Boredom makes for your patience reservoir to dwindle.
Stay occupied, how?
- Look at any graph you can trade. If you look just at one (or too few), you’ll get emotionally invested… and force a play, when you shouldn’t. I believe the work you put in before taking the actual trade is the key to success.
- Write a blog.
- Get a full time job.
- Get a girlfriend.
Remember, there is no rush. Give yourself the proper time to go over a chart and properly analyse it. Monthly candle close breakouts reduce noise and I believe give me higher probabilities to reach their implied targets. Those translate into A++ setups. We aren’t trading hourly candle charts, you do HAVE time.
Lots of A++ setups out there.. why settle for anything less? It’s your money after all. This will help letting your setups reach their target. Less time feeling greedy or scared, hence reduce your basic human emotions get in the way of your rational binary game plan.
And for a little “old school” Guns N Roses inspiration:
[…] The more time this takes to break, the stronger the push will be in that direction. Patience required. […]
[…] Let’s wait a little while longer before placing bets! […]
[…] of that HUGE 6 year base back in early 2013. A year and a half later, it reached it’s target. Patience does pay off! After some consolidation, a top formation is formed and breakout down. Here is the 10 year monthly […]
[…] Electronic Arts Inc. (EA:NASDAQ) is fast approaching some historical 10 year resistance at the 61 level. There was a BIG +5 year base that broke out in early 2014 which reached it’s target about 1 year later. That is about the patience you need when playing these high probability multi-year monthly candle breakouts. 5-6 year could take 1 year to reach it’s target. Now go read this previous post on patience. […]
[…] Zoom in on the daily candle 1 year chart. Price action right now in no man’s land. Patience required. […]
[…] might need a little more time to marinate. That is why patience is a key factor to not rush into moves. I set my alerts at the breakout lines for either the bullish OR bearish […]
[…] I set my alerts and will come back to this chart once trigerred. Patience required. […]
[…] Like a lot more trading instruments this past week, will need to wait September 1st for the August monthly candle close to confirm all these breakdowns. Just a little more patience required. […]
[…] This pair is starting off the new year needing some time to choose it’s next tagert. Bullish breakout would bring this pair to 1.197. BeEarish breakdown would give a target back at parity. All is “ordinary” for now… Patience required. […]
[…] So it’s a little early for this one. I set my alerts and will see if this bounces back down off the 80 mark all the way to 74 OR a break out to the 88 level. Patience required. […]