Patience is the most important of the essential qualities of a Successful Trader. A good trader possesses the patience to wait for the right opportunity. When you catch a good trade according to your trading plan then you need the patience to hold it when it starts to move your way. Patience is required for both opening and closing a position.
If you are in profitable position, instead of fearing that the profit will turn into a loss, you should hope it becomes more profitable.
When you are in a losing position, instead of hoping it will turn around, you should fear that it will get worse.
If you see no definitive change in trend, use your essential quality of patience and just wait.
Look at the picture given below, which explain how we follow our Trading Plan actually:
According to our Trading Plan, we set the entry point and target (i.e. exit point).
But actually how we follow our trading plan:
If there is small decrease in price, we sell and if there is small increase in price, we again buy. We do this exercise many times and make the trading very difficult. We should control our emotions, greed and fear.
Waiting for the right entry point is an essential characteristic of every Successful Trader.