and it will be strong. AND it has not started yet and I must be patient and wait.

This is definitely one of the hardest things for me to do. “Waiting” is not my nature as I always feel like I will be missing something. As a teacher of mine once said: Trades are like busses. There’s another one coming around the corner.

So don’t jump the gun and move back into the market when a turn is evident.

4 Responses to “The Hardest Part Of Trading Is Waiting”

  1. on 11 Sep 2008 at 9:44 am1Girltrader

    Or, as we say in London when we’re waiting for a Bus Pierre, one doesn’t come along for ages and ages and then three of them all come along together!

    Any ‘correlation’ here?

    Regards,
    Girltrader

  2. on 11 Sep 2008 at 12:45 pm2jari

    hi

    when u expect this big move
    shall we be ready now
    where u see gbp and eur next week

    thanks

  3. on 11 Sep 2008 at 7:37 pm3henry

    great writing! infact, i have just loss some money few hours before reading this your wonderfull writing and this is exactly what i did which landed me into loosing some buck just as you said.

    i would really like to meet you or have your trading strategy/read more of your writings.

    do keep up the good work!
    thanks
    henry
    +234-803-7582598

  4. on 12 Sep 2008 at 12:09 pm4St_Fx

    HI Pierre,
    Share with us some tips, and strategies that most helpful to us for controlling emotions and trade decisions.
    Thanks.

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