Cultivating Patience by Stella Osoba
What is patience and why is it essential for success in the world of trading? Let’s explore.
“No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.”—Warren Buffett
In our high-speed, digital, multitasking world, attention spans are shorter. With stimuli coming at us from all directions and at breakneck speed, it is difficult, if not almost impossible, to focus our attention on any one thing for significant amounts of time. Patience is often not regarded as a necessary skill, let alone a virtue.
But in trading, this often little-appreciated skill is the bedrock of success. Famed trader Jesse Livermore said, “In the long run, patience counts more than any other single element except knowledge.” Here, we’ll take a look at the skill of patience, what it is, and why its mastery is essential for success in the world of trading...