6 Steps to Improving Your Trading Patience And Discipline

#TradingPatience #TradingDiscipline #daytrading

[godwin]

I'm so impatient, I'm watching this @ 2x speed!!!

[AlanGuo]

1. doing nothing is deliberate action
2. gain conscious control of doing nothing (have a list of criteria)
3. make it process driven
4. have execution strategy
5. develop if(then) scenarios
6. develop trade review

[couloir]

1. Doing Nothing is an Action

2. Requires Conscious Control (of doing nothing)
Don’t get sucked into the intra price action or short term
Don’t think about doing some action outside of your rules
Use loop timer to bring back your focus
Check your trading plan
Zoom out and look at the bigger picture
Journal your thoughts on trades you were going to take
Breathing exercise

3. Process Driven Approach
Know your edge
Have your playbook

4. Mental Framework/Execution Strategy
Truly understand what it takes to mentally hit that buy/sell button
Is it FOMO
Is it greed
Is it boredom
Does it meet all your requirement in your playbook

5. HYTOS aka hypothesis (if and then statements)
Create scenarios as to why you’re going to take or not take action. For example, if the price is between 2 areas you’re going to sit and not take any action.

6. Review Process
Tag your trades:
What was the overall market doing at that time
What are some other variables you can connect that you normally don’t think of
Collect all the data over time and analyze what works and what doesn’t under various situations

[TomBath]

"Doing Nothing Is An Action"


Indeed.

[adrianaforex]

* Doing nothing is an action.
* Journaling Upcoming set ups
* Finding NOTRADE zones and stick to your plan
* Keep a checklist of your parameters when finding a trade.

Thank you, Really good information
... Hard work pays off & ENJOY the process

[mangkatoke]

i can hear and look from his voice, this capable man with huge of wisdom porpotion, dont compare with other influencer trader

[loreall.]

Patience is a virtue. I’ve notice that as I’ve matured that I’m more tolerant. I waited all day for price to come to me and one minute before the closing bell I bought shares back I sold on the open, reassigned the lot and sold a weekly covered call that closes in 4 days with high IV by hitting the bid. Bam! What a day on FEYE!

[ArjunSingh-qxsc]

When it comes to investing, diversification is the key, that's why I engage in sectors based on projected growth. There's no shortcut to getting rich but there are smart ways to go about it

[intellectualdegen]

Literally have watched this 5 times this week. Especially in these volatile times. Helped me a bunch this week. NQ provided so much range and opportunity.

[derekfcc]

Great video! I’ve been struggling with exiting trades before I hit my stop in an effort to cut losses short. I end up taking a small loss but the trade ends up going in my favor. Today I watched the price action pull back a bit BUT I watched it objectively AND I didn’t focus on the ‘pain’. I didn’t ignore where my stop out limit was, I just had to be comfortable with the fact that I was CLOSE to it... not AT the limit. Sure enough, with a little patience the price action picked up and did what I had originally anticipated. My point being that patience is also practiced IN the trade, not just in the set up. Great video and thank you for sharing

[amitrandive]

"Using loop timer to keep your mindset at bay" is the best trading advise i ever received 🙏 Thanks 👍

[bkfabs]

Great information! Timeless truths. This video will be just as relevant for someone watching this 10 years from now.

[jmgcash]

Really good video, especially the part about "when to push the button". THAT is huge. Knowing those SPECIFICS for your trading plan really helps with patience, bc now you're just waiting for those things to happen. As a newbie it's easier said than done at times, but this is where refining your edge comes into play.

[aquatraderr]

this has to be, by far, one of the best videos out there...

[lesquu]

I'm super late, but this video with Merritt has been excellent! I do see the benefits of a process driven trading approach. One thing i'm looking to implement further are the checklists. Am writing it out and integrating it with my other processes as well. Always appreciate the valuable content from SMB

[inthezone]

After a long period of spreadig myself thin looking at everything, every setup everyuptick and down tick...and chasing every move, I now knoe edge is thin, am at that stage of funneling down and am finding huge success.

[fabriziomontalvo]

Man thank you so much for doing this video. I feel like my trading will improve a lot, especially for the execution strategy part and the hypos where I shouldn't take a trade.

[anmayo]

Loved when you said doing nothing is an action. Truely the hardest part!

[pamboh]

Thank you so much. I'm currently struggling with being patient and discipline in my trading. I have set of rules and checklist that if followed will guarantee a win for me but I still find myself ignoring them. I believe strongly that I will master myself and be the disciplined trader that I seek.

[Barryd]

Soothing voice. Helped my trading and my insomnia.