Patience vs. Instant Gratification in FOREX
The improvement in online technology over the past 10 years have allowed a new level of player to enter into day-trading stocks, treasuries and foreign money. There's something about the instant gratification – knowing right away – if you're earning money or not. But for those looking at trading in Forex or those already involved in Forex, instant gratification is not always the position.
In the foreign monetary exchange marketplace traders must be persistent and look for the exact right moment to jump in. It will be based on the trader's strategy, capital outlay and objectives. If a trader gets impatient – tries to force a move to make a profit – he has just set himself up for failure. If your trading strategy calls for low risk, high probability trades, you cannot change that strategy when things aren't moving quickly enough for you.
Knowing when to get in and out or when to exercise your position and when to hold it is a skill that must be acquired. It can be taught, but the student must be eager to learn. Patience is absolutely essential when trading in Forex, or you‘ll put your investment at risk by moving too quickly. Wait, follow your strategy and be patient. Take advantage of the opportunities only when they come to you.
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