Stocks & Commodities V. 32:1 (40-41): What Are You Waiting For? by Jerry Cartwright

Stocks & Commodities V. 32:1 (40-41): What Are You Waiting For? by Jerry Cartwright
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What Are You Waiting For? by Jerry Cartwright

Itís A Mystery

Patience and discipline ó two buzzwords in trading. But to be patient, you have to know what you are waiting for, and when you know what youíre waiting for, itís easier to be disciplined. Hereís how you can accomplish this feat.

As a trader, I define patience as the ability to wait for the market to meet your conditions to trade. I define discipline as the ability to sit on the sidelines while you are waiting for those conditions to be met and doing nothing but being a casual observer of the market. That takes a lot of effort.

In order to be patient, you have to know what you are waiting for. Do you know what you are waiting for, or does every tick in the market mean something to you? Every tick could potentially trigger a trade for you. The smaller the time frame, the more noise you will have, which means the more you will have to visually filter out. That takes discipline and patience. When you know what youíre waiting for ó that is, a high-probability setup ó itís much easier to be disciplined. If you have a loose definition for your setup or setups, you will have a tougher time being patient, because a trade, no matter what the probabilities are, could happen at any time. But if you have a clear set of rules or conditions that need to be met, itís much easier to remain patient and disciplined while letting the market come to you on your terms.

The less, the easier

When you have multiple setups, then you must monitor multiple conditions, perhaps even multiple time frames. Mentally, at the end of the day, you will be exhausted from trying to see if any of your setups are being triggered, and your patience will wear thin. If you have one solid setup with three conditions or less that need to be met, you will have a much easier time being patient and disciplined, and a higher probability of securing winning trades. Keeping your trading down to one or perhaps two setups and keeping your trades down to one per hour on average will make the waiting a lot easier.




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