The goal of discipline and patience is emotions and sticking to a defined trade strategy even when the trading conditions or the scenario are unfavorable. Being a more patient and disciplined trader can lead you to success from preparation to implementation. This means that emotions can be better controlled, objective and efficiency managed to achieve the desired result for the day. It also sets successful strategies from unreliable systems in the trial and error stages of trade.
When you know what to be expected from your system, be patient to wait until the price reaches the levels indicated by your system, for entry and exit. If your system shows an entry at some level but the forex market doesn’t ever reach it, go on to the next chance. It’s always going to be another trade. Discipline, on the other hand, means that you can be patient–sitting on your hand until your system unleashes an action. Discipline also means your system has the capacity to pull the trigger.
To understand why patients in forex currency exchange trading is important is entirely different from practicing it. Some of the traders are so self-assured of their market trading choices that they forget their trading plans and avoid emotions. This could be a great waste of something which could have been a great beginning or a long trade career. In order to avoid these mistakes, patience must always be practiced daily. Make the daily habit of motivating yourself, especially when you’ve been in a losing trade recently.
There is no reason not to be a patient trader if you know what your trading edges are and how to trade them precisely. In fact, you can naturally increase your patience in the market by thoroughly mastering the effective trade edge like the price action, because you know what is and does not constitute a highly likely trade set-up. Some of the Forex traders decide to trade without patience and thus spend everything, others are skilled traders, perfect their market strategy and trade foreign markets with a highly likely trading edge that is achieved through consistent patience.
Successful traders are aware through many years of experience in forex trading that their trade capital will not be maintained without a strong market trading discipline and their profitability opportunities will decrease significantly. And the successful FX traders also have the virtue of self-discipline and the importance of selecting which trades they execute and allowing profitable trades to run. On the other hand, unsuccessful traders are less disciplined and impatient.